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How the National Bank intends to regulate digital services of financial organizations

The ecosystem of digital financial services and platforms in Kazakhstan is developing on the basis of second-tier banks. They have independently implemented and develop Open API technologies. Now the National Bank of Kazakhstan has decided to regulate these services.
How the National Bank intends to regulate digital services of financial organizations

Thus, the “Concept for the creation of Open Platform standards”, a recommendatory specification of
software requirements for the most common business processes, will be developed. “Various government information systems and services aimed at providing convenient and secure solutions in the provision of public and financial services can take on the role of technological basis for the development of digital financial infrastructure. A remote biometric identification service for the financial market has been created by the Identification Data Exchange Center under the RSE “KCMR NBK”, according to the report of the National Bank.

The regulator’s representatives believe that the API standardization process will allow developing a
unified approach to the implementation of programming interfaces and the development of a common
Open API infrastructure. “It will also simplify the implementation of software products, reduce the
overall cost of their support, and also increase their efficiency. Standardization will accelerate the
integration of API into existing and new solutions in the banking and financial system, ensure the
stability and compatibility of software products,” the regulator’s document says.

Verification, checking the identity of the client and the data he provides about himself, as one of the
most effective ways to counter fraud, requires the use of modern tools and technologies, such as
identity verification by biometric parameters. “To achieve such goals, the NBK organizes a number of
systemically important infrastructure solutions aimed at strengthening financial stability and developing
healthy competition, including the construction of the National Payment System, the National Platform
for Digital Biometric Identification, a platform for secure data exchange based on open programming
interfaces (Op; n API) and the implementation of KYC procedures by banks,” the National Bank informs.

The National Bank is planning to:

Approve the Concept for Open API and Open Banking in the Republic of Kazakhstan development together with the Roadmap by 2025;

Create a list of Open API standards for banks and other financial organizations and develop Open API
standards;

Create MVP (Eng. minimum viable product) of the centralized Open API platform;

Develop operational and other requirements for the functioning of the Open API platform;

Create the infrastructure of the National Biometric Identification Platform expanding the biometric
identification service with the access of financial organizations to use biometric data, digital consent,
KYC service, etc. in the provision of financial and non-financial services;

Scale the services of the national payment system of the state.

Source: https://prodengi.kz/post/kak-nacbank-nameren-regulirovat-cifrovye-servisy-finansovyx-
organizacii

Photos are from open sources.

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