BAKU, Azerbaijan, February 3. The National Bank of Kazakhstan announced the release of the “Open API” and “Open Banking” development concepts for 2023-2025, Trend reports, citing the press service of the National Bank.
The document describes a unified regulatory approach and vision for the development of Open Banking in Kazakhstan.
The implementation of the concepts will allow participants in the financial and payment market to offer their customers fundamentally new, secure options for managing personal data. It will also provide access to financial and payment services via the integration of multiple payment service providers’ solutions in one interface.
Open banking will allow market participants to create innovative payment and financial services, increase their availability, reduce transaction costs, and increase competition.
The National Bank is the central bank of the Republic of Kazakhstan. The objective of the institution is to ensure price stability in Kazakhstan, in addition to regulating fiscal and monetary policy.
