The founder of Freedom Finance spoke about the interaction of the ecosystem and state services of Kazakhstan

Freedom Bank currently integrates with more than 145 state services in Kazakhstan. This was stated by Timur Turlov, founder and Chief Executive Officer of Freedom Holding, at a meeting of the Government of the republic dedicated to the interaction between the state and the banking sector.

"At the moment, 29 government services have been transferred to Freedom Bank," Timur Turlov said, citing the example of a digital mortgage that allows you to apply for a housing loan without visiting a bank.

Thus, according to the head of Freedom Finance, all stages from filling out the application to signing the contract are carried out remotely thanks to integrations with 34 government databases of process automation and artificial intelligence, which analyzes the borrower's data and makes decisions as soon as possible. Due to this, the mortgage issuance process was reduced from 14 days to 24 hours. To date, 33.5 thousand loans worth $1.2 billion have been issued.

Freedom Bank's services also include a digital car loan, which can also be issued remotely through integration with 38 government services.

"We have accelerated the process from 7 days to 12 hours, having already issued more than 21 thousand car loans totaling 366 billion tenge. In total, more than 1 million applications were submitted. This is a process that would not have been possible without our digital car insurance and a well—organized system to combat insurance fraud," the banker said.

In addition, Turlov mentioned the insurance business Freedom Finance Insurance, whose products are used by more than 21 government integrations, as well as digital lending for businesses without visiting a bank, integrated with 48 government services. The latter option is available for individual entrepreneurs, for whom it has become possible to obtain a loan within 24 hours instead of 14 days.

"Both unsecured and collateralized loans are assumed. Both types are fully processed online. And here we use the same real estate registration on the blockchain platform," the entrepreneur noted.

Since the launch of the product, more than 860,000 applications have been submitted for a total of $15.7 billion, of which 30,000 applications have already been approved. The volume of loans issued reached $443 million.

"Our ecosystem includes more than 30 companies operating in a wide variety of fields, from securities trading to online services for the sale of airline tickets and home delivery of groceries. We have made tremendous progress in creating and using digital technologies, becoming innovators. We probably have the largest competence in computer vision for smart cities, which has accumulated over the past 6 years of work in Kazakhstan. We have learned how to make these solutions much cheaper than their competitors from neighboring countries. And this solution is successfully operating in 11 cities of Kazakhstan and already in Uzbekistan," Timur Turlov summed up.

Prime Minister Olzhas Bektenov noted the achievements of the banking sector in the field of digitalization and the development of online services, as well as the fact that the state will continue to support the banking sector in the direction of further development and implementation of digital solutions to simplify public services.