Today, President Kassym-Jomart Tokayev was briefed on
the stability of Kazakhstan’s banking sector. Madina Abylkassymova, Chair of
the Agency for Regulation and Development of the Financial Market, reported
that over eight months, banks’ assets grew by nearly 7% to 75.5 trillion tenge.
The Head of State was also informed about measures to expand financing of the economy.
Business lending has reached 16 trillion tenge, while the volume of new loans
has increased by 19% since the beginning of the year, reaching 12.5 trillion
tenge. The country’s financial sector is undergoing digital transformation. The
Agency has established a unified supervisory platform, FinAI, using artificial
intelligence. By the end of the year, a strategy for introducing AI across all
sectors of the financial market will also be developed. It will provide for
unified approaches to information security and data protection. Following the
meeting, President Tokayev gave a number of instructions aimed at ensuring
financial stability in the country.
«As part of the implementation of the new Law on
Banks, the entire secondary regulatory framework has been overhauled, with more
than 80 regulatory legal acts adopted. In line with the President’s
instructions, new Capital Market and Insurance Market Development Programs
through 2030 have been developed, along with new draft laws On the capital
market and On the insurance market in a new edition. They are aimed at
expanding long-term financing for the economy, strengthening insurance
protection for the public and businesses, advancing digitalization, and
enhancing risk-based supervision,» noted Madina
Abylkassymova, Chairperson of the Agency for Regulation and Development of the
Financial Market.
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