The rapid growth of financial IT services in Kazakhstan has created a need for a robust infrastructure to ensure these services operate smoothly and reliably. In response, Bank RBK has been implementing the "Bank as a Service" (BaaS) concept for several years. This concept allows fintech vendors to integrate their platforms with the bank's systems for payments and other financial transactions. Since its inception, Bank RBK has successfully implemented six projects and has been recognized multiple times with the Visa Beyond Boundaries – BaaS Innovator award.

"The integration of modern digital technologies into Bank RBK's products is not only a necessity in today's fast-evolving landscape but also an excellent opportunity for the bank to strengthen its connection with customers by offering more convenient and faster services," said Natalya Akentyeva, Chairman of the Board of Bank RBK. "Our bank has always been committed to collaborating with digital startups. By organizing this competition, we aim to support new, promising projects. We extend our thanks to our partners Astana Hub, Visa, and the National Payment Corporation, and we invite fintech industry representatives to participate in the competition."

To participate in the competition, applicants must submit their applications through the designated website, where they can also find detailed terms and conditions. After the application period closes, the jury will select three winners, with whom Bank RBK will sign cooperation agreements. In addition to this partnership, the winners will receive cash prizes from Visa: 5 million tenge for first place, 3 million tenge for second place, and 1 million tenge for third place.

“The Open Banking project, initiated by the National Bank of the Republic of Kazakhstan and based on Open API technology, is actively advancing and already contributing to the creation of new financial products and business models through collaboration between second-tier banks and service providers. We are pleased that Bank RBK is playing a role in the development of Open Banking and BaaS, as well as supporting emerging fintech startups in Kazakhstan,” said Zhanar Samayeva, Deputy Chairman of the Board of the National Payment Corporation.

"It has been more than 65 years since Visa first entered the payment market. In fact, our company was the world's first fintech startup, and today it is especially important for us to support emerging fintech companies, including those in Kazakhstan. We extend our gratitude to our partner, Bank RBK, for organizing this competition, which offers Kazakhstani startups the opportunity to compete not only for grants totaling 10 million tenge but also for free access to the bank's unique services. I am confident that through this initiative, startups will gain new knowledge and valuable insights from investors," said Sanzhar Suleimanov, Senior Director, Head of Visa Direct in Ukraine, Georgia, the CIS, and Southeastern Europe.

Tanat Uskembayev, Managing Director of Astana Hub, also expressed his support for the competition, noting that participating fintech companies are registered in this leading international technology park for IT startups in Central Asia. "I am confident that this competition will drive the development of cutting-edge financial technologies in our market and serve as a catalyst for the implementation of modern solutions through collaboration between fintech service providers and banks, ultimately benefiting clients," he said.

The competition will run until September 15, with the winners to be announced at Astana Hub on September 25.

License No. 1.2.100/245/41, issued by the ARDFM on April 5, 2021.

Source: bankrbk.kz