The National Bank of Kazakhstan and the Center for the Development of Payment and Financial Technologies of the NBK held a meeting on the development of the Concept for the development of Open API and Open Banking in Kazakhstan for 2023-2025, El.kz reports with reference to the press service of the National Bank of Kazakhstan.
The meeting was attended by representatives of the Agency for Regulation and Development of the Financial Market, the Agency for the Protection and Development of Competition, the interests of market participants were represented by the Association of Financiers of Kazakhstan.
"The participants discussed modern models for the development of the financial sector using Open API technology, the concept of Open Banking, as well as the prospects for building a digital financial infrastructure in Kazakhstan on the basis of new initiatives," the press service said.
The Open API and Open Banking projects are aimed at providing the client with the ability to securely and efficiently transfer the client's personal data between various financial institutions to receive financial services.
Such exchange is carried out using standardized open programming interfaces in a secure environment. Open banking allows you to create new payment and financial services, reduce time and operating costs for administration, compliance, and transactions. The concept of Open API and Open Banking describes the main approaches and vision of the development of open banking in the Republic of Kazakhstan, specific steps and measures to introduce open banking interfaces and the infrastructure and regulatory approaches necessary for this," the report says.