The potential of consumer finance for the development of a cashless economy in Central Asia was discussed at the Astana Finance Days 2022

The panel session “Consumer Finance Potential: What’s Next for Central Asia” was held as part of Astana Finance Days 2022.

During the panel session, experts and major players in the financial and telecom markets discussed the possibility of unlocking the potential of retail finance for the development of a cashless economy in Central Asia and ways to involve the general public in the digital economy through improving the digital and financial literacy of the population, developing the potential and infrastructure for the emergence of PFM (personal finance management) services in the region, exchanged views on the role of the banking and telecom industries in the development of responsible purchasing  and saving habits among the population.

The following experts took part in the session: Sergey Koptik, Head of Mobile Financial Services of Kcell; Pavel Kravchenko, Managing Director at Bank CenterCredit; Rafal Trepka, General Manager Central Asia at Mastercard; Maxim Kabanov, CEO at Jusan Invest; Zhumabek Mamutov, Deputy CEO at Halyk Bank; Ruslan Omarov, CEO at First Credit Bureau.

The session was moderated by Arman Batayev, co-founder and director of Finmentor.kz.

{img}

Zhumabek Mamutov, Deputy CEO at Halyk Bank, noted the importance of digital and physical infrastructure and developed banking ecosystem for financial inclusion. The speaker talked about the bank’s work on training clients in new fintech services, protecting clients from fraud.He also mentioned about developing the bank’s branch network in the phygital format and the network of multifunctional ATMs adapted for people with special needs.

Pavel Kravchenko, Managing Director at Bank CenterCredit, emphasized that the topic of financial literacy is one of the key elements of the bank’s strategy. The goal of the bank is to create opportunities for the client to conduct any transaction independently. The speaker talked about the bank’s products for the children’s audience, which, over the past two years, have made it possible to teach financial literacy skills to more than 100,000 children. He also mentioned about weekly training programs for digitalization and digital literacy for people of retirement age and announced the bank’s plans to launch new products for both wealth and personal finance management.

Maxim Kabanov CEO at Jusan Invest, spoke about the relevance of teaching financial literacy from an early age on the example of products of Jusan Junior, which allow children from 10 to 16 years to learn the basics of investment under the supervision of parents and independently accumulate savings. He also talked about the work of Jusan Bank with students, noting the importance of delivering the information in a simple language and in an interesting kind of way.

Ruslan Omarov, CEO at First Credit Bureau drew the attention of the audience to the topic of not only socially responsible lending but also responsible borrowing so that the population really assess their ability to service the loan. He also suggested that people should check their personal credit report at least once every six months and encouraged banks to broadcast this information to customers through banking applications.

Sergey Koptik, Head of Mobile Financial Services of Kcell, talked about how big data and a wide Internet coverage network allow the telecom operator to provide equal access to financial services and the first experience of online payments for people even in the most remote settlements of the country. In addition, Sergey Koptik announced the launch of OGO Bank together with Mastercard with a spectrum of full-fledged non-banking services, including co-branded cards with an extensive loyalty program, payments, transfers, bank deposits, loans, etc.

“Speaking of retail finance, we can’t help but talk about the technology that is increasingly penetrating our lives. We are hosting this session with Tech Hub AIFC because it is critical for Mastercard to build a sustainable and inclusive economy in which every individual  and every business can benefit. As a global technology company, we are in a unique position to connect and enable an inclusive digital economy for all participants – government, business, and people. At Mastercard, we believe that it is through partnerships that we can truly move forward, have an impact, and create positive change in society,” said Rafal Trepka, General Manager Central Asia at Mastercard.

Kairat Kaliyev, Deputy Chairman of the Management Board at AIFC: “The AIFC’s mission is to contribute to the sustainable development of the region by stimulating innovative financial products and services. That is why we always support the dialogue with representatives of the fintech market, among which corporations of the financial and telecommunication sectors play an active role. We are glad that Astana Finance Days 2022 has once again become such a respectable platform, where we could discuss and hear from major market players about their technological solutions and new developments to increase financial inclusion, and ensure digital literacy, financial health, and security of retail consumers.

Participants noted that financial inclusion, financial literacy, and retail consumer safety are the common challenges for all market players.

Reference:

The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. In accordance with the Development Strategy until 2025, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz

AIFC Tech Hub– a division of the Astana International Financial Centre (AIFC), whose task is to promote the development of a startup ecosystem, the venture industry market, e-commerce, corporate innovation and new technological directions in Kazakhstan (FinTech, GovTech, SatelliteTech, Industry 4.0. и etc.). Together with international partners, Tech Hub conducts programs to support market players, facilitates the structuring of venture deals and testing of new fintech solutions within the regulatory sandbox of the AIFC jurisdiction.  www.tech.aifc.kz

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. www.mastercard.kz