Biometric identification to be mandatory to obtain loans online in Kazakhstan

The Financial Market Regulatory Agency has updated the standards for issuing electronic microloans, El.kz reports.

According to the new rules, the process of signing microcredit agreements between microfinance institutions and borrowers, as well as the process of amending or supplementing these agreements, now requires the use of biometric identification.

It has also been added that biometric data is required to register a user in a personal account, change a mobile number or bank data (except for transactions through terminals). It is noted that the transfer of funds is not carried out if it is impossible to confirm the belonging of the bank account or payment card to the client.

To ensure security, biometric identification will include verifying that the customer is performing unique control movements to prevent fraud using static images or videos.

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