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The First
Fintech Accelerator
in Kazakhstan

Find new customers and launch sales in Kazakhstan with the support of Tech Hub, Mastercard and banks of the country


Applications are accepted until November 23, 2021
The Tech Hub of the Astana International Financial Center (AIFC), Mastercard and IIDF are launching the first Fintech Accelerator of Kazakhstan for technology startups interested in partnering with the country's banks and entering a new dynamically developing market. Kazakhstan is the leader in the development of financial technologies among the countries of Central Asia and is included in the TOP-25 countries in the world is of ease doing business.

The main goal of the accelerator is to build long-term cooperation between banks in Kazakhstan, startups and mature technology companies. Accelerator participants will have the opportunity to launch a pilot with the country's banks, along with support from Tech Hub and Mastercard.

Kazakhstan is a promising emerging market for startups

Fast-growing e-commerce and cashless payments market
High level of penetration the internet
(2020)
Times increase in non-cash payment volumes in 2020
Progressive regulation (remote identification, cryptocurrency regulation, crowdfunding, online insurance, AIFC, etc.)
Developed infrastructure to support startups: global opportunities for fintech companies in Kazakhstan
GDP. The second-largest CIS economy
after Russia
$164 billion
84%
2,6

Partner banks

Altyn Bank JSC (SB of China CITIC Bank Corporation Ltd) — is a universal commercial bank serving corporate and retail clients. It is ranked 13th in terms of assets and has one of the highest ratings (Fitch - "BBB-", Moody's - "Ba1") among Kazakhstani commercial banks.

In 2016, Altyn Bank JSC launched the first full-fledged digital bank Altyn-i in Kazakhstan with a full range of online financial services for individuals. In 2020, Altyn-I Digital Bank received an award from the Global Finance international magazine in the nomination The World's Best Consumer Digital Banks In Kazakhstan. Altyn Bank JSC has 6 branches: in Almaty, Nur-Sultan, Atyrau, Shymkent, Aktau and in the AIFC, as well as 2 additional branches in Almaty.


Freedom Finance Bank is an innovative bank in Kazakhstan offering digital products and financial services to the public and small businesses. It is included in the top 5 banks in terms of security in Kazakhstan (according TSARKA, the largest cybersecurity service provider in Central Asia) and has a Standard & Poor's rating at B- / B. In July 2021, the bank digitized the receipt of a mortgage loan by 90% and launched Digital Mortgage. Thanks to this product, Kazakhstan took first place in the ranking of the top 11 countries for digitalization of mortgages, ahead of the UK, USA and South Korea. The main advantage of the Digital Mortgage is speed - the whole process takes a day. The bank's shareholder is Freedom Holding Corp., which carries out financial activities, retail brokerage operations, securities trading, investment banking and underwriting services in Russia, Kazakhstan, Uzbekistan, Kyrgyzstan, Ukraine, Germany and Cyprus.


Eurasian Bank is a worldwide social-minded financial institution with a 27-year history of development. It is consistently among the top 10 Kazakh banks. It occupies a leading position in the retail banking market with the highest share in the car loans and commodity loans market, and provides a wide range of services to corporate clients and SMEs. In July 2021, for the first time in Kazakhstan and the CIS, the bank launched an online service for lending new cars. In the near future, the bank will present similar remote services. The bank's sole shareholder is Eurasian Financial Company JSC, owned by the main owners of ERG, a large international diversified company that includes a third of the mining and metallurgical complex of Kazakhstan.
Overview
Features
Reviews
Altyn Bank JSC (SB of China CITIC Bank Corporation Ltd) — Altyn Bank JSC (SB China CITIC Bank Corporation Ltd) is a universal commercial bank serving corporate and retail clients. It is ranked 13th in terms of assets and has one of the highest ratings (Fitch - "BBB-", Moody's - "Ba1") among Kazakhstani commercial banks.

In 2016, Altyn Bank JSC launched the first full-fledged digital bank Altyn-i in Kazakhstan with a full range of online financial services for individuals. In 2020, Altyn-I Digital Bank received an award from the Global Finance international magazine in the nomination The World's Best Consumer Digital Banks In Kazakhstan.

Altyn Bank JSC has 6 branches: in Almaty, Nur-Sultan, Atyrau, Shymkent, Aktau and in the AIFC, as well as 2 additional branches in Almaty.


Freedom Finance Bank is an innovative bank in Kazakhstan offering digital products and financial services to the public and small businesses. It is included in the top 5 banks in terms of security in Kazakhstan (according TSARKA, the largest cybersecurity service provider in Central Asia) and has a Standard & Poor's rating at B- / B. In July 2021, the bank digitized the receipt of a mortgage loan by 90% and launched Digital Mortgage. Thanks to this product, Kazakhstan took first place in the ranking of the top 11 countries for digitalization of mortgages, ahead of the UK, USA and South Korea. The main advantage of the Digital Mortgage is speed - the whole process takes a day. The bank's shareholder is Freedom Holding Corp., which carries out financial activities, retail brokerage operations, securities trading, investment banking and underwriting services in Russia, Kazakhstan, Uzbekistan, Kyrgyzstan, Ukraine, Germany and Cyprus.


