Results of the First fintech accelerator for banks of Kazakhstan have been summаrized
In July 2021, the AIFC Tech Hub announced the launch of the First fintech Accelerator for banks in Kazakhstan jointly with the Internet Initiatives Development Fund (IIDF) and with the support of the main partner – the Mastercard international payment system. Altyn Bank, Eurasian Bank and Freedom Finance Bank become the participants of the First fintech Accelerator. In light of the program’s completion in January 2022, the AIFC Tech Hub, together with its partners, presents the results of the accelerator to the market.
The program was aimed at finding and attracting the best fintech solutions of startups in Kazakhstan and CIS countries to support technological leadership and the introduction of open innovation practices in the financial sector of Kazakhstan.
“We are glad that Kazakhstan’s First fintech Accelerator has aroused great interest among startups and fintech companies from different countries. This shows the attractivity of the of the banking market from the point of view of business growth.business growth, joint testing and implementation of the latest technologies. We thank our main partner Mastercard and the IIDF team for their support and collaboration. In the new year, we plan to launch a new set of programs and invite financial corporations of Kazakhstan to cooperate” said Assel Abdrakhmanova, Head of Corporate Innovation at Tech Hub of the AIFC.
Alexander Naumov, Deputy Chairman of the Board of Eurasian Bank:
“”The project team formalized and grouped the market requests. We have received more than 220 applications from startups, carefully selected the best of the best, which will certainly help us in the development of a number of areas: from increasing the customer base through the application of innovative solutions, optimization of digital marketing campaigns before robotization of internal banking processes, as well as information security solutions. We have dramatically expanded our partnership network, opening up opportunities for future synergies. We are conducting the first pilot projects, together we strive to obtain excellent results. We would like to thank the organizer of the project, Tech Hub AIFC, Mastercard company and IIDF for the opportunity to participate in the First fintech accelerator for banks of Kazakhstan”.
Rafal Trepka, General Manager Central Asia at Mastercard:
“I congratulate all partners and participants of the First fintech accelerator for banks of Kazakhstan. It is nice to see the results of the program and to receive very positive feedback from the participants. I want to highlight the effectiveness of the methodology and organization of the whole process of fintech-startups search and selection on the basis of in-depth analysis and real needs of banks. All partners have done a great job, which, I am sure, will benefit Kazakh banks in the implementation of plans and the implementation of advanced solutions and products”
Irina Tarasova, Director of the Department of Corporate Programs of the IIDF:
“The interest of startups to the Kazakhstan market will only increase. The banking sector of the country offers great opportunities. If used correctly, Kazakh banks could become key players in the CIS. It is now more urgent than ever to quickly find and implement new products and services to meet the emerging demand in a timely manner. We are glad that together with partners we have conducted the first set of accelerator, which showed excellent results and willingness of banks to actively implement innovation”
Dinara Abdykulova, Director of Digital Bank Altyn Bank:
“We are very grateful to Mastercard for the opportunity to participate in the First Fintech Accelerator for the banks of Kazakhstan. Thanks to the professional approach of the teams of Tech Hub AIFC and IIDF, our bank got the maximum benefit from the program. Participation in such projects gives the opportunity to understand and see new trends, to think about the possibility of developing new services. With great pleasure Altyn Bank is ready to take part in the next time”
Aidos Zhumagulov, Advisor to the Chairman of the Board of Directors of Freedom Finance Bank:
“For our data driven digital bank, participation in the First Fintech Accelerator was valuable. Constantly developing and automating business processes, we are always looking for the best innovative solutions. We wish to express our gratitude to Tech Hub AIFC, IIDF and Mastercard for the organization of the project. We will be glad to take part in the next similar event”.
Based on the results of an innovative audit and analysis of 75 business cases of banks, a search for startup solutions was announced in 11 areas – digital products and services for retail, SMEs and corporate clients, business process automation, information security, solutions for marketing, sales, HR, GovTech and others
Training events for innovative teams of banks, international conference and workshop for foreign startups on the opportunities of fintech and banking sector of Kazakhstan were held as part of the marketing campaign to promote the accelerator and fintech solutions.
As a result, there was over 300 applications (of which 272 are relevant) from startups from 11 countries: 75% from Russia, 20% from Kazakhstan, 5% from other countries such as Belarus, Ukraine, Singapore, Vietnam, Kyrgyzstan, Tajikistan, Poland, Estonia and the USA. Over 70% of startups already had the experience piloting large corporations.
30 teams selected by banks presented their solutions to top management at pitch sessions in December 2021. A list of startups can be found on the program’s website:
https://fin-accelerator.aifc.kz/
The finalists were 11 startups, including solutions for information security, gamification, partner services development, robotics, onboarding and employee training, marketing personalization, big data processing, etc.
A joint pilot has been launched with one of the IT resource configuration security management projects. The banks are currently negotiating with the rest of the teams to determine business cases, discuss conditions and pilot scenarios.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz
Tech Hub AIFC is a subdivision of the International Financial Center “Astana” (AIFC), which has the task of promoting the development of the start-up ecosystem, the venture industry market, e-commerce, corporate innovation and new technological directions in Kazakhstan (GovTech, SatelliteTech, Industry 4.0. etc.). Together with international partners, Tech Hub conducts support programs for market players, promotes structuring of venture deals and testing of new fintech solutions within the regulatory sandbox of AIFC’s jurisdiction. https://tech.aifc.kz/
Mastercard (NYSE: MA) is a global technology company operating in the payment industry. Our mission is to develop and strengthen the digital economy by providing secure, simple, technological and affordable transactions, giving benefits to everyone and everywhere. Using secure data and networks, building partnerships and relying on what inspires, we provide innovations and solutions that help people, financial institutions, governments and businesses realize their greatest potential. Our culture and everything we do inside and outside the company is determined in accordance with the coefficient of morality (decency quotient, DQ). We do business in more than 210 countries and territories and create a sustainable world that opens up invaluable opportunities for everyone.
IIDF is a Russian venture investment fund, one of the most active funds in Europe in terms of the number of transactions. The Fund has invested more than 450 companies, several dozen of which operate on the global market. Provides educational and consulting support to companies – 1400+ startups and companies have passed the FRII programs. Participates in the development of methods of legal regulation of Internet business and the venture industry. FRII is one of the key players in the corporate innovation market. Advises corporations on the topic of innovation, helps to integrate solutions of technology startups and develops internal entrepreneurs. The FRII team trains internal products 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 12th in terms of assets and has one of the highest ratings (Fitch – “BBB-”, Moody’s – “Ba1”) among Kazakhstan commercial banks. Altyn Bank JSC has launched the first full-fledged digital bank in Kazakhstan, Altyn-i, with a full range of financial services for individuals. It has 6 branches: in Almaty, Nur-Sultan, Atyrau, Shymkent, Aktau and the AIFC, as well as 2 branches in Almaty.
JSC “Bank Freedom Finance Kazakhstan is an innovative bank of Kazakhstan offering digital products and financial services to the population and small businesses. In July 2021, the bank launched a Digital Mortgage. The advantages of the new product in the mortgage market are speed (the whole process takes a day), the absence of paper documents, online real estate valuation, remote registration of collateral, the ability to issue EDS during the registration process and use pension payments.
