Kazakhstan: Future of Payment and Digital Financial Infrastructure

Posted on Sep 20, 2022 by Binur Zhalenov, CEO, Payment and Financial Technologies Development Center, National Bank of Kazakhstan

The financial system in Kazakhstan is undergoing a dynamic transformation associated with digitalization, the main factors of which are the external shocks of recent years in the form of a pandemic, geopolitics and the trend of development of private financial ecosystems. Some of these innovations hold considerable promise to improve financial inclusion, reduce transaction costs and frictions, and foster competition, but there are also potential risks.

The task of the National Bank of the Republic of Kazakhstan (NBK) is to increase the availability and safety of financial services for Kazakhstanis by creating favorable conditions for competition and developing a reliable, convenient, safe technological and regulatory environment. Reliable and secure payment systems help to increase the stability of the financial system of the state, ensure the efficient use of financial resources and improve the liquidity of financial markets, and guarantee timely settlements between sellers and buyers.

With technology driving profound change, it is important to be prepared for the financial system of the future and not limit our thinking to the financial system of today. In 2020, NBK developed the Strategic Roadmap for FinTech and Innovation for 2020-2025 and the National Payment System Development Strategy until 2025 to envision the future of digital financial infrastructure in Kazakhstan.

This includes projects such as:

  • Instant Payment System
  • Digital Tenge
  • Open Banking and SupTech & RegTech solution stack

NBK is building payment and digital financial infrastructure in the interests of everyone. These projects are aimed to stimulate competition, increase security and convenience, and, importantly, reduce the cost of financial services for end consumers.


This year, the National Bank launched the Instant Payment System (IPS) as an important add-on to the real-time gross settlement (RTGS) and existing clearing schemes in an effort to ...

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