Eurasian Bank is a worldwide social-minded financial institution with a 27-year history of development. It is consistently among the top 10 Kazakh banks. It occupies a leading position in the retail banking market with the highest share in the car loans and commodity loans market, and provides a wide range of services to corporate clients and SMEs. In July 2021, for the first time in Kazakhstan and the CIS, the bank launched an online service for lending new cars. In the near future, the bank will present similar remote services. The bank's sole shareholder is Eurasian Financial Company JSC, owned by the main owners of ERG, a large international diversified company that includes a third of the mining and metallurgical complex of Kazakhstan.
Scaling
Long-term commercial partnership with banks of Kazakhstan
Launching a pilot project
Pilot project with one or more accelerator partner banks
Support from Astana International Financial Center (AIFC)
Assistance in registering and / or licensing a business in the jurisdiction of the AIFC:
  • International legal framework based on English law (common law)
  • Tax preferences for regulated activities of the AIFC until 2066 (0% CIT, IIT, VAT and social tax for non-residents)
  • Special labor and visa dispensations for expats and their families
  • Access to the Arbitration Center and the Independent Judicial System of the AIFC
  • Opportunity to test and pilot new fintech solutions in the AIFC Fintech Sandbox
  • Offices at the location of EXPO Astana for registered companies
Access to the growing financial and business ecosystem of the AIFC (1,000+ registered companies from 56 countries, plus corporate partners)
Support for fintech startups from Tech Hub
  • Access to the Venture Rocket Eurasia crowdfunding platform to raise venture capital
  • Assistance in structuring venture deals in the jurisdiction of the AIFC (convertible loans, issue of shares of different classes, etc.)
  • Venture studio
  • Incubation and acceleration programs
  • Mentoring platform
Connection to Fintechstars platform
  • Access to experts, large corporations, investors, mentors and entrepreneurs in the field of fintech from around the world
  • Up to $5,000 in free credits from Amazon Web Services
  • Opportunity to participate as a speaker at Astana Findays thematic conferences (3,000+ participants from 70+ countries in 2021) and World Investor Week AIFC

Opportunities for accelerator participants

Searched for startup solutions

Digital products and services for bank clients: Private clients
Digital products and services for bank clients: Government
Phone-based services and processes
Automation of typical bank workflows

Digital products and services for bank clients: SMBs
Gamification
HR management and employee training
Automation of special bank workflows

Digital products and services for bank clients: Corporations
Sales / CRM
tools
Information
security
  • Aggregator of offers with maximum personalization (including from SMB companies)
  • Platform / technologies for loyalty programs
  • Tools for creating digital client profiles based on behavioral analysis
  • Tools for using digital client profiles to increase sales
  • Digital banking services for private clients
  • Services for motorists
  • Image recognition solutions (e.g., for remote vehicle insurance, purchase analysis, etc.)
  • "Smart" ATMs: software for biometric authorization, digital banking services for ATMs
  • Digital products and services for smart schools and universities - Combining several functions in student ID cards: meal payments, ACS, electronic assignment book, etc.
  • Biometrics for schools - Technologies for working with crypto exchanges / cryptocurrencies
  • Customer service quality control: mobile phone call recording, voice-to-text conversion with subsequent analysis, database of client requests, outgoing call analysis with reports
  • Robocaller for scheduling interviews and serving individual clients
  • Autodialer for known clients
  • Tools for optimizing processes based on potential efficiency improvement
  • Platform and methodology for digitizing processes
  • Solutions for automation, robotization, process control: RPA, BPM, ACM
  • Tools for joint management decision making
  • Services for collaborating on documents
  • Automation of processes for working with documents: checking correctness of data, filling all necessary fields, and other necessary conditions
  • Digital services such as accounting, taxes, related IT services, and more
  • Tools for personalizing offers for legal entities
  • Personal account for e-commerce (order placement, data processing and analysis of all transactions)
  • Platform for aggregating offers for legal entities (B2B marketplace)
  • System for registering an individual entrepreneur as a new client (including biometrics and opening an account)
  • Electronic document management system for legal entities
  • Lending process automation for SMEs
  • Gamification for engagement with loyalty programs
  • Gamification to educate customers on bank products and mobile app
  • Gamification for payroll clients
  • Gamification for non-material motivation of employees
  • Gamification to stimulate collaboration between employees
  • Mobile application for employees: HR requests (vacation, sick leave, etc.), new employee orientation, training, news, office assignments
  • Organization of employee work time: planning and prioritizing tasks, "red flag" system for overdue tasks, yearly management review
  • Training to work in IT systems
  • Training soft skills: sales skills, conflict resolution, complex negotiations
  • Platform for onboarding new employees
  • Motivation tools for remote work
  • Efficiency monitoring / personnel assessment system
  • Technologies for lending: scoring system, AI for granting loans / credit
  • Technologies for collateral management: system for analyzing the price market for collateral assets, platform for collateral asset value assessment (including image recognition technologies), technologies to facilitate mapping / control of collateral, processing collateral applications
  • Technologies for cash management and payment services: automation of standard operations, rate calculation

