The Development Of The National Payment System And Digital Financial Infrastructure
On April 21, 2023, work meeting was held in Almaty on the development of the National Payment System and digital financial infrastructure with the participation of the top-management of the National Bank of Kazakhstan (NBK) and the Kazakhstan Center for Interbank Settlements (KISC).
KISC presented plans for the implementation of projects for the introduction of the Digital Tenge, the development of Open Banking, the scaling of the Interbank Payment Card System, as well as the modernization of the Identity Data Exchange Center.
By the end of 2023, together with financial market participants, it is planned to introduce the first stage of the Digital Tenge industrial platform, conduct a pilot project to introduce standards for open programming interfaces (Open API) and use the Open Banking platform, in June the Interbank system of payment cards will be scaled.
The development of the above initiatives is aimed at stimulating effective competition, protecting consumer rights, as well as ensuring the reliability and security of providing financial services in a digital format.