Mastercard actively supports development of fintech startups in Kazakhstan

Finance Materials 9 September 2022 15:05
Baku, Azerbaijan Trend News Agency
Mastercard actively supports development of fintech startups in Kazakhstan

Mastercard company actively supports the development of fintech startups in Kazakhstan, General Manager Central Asia at Mastercard Rafal Trepka told Trend.

"We actively help our partners-banks in the implementation of projects developing fintech startups. For example, we have been cooperating with the AIFC (Astana International Financial Center) Tech Hub for several years to hold competitions for young technology companies. The best projects at the end of the competition receive our support and are implemented by Kazakh banks," Trepka said.

He noted that this year a competition was held to find technological start-ups in the field of sustainable banking - the Mastercard Sustainable Banking Challenge, at which a number of interesting solutions were presented.

"For example, one of the projects was presented by the Russian "I understand" platform for corporate welfare. The solution is aimed at increasing labor productivity by supporting the psychological health and social well-being of company personnel,” the company’s representative also said.

“Another project, the Kazakh TrustContract, opens up the possibility of signing contracts online via SMS on the blockchain platform. The platform for creating Super App from Overizon (Lithuanian startup) also attracted the attention of experts,” Trepko pointed out. “The platform increases the life cycle of the customer's mobile application, engagement rates and customer profitability by embedding partner services, offers, subscriptions and content.”

Soon, three winning companies which will have the opportunity to launch a pilot project with partner banks with expert support from Mastercard and scale a successful pilot project in the Kazakhstan market will be selected from 12 finalists, he added.

Mastercard, a global technology company operating in the payments industry, marks this year the 10th anniversary of its official activity in Kazakhstan, although it has been present in the country since the mid-90s.

The company's partners include the largest commercial banks in Kazakhstan, as well as Kazpost, which is the national postal operator. Work continues to connect new banks [to Mastercard system], as well as introduce technological and other innovations.