  • Platform for aggregating offers for legal entities (B2B marketplace)
  • Electronic document management system for legal entities
  • Digital marketing solutions
  • Chat platform
  • Platforms for omnichannel communication
  • Tools for developing B2B sales skills
  • Tools for improving B2B sales efficiency
  • Trade finance product sales tools
  • Sales accounting system for cold calling, bonus calculation
  • Access control system (IdM)
  • Proactive threat hunting
  • Classification of information by access levels*
  • Collection and analysis of information about security events (SIEM)
  • Solutions for training employees in anti-phishing
  • * In accordance with the legislation of Kazakhstan
Terms of participation
MVP
Consistence with search areas
Presence of a team (2+ people)
Legal entity status

Calendar

02.11.2021
19.11.2021
Deadline for applications from startups
23.11.2021
Announcement of application results
Online pitch session of selected startups with top management of the banks
02.12.2021
21.12.2021
Piloting the best technological solutions in the banks of Kazakhstan




2022
How to participate in the accelerator
On December 2, you will receive the results of the selection to the email that you indicated during registration. If you are selected, we will invite you to a pitch session with top management of the banks to present your solution.

How to participate in the accelerator
To apply, fill out the form by 23:59 (Moscow time) on November 23, 2021
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Organizers

Masterсard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
The AIFC Tech Hub is a meeting point for global startups, entrepreneurs, corporations, investors, leading industry experts and specialists. The AIFC develops technologies to support startups, corporate innovations, and the venture capital market, as well as specially developed solutions to test products in the tech sector.
The Astana International Financial Center (AIFC) was established on the initiative of the first President of the Republic of Kazakhstan, Nursultan Nazarbayev. The constitutional law establishing the AIFC was signed on December 7, 2015. The goal of the AIFC is to form a leading center for international financial services. The objectives of the AIFC are to assist in attracting investments to the country's economy, creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan, and ensuring its integration with international capital markets.
IIDF is a Russian venture capital fund, one of the most active funds in Europe in terms of the number of transactions. The fund has invested in over 450 companies, several dozen of which operate on the global market, and also provides educational and consulting support: 1400+ startups and mature companies have completed IIDF programs. It also participates in the development of methods for legal regulation of internet businesses and the venture capital industry. IIDF is a key player in the corporate innovation market, advising corporations on innovation, helping integrate technology startup solutions, and developing internal entrepreneurs. The IIDF team trains internal product teams and helps them work more effectively.
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Masterсard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
The AIFC Tech Hub is a meeting point for global startups, entrepreneurs, corporations, investors, leading industry experts and specialists. The AIFC develops technologies to support startups, corporate innovations, and the venture capital market, as well as specially developed solutions to test products in the tech sector.

The Astana International Financial Center (AIFC) was established on the initiative of the first President of the Republic of Kazakhstan, Nursultan Nazarbayev. The constitutional law establishing the AIFC was signed on December 7, 2015. The goal of the AIFC is to form a leading center for international financial services. The objectives of the AIFC are to assist in attracting investments to the country's economy, creating an attractive environment for investing in financial services, developing the securities market of the Re
IIDF is a Russian venture capital fund, one of the most active funds in Europe in terms of the number of transactions. The fund has invested in over 450 companies, several dozen of which operate on the global market, and also provides educational and consulting support: 1400+ startups and mature companies have completed IIDF programs. It also participates in the development of methods for legal regulation of internet businesses and the venture capital industry. IIDF is a key player in the corporate innovation market, advising corporations on innovation, helping integrate technology startup solutions, and developing internal entrepreneurs. The IIDF team trains internal product teams and helps them work more effectively.

FAQ

How do I take part?
To apply, fill out the form by 23:59 (Moscow time) on November 22. On December 2, you will receive a letter with the selection results to the mail indicated during registration. If you make the selection, we will invite you to an online pitch session, where you can personally describe your solution to business customers and top management of banks.
Startups from which countries can take part in the accelerator?
Startups and mature technology companies from all over the world are invited to participate. The application can be submitted either in Russian or English.
What is a pilot project?
A pilot project involves testing your product on limited data in a single bank branch. The costs and conditions of the pilot project are discussed individually.
I have 2 projects. Can I submit multiple applications?
Yes, the number of applications is unlimited. A separate application must be submitted for each project.
Is this program free?
Yes. Participation for a startup is absolutely free.
Can I apply as an individual?
Yes. But to conduct a pilot project, you need to register a legal entity.
Do I need to give a share in my startup to participate in the program?
We do not invest in startups under this program. The program is free

Financial Мarket of Kazakhstan

General issues
Alena Samoletova,
IIDF corporate programs manager

fintech-accel@iidf.ru

Media issues
Alina Smolyakova,
IIDF communications manager

asmoliakova@iidf.ru
Organizers
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