A REPORT ON THE RESULTS OF A PILOT PROJECT FOR THE INTRODUCTION OF OPEN API AND OPEN BANKING TECHNOLOGIES IN KAZAKHSTAN HAS BEEN PUBLISHED

The agency for protection and development of competition announces the publication of the report on the results of the pilot project "OREP API and Open Banking".

The pilot project is being implemented by the National Bank together with the agency for protection and development of competition and the agency for regulation and development of the financial market in Kazakhstan in accordance with the approved concept for the development of Open API and Open Banking for 2023-2025.

The pilot project itself is aimed at ensuring equal conditions and opportunities for all participants, transparency of processes, a high degree of confidentiality and protection of personal and financial data of clients of financial organizations.

At this stage, customers of five second-tier banks of Kazakhstan took part in the testing of real services. The focus group included more than 100 people. The main scenario provides for the exchange of information about the client's current accounts only with his own consent. This, in turn, allows the client to access data on their accounts in different financial institutions using the application of only one bank. The client may also voluntarily provide information about his current accounts to a third party or restrict this function. 98% of the test participants-bank customers – noted that the functional interface of open banking in mobile applications is clear and convenient, and 100% of the specialists of participating banks noted the convenience of the Open API platform.

In addition, during the pilot project in 2023, its target architecture was developed, the methodology of the operating model of open banking was prepared, the infrastructure was developed and the necessary technical and regulatory environment was prepared.

As a result of the pilot project, the hypotheses of the technological implementation and effectiveness of the chosen approach to the introduction of open banking in Kazakhstan were confirmed, and steps for the further development of the concept were determined.

In 2024, work on adding and scaling new users, as well as creating a sandbox platform for Open API technology, was included in the plan.

Report on the results of the pilot project