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On July 16 – 20, the representatives of Korea Deposit Insurance Corporation, KDIC, visited Almaty

On July 16 – 20, the representatives of Korea Deposit Insurance Corporation, KDIC, and the IT advisory service provider visited Almaty. KDIC Vice President and Chief Project Officer representing the KDIC IT advisory service provider also participated in the high level delegation.

This visit established the grounds for realization for “Digital KDIF” Program, which is a large-scale initiative of Kazakhstan Deposit Insurance Fund including the KDIC – KDIF Project, which is aimed at enhancing the information systems of Kazakhstan Deposit Insurance Fund in the dimension of payouts, and which is being fulfilled under advisory assistance of KDIC. Total duration of project is 5 month, from July to November, 2018. Under the scope of the Project, a total of three visits of the KDIC representatives are expected.

During the visit, the KDIC advisory team investigated the business processes of Kazakhstan Deposit Insurance Fund associated with depositor reimbursement, assessed the IT infrastructure of KDIF and made a conclusion concerning the hardware and software platform to ensure efficient fulfillment of these business processes.
On July 19, the high-level negotiations bringing together the representatives of KDIC and the National Bank of the Republic of Kazakhstan were held. The NBK was represented by Mr. Vitaliy Tutushkin, Research and Statistics Department Director, Mr. Sabit Khakimzhanov, Financial Stability Department Director, and Mr. Bakhytbek Rysymbetov, Bank Supervision Department Deputy Director. KDIF was represented by Deputy Chairman Mr. Kuanyshbek Abzhanov, Mr. Madiyar Sattybayev, Acting Director of Payout Administration Department, and Mr. Yerlan Sarsenbekuly, “Delta Bank” JSC Liquidation Commission Chairman.

Digital KDIF is a full-scale program of KDIF in the dimension of digitalization of services and business processes for the period of 2017 – 2019. The Program is aimed at enhancing the capacity of services and businesses of Kazakhstan Deposit Insurance Fund in the current technological realities. Earlier this year, within the course of fulfillment of the Program, KDIF submitted the application to participate in the technical assistance program under governance of the Republic of Korea, Korea Deposit Insurance Corporation being a program operator. Based on its IT infrastructure, KDIC is expected to provide KDIF with advisory assistance to develop the KDIF Information Technology Master Plan.

The project assumes implementation of the KDIC best practice and launch of an array of innovation projects using brand-new technologies to enhance the payout processes, digitization of services, automation of business processes, and raise of financial literacy of people.

The Republic of Korea shall bear all expenses concerning travel administration and stay of the Project Team representing KDIC in Almaty.

The Republic of Korea is one of the World’s top-rated 15 countries to fulfill national digitalization program. According to the MasterCard Digital Evolution Index 2017, which tracks the process towards development of digital economy and the level of integration of Internet into daily life of billions of people, the Republic of Korea holds 7th position of the rating (amongst total of 60 countries being rated). The share of IT sector in the country’s GDP is as high as 9 per cent.

We take chance to extend appreciation to the Top Management of Korea Deposit Insurance Corporation and the Project Team for the opportunity to study the experience of the Republic of Korea, the World’s leader in digitalization. We strongly believe that the advisory assistance provided by KDIC and share of this experience among out organizations is going to facilitate establishment of highly efficient and state-of-the-art platform of KDIF businesses.

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