National Bank Outlines Progress on Kazakhstan’s Digital Financial Infrastructure

The National Bank of Kazakhstan has shared new details on the development of the National Digital Financial Infrastructure (NDFI), Orda.kz reports.

According to Deputy Chair Berik Sholpankulov, the NDFI project includes several key components:

• A national payment system
  
• An Anti-Fraud Center
  
• A remote biometric identification system
  
• An open banking platform
  
• A digital tenge platform

Sholpankulov noted that services under the NDFI are currently being scaled up, with new participants gradually joining. At the same time, legislative amendments are being prepared to formalize the NDFI’s status and require banks to connect to the interbank mobile payment system.

This will enable clients to make QR payments and interbank transfers more easily and efficiently.

The National Bank also introduced two legislative packages concerning digital assets:

• The official launch of digital financial assets, including the establishment of clear legal definitions
• Regulation of the circulation of unsecured cryptocurrencies, including the introduction of licensing for crypto exchanges and trading platforms

In parallel with legislative initiatives, a regulatory sandbox for digital assets is being formed in the National Bank. Within the framework of which market participants will be able to test various innovative services and technologies,
Sholpankulov stated. 

He added that this set of measures is designed to bring greater transparency to Kazakhstan’s digital finance sector, encourage fintech development, and safeguard user rights.

Original Author: Ilya Astakhov