The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market assessed the digital readiness of banks, insurers and other market participants using a five-point system. The department assessed 94 financial organizations: 23 banks, 25 insurance organizations, 31 securities market participants and 15 microfinance organizations. The assessment was carried out on more than 100 parameters, including the level of digitalization of processes, data quality, IT infrastructure, cybersecurity, the use of artificial intelligence and employee competencies. The average rating so far exceeds a solid “C”. At the same time, the most advanced banks turned out to be those that already use artificial intelligence in their work, Liter.kz reports. “We have identified 1,200 specific activities and created individual development plans for each of these 94 organizations. We will move along them,” said Madina Abylkasimova. The average digital maturity index on a five-point scale was 3.66 for banks, 3.4 for insurance organizations, 3.1 for microfinance organizations and 3.05 for securities market participants. At the same time, about 75% of banks are already using artificial intelligence technologies. At the same time, the head of the ARRDF noted that investments in IT-info
Structures alone do not guarantee achievement of a high level of digital maturity. “Digitalization is not only the introduction of digital technologies. These are the competencies of employees, the correct use of digital technologies within each process of a financial organization, the use of artificial intelligence where possible,” says Madina Abylkasymova. To coordinate the implementation of individual plans, the agency is creating a digital transformation office that will monitor the implementation of planned activities. The head of the regulator also noted that, together with the National Bank, she is implementing programs for the development of the capital market and insurance market until 2030, in which digitalization is identified as one of the key areas. In parallel, new laws on the capital market and insurance provide for the further digitalization of processes. “Solutions within programs should be digital by default. In the securities market, it is a single digital window. In insurance - concluding contracts and making online payments. Everything should be digital by default,” emphasized Madina Abylkasymova. The head of the department paid special attention to the development of financial tokenization
new and real assets. “The market for tokenized assets is still at the initial stage of development, but this direction can already be defined as one of the promising directions for the future of the financial system. In Kazakhstan, the necessary infrastructure is being formed for this, and the successful launch of tokenization of government securities can become the basis for the large-scale implementation of this technology in financial markets,” she noted. At the same time, according to Abylkasymova, the introduction of new technologies must be economically justified and provide a practical effect for market participants and consumers. “Simply technology for the sake of technology or digitalization for the sake of digitalization - there is no such task here. If tokenization is cheaper, more efficient and more economically feasible, we should move on to it,” she noted. The head of the agency named the transition from Open Banking to Open Finance as another promising direction, which will allow combining banking, insurance, investment and microfinance products around the needs of the client. “Open Finance will allow us to proceed from the point of view of the client himself - he should be able to see all the different financial products on one platform, and
financial institutions will compete for the client, offering the product that best suits his needs,” summed up Madina Abylkasymova. Let us remind you that on April 9, 2027, the PROFIT Retail & Finance Day conference will be held in Almaty, dedicated to new technologies in the retail and financial sector of Kazakhstan. Kaspi Gold is now in Apple Pay The Kazakhstan IT services market has almost doubled Huawei Watch Fit 5 Pro: a premium gadget for managing stress and burnout in a big city From Excel to a digital and AI enterprise: how medium-sized businesses in Kazakhstan can build a unified SAP ecosystem Alla Zatsepilova, Bereke Bank: for a digital balance in caring for clients Asel Marchenko, NPK of the National Bank of the Republic of Kazakhstan: we are iteratively developing digital infrastructure Digital kings: Evgeniy Shcherbinin Bolat Basheev: we begin to discuss technologies before we transformed business processes Kaspi.kz became the general partner in the filming of the film “Armor of God: Ultimatum” with Jackie Chan Elcore became an authorized reseller of Anthropic
