Kazakhstan launches first fintech accelerator with 11 promising startups

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Against a background of wide ranging civil and political reforms, Kazakhstan’s economic progress continues with the country’s first fintech accelerator. Under the auspices of the Astana International Financial Centre (AIFC), the accelerator will include 11 startups chosen from 300 applicants. The companies are focused on a range of financial technologies including solutions for information security, gamification, partner services development, robotics, onboarding and employee training, marketing personalization, and big data processing.

A joint pilot has been launched with one of the IT resource configuration security management projects. The banks are currently negotiating with the rest of the teams to determine business cases.

The AIFC Tech Hub brings together startups, entrepreneurs, investors, and industry experts to develop the fintech space in Kazakhstan and the region, and a pipeline of opportunities for venture capital funds and financial institutions.

“We are glad that Kazakhstan’s First fintech Accelerator has aroused great interest among startups and fintech companies from different countries. This shows the attractiveness of the banking market from the point of view of business growth, joint testing and implementation of the latest technologies. We plan to launch a new set of programs and invite financial corporations of Kazakhstan to cooperate” said Assel Abdrakhmanova, Head of Corporate Innovation at AIFC Tech Hub.

Crucially, the startups in the Hub will have access to advice and potential partnerships in the industry with key partners including the Internet Initiatives Development Fund (IIDF) and Mastercard as well as Altyn Bank, Eurasian Bank and Freedom Finance Bank.

Alexander Naumov, Deputy Chairman of the Board of Eurasian Bank explained, “We have received hundreds of applications from startups, carefully selected the best of the best, which will certainly help us in the development of a number of areas: from increasing the customer base through the application of innovative solutions, optimization of digital marketing campaigns before robotization of internal banking processes, as well as information security solutions.”

Meanwhile, Dinara Abdykulova, Director of Digital Bank Altyn Bank added the bansk would also benefit from the Hub’s work, as it would “give the opportunity to understand and see new trends, to think about the possibility of developing new services” for their customers.

Aidos Zhumagulov, Advisor to the Chairman of the Board of Directors of Freedom Finance Bank also noted they were “Constantly developing and automating business processes, we are always looking for the best innovative solutions”.

Rafal Trepka, CEO of Mastercard in Central Asia, concluded, “All partners have done a great job, which, I am sure, will benefit Kazakh banks in the implementation of plans and the implementation of advanced solutions and products”.

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