ID Finance has become the first company to be granted an official license from the National Bank of Kazakhstan to provide non-banking technological credit services. Inclusion in the register of institutional creditors will allow the company to contribute to the creation of a transparent financial technology market with clear and stable rules of operation.
ID Finance, the data science, credit scoring and digital finance business, will offer loans to consumers currently unable to access traditional banking products, whilst upholding the regulatory interests of Kazakhstan’s growing fintech industry.
“The status as a MicroFinance Company will allow ID Finance to establish closer links with the National Bank. It cements our position as a trusted organization and will enable us to further grow our business within emerging markets,’ comments Alexander Dunaev, co-founder of ID Finance. “We are continually evolving our technology and bring best in class solutions to the six countries we serve across Europe, Asia, Caucasus and LatAm,”
Financial license will allow ID Finance to diversify its portfolio of credit products. This is in line with the company’s strategy aimed at expanding the range of financial services for the udbanked people.
Kazakhstan is a promising market for fintech development. With a population of nearly 18 million, 65% own a smartphone and 73% use high-speed internet. However, three-quarters of its citizens are also unbanked and unable to access competitive and transparent financial services.
ID Finance is the leading online lender in Kazakhstan with a market share of 59%. It launched the country’s first online lending service in 2014. ID Finance has also achieved Microfinance Company status in Russia from the Central Bank of Russia – a status it has held since launch in 2012 – and expects to receive an official license imminently for its operations in Georgia.