15:04 - 9.10.2025

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October 9t Fineko/abc.az. At the fintech forum in Baku, Yulia Salekhova, deputy chairman of the Association of Payment Organizations of Kazakhstan, shared her experience of using the «sandbox» in her country.

ABC.AZ informs that according to Salekhova, they have unique «sandbox» systems: "This system was supposed to allow us to test various solutions. Currently, both Open Banking and the sandbox system are not operating at full capacity. There are objective reasons for this. The main issue is that our regulator, in particular, the National Bank, is seriously committed to development and improvement.

But every transformation takes time, and it's very difficult to do, especially when the market isn't fully ready yet."

Salekhova stressed that the «sandbox» allowed them to test technological solutions.:

"But what's more important is the opportunity to try out business models, because it's never been all about technology. The «sandbox» was a kind of regulated and controlled experience. The positive side is that all the tests were conducted under strict control, with a limited number of transactions and the number of customers. On the other hand, due to these restrictions, it was impossible to assess the impact on the global market. But the most important thing is that market participants have the opportunity to express their opinions. Regulators were able to see the demands of the market, customer reactions, and how the rules should evolve. There is an opportunity to show which gaps exist and which need to be addressed, because excessive regulation restricts development."

 

By Elmir Murad