AIFC Tech Hub, together with Mastercard and the Internet Initiatives Development Fund (IIDF), are looking for startups for banks in Kazakhstan
AIFC Tech Hub and Mastercard have launched Kazakhstan’s first fintech accelerator for startups interested in entering the country’s dynamically developing market. The purpose of the accelerator is to build a long-term partnership between banks of Kazakhstan, startups and mature technology companies. Partners of the first set of the accelerator were Altyn Bank, Eurasian Bank and Freedom Finance Bank.
Companies from Kazakhstan, Russia and other CIS, Southeast Asia, Europe and America can apply for participation in the accelerator. Applications are accepted until November 23 on the accelerator’s website https://fin-accelerator.aifc.kz/.
The first fintech accelerator is a global industry platform for the search and implementation of open innovations in the leading banks of Kazakhstan. The objective of the program is to meet the growing demand for innovative financial products and services, develop infrastructure to support startups and increase the number of global opportunities for the fintech market of Kazakhstan.
Accelerator participants will have the opportunity to launch a pilot with Altyn Bank, Eurasian Bank, Freedom Finance Bank and support from Tech Hub and Mastercard.
The priority areas of the search for startups were:
- Digital products and services for the bank’s clients: from individuals and small businesses to corporations and government agencies;
- Gamification;
- Tools for sales development/customer service;
- Innovations in telephony;
- Personnel management and employee training;
- Information security;
- Automation and robotization of business processes in the bank.
The project will be evaluated according to several criteria: compliance with the search directions, the presence of a team of two people, the presence of a legal entity or the willingness to create it for the pilot. The selected projects will present their solutions to the top management of banks at a pitch session on December 21, 2021. The event will be held in an online format.
“I congratulate all partners and participants of the first fintech accelerator on the start of the next stage of our project. Over the past few years, we have been participating in the global transition to a more digital economy. The rapid growth of new technologies has greatly influenced our lives and fintech solutions have become the building blocks of modern payment infrastructure. At Mastercard, we are proud to help our partners rise to a new level by combining advanced technologies, integrated approaches and ways of applying innovations. I am sure that the program will help banks to expand opportunities for the implementation of ambitious plans for the introduction of advanced solutions,” said Rafal Trepka, General Manager Central Asia at Mastercard.
“For more than four years we have been providing online banking services and actively developing Altyn-i digital banking. Of course, it is an honor for us to be among the participants of the first fintech accelerator for banks in Kazakhstan and to have the opportunity to work on joint projects with Mastercard, AIFC, FRII. We are confident that our cooperation will allow us to introduce modern technical solutions and improve the work of Altyn-i digital banking,” said Dinara Abdykulova, Director of Altyn Bank Digital Bank.
“Banks are radically transforming their activities through digitalization ‒ few people can be surprised by issuing a loan online using biometrics and EDS. Today, new solutions are needed to make it faster and more efficient for the client to interact with the bank. Therefore, we are digitizing not only the customer service, but also internal processes. We have several major projects in the works, we are strengthening the team and expanding cooperation with the fintech community. We are open to the market of ideas and talents and welcome the launch of the First Fintech Accelerator. We believe that this will accelerate the development of financial technologies and the search for innovative solutions among startups in the CIS and other countries,” said Alexander Naumov, Deputy Chairman of the Board of Eurasian Bank.
Aidos Zhumagulov, Advisor to the Board of Directors of Freedom Finance Bank, is confident: “Due to the dynamic development of fintech innovations, it becomes relevant to support startups, both in financial and economic, and in consulting, training plans. The first banking accelerator in Kazakhstan ‒ this is a new and, undoubtedly, necessary institution of the fintech ecosystem. We are happy to join the project and share our experience of launching digital products, and are also open to cooperation with technology companies.”
If successful, the participants of the pitch session will be able to launch a pilot project with one or more partner banks.
On November 2, 2021, the partners will hold an online conference titled “How IT companies can start cooperation with banks in Kazakhstan”. At the conference, we will discuss the potential and features of the market, banks’ requests for technological solutions and accelerator opportunities for startups: https://fintech_conference.iidf.ru/
Reference:
Astana International Financial Centre (AIFC) created by the initiative of the First President of the Republic of Kazakhstan, Nursultan Nazarbayev. The constitutional law on the establishment of the AIFC signed on December 7, 2015. The purpose of AIFC is the formation of a leading centre of financial services on the international level. AIFC’s tasks are to assist in attracting investments to the country’s economy by creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets. www.aifc.kz
AIFC Tech Hub is the meeting point for global start-ups, entrepreneurs, corporations, investors, experts, and specialists in the field of innovation. Technology development in the AIFC includes programs to support startups, corporate innovations, the venture capital market, specially developed rules and a regulator that allow testing products and solutions in the field of technology.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
IIDF – is a Russian venture fund, one of the most active funds in Europe in terms of the number of transactions. The fund has invested in over 450 companies, several dozen of which operate on the global market. Provides companies with educational and consulting support – 1400+ startups and companies have completed IIDF programs. Participates in the development of methods for the legal regulation of Internet business and the venture capital industry. IIDF is one of the key players in the corporate innovation market. Advises corporations on innovation, helps integrate technology start-up solutions, and develops internal entrepreneurs. The IIDF team trains internal product teams and accelerates the work of internal product teams.
JSC “Altyn Bank” (DB China CITIC Bank Corporation Ltd) is a universal commercial bank that serves corporate and retail customers. It ranks 13th in terms of assets and has one of the highest ratings (Fitch – “BBB-“, Moody’s – “Ba1”) among Kazakhstan commercial banks. In 2016, Altyn Bank JSC launched the first full-fledged digital bank in Kazakhstan, Altyn-i, with a full range of financial services for individuals provided online. Altyn-I Digital Bank has received an award from the international magazine Global Finance in the following nominations:
2017 – Digital Banks Of Distinction
2018 – The World’s Best Consumer Digital Banks In Asia-Pacific
2020 – The World’s Best Consumer Digital Banks In Kazakhstan
Altyn Bank JSC has 6 branches: in Almaty, Nur-Sultan, Atyrau, Shymkent, Aktau and the AIFC, as well as 2 additional branches in Almaty.
Eurasian Bank is a universal socially significant financial institution with a 27-year history of development. It is consistently among the top 10 Kazakhstani banks. It occupies a leading position in the retail banking market with the highest share in the market of car loans and commodity loans, provides a wide range of services to corporate clients and SMEs. As part of digitalization, in July 2021, for the first time in Kazakhstan and the CIS, an online service for lending new cars was launched. In the near future, the Bank will introduce similar digital services. The bank’s sole shareholder, the Eurasian Financial Company, belongs to the main owners of ERG, a large international diversified company that includes a third of the mining and metallurgical complex of Kazakhstan.
Freedom Finance Bank is an innovative bank in Kazakhstan offering digital products and financial services to the population and small businesses. It is one of the top 5 banks in terms of security in Kazakhstan (according to TSARK data) and has a Standard & Poor’s rating of “B-/B”. In July 2021, the bank digitized the receipt of a mortgage loan by 90% and launched a Digital mortgage. Thanks to this product, Kazakhstan took the first place in the ranking of the top 11 countries for mortgage digitalization, ahead of the UK, USA and South Korea. The main advantage of Digital Mortgages is speed ‒ the whole process takes a day. The bank’s shareholder is Freedom Holding Corp., which carries out financial activities, retail brokerage operations, securities trading, investment banking and underwriting services in Russia, Kazakhstan, Uzbekistan, Kyrgyzstan, Ukraine, Germany and Cyprus.
