PR 014959 Kazakhstan: New Kazakh Banking Law - National Legal Experts

Objectives: The project aims to align Kazakhstan's banking law with international best practices, focusing on bank resolution and insolvency, digitalization of banking services, regulation of consumer lending, consolidated financial reporting, and international financial reporting standards. It intends to intensify competition and enhance lending activities, emphasizing increased foreign bank presence and creating a legislative framework for digital solutions in the fintech industry. The European Bank for Reconstruction and Development (EBRD) is involved in drafting a new Banking Act to replace the 1995 law, enabling a competitive and diverse banking sector in Kazakhstan.