NUR-SULTAN – The Astana International Financial Centre (AIFC) and Bank CenterCredit (BCC) signed July 24 a memorandum of understanding to jointly develop the BCC open financial platform based on OpenAPI (application program interface) technologies.
“We are ready for productive cooperation with Bank CenterCredit in the development of OpenAPI technology. It will expand the capabilities of market participants in the creation of new innovative products. It is important to acquaint the financial sector players with this technology, since its application will have a great impact on the market,” said AIFC Chief Development Officer Kairat Kaliyev on the opportunities API technologies provide to the financial sector.
The technology will allow potential partners to integrate with the bank and create new innovative services, Kaliyev said.
The memorandum signed by the AIFC and BCC contains provisions on the interaction of structures in the use of the platform by the AIFC participants, the development of innovative laboratories, the provision of mentoring support to financial technology (fintech) startups participating in acceleration and incubation programmes and joint workshops.
“We highly appreciate the cooperation with the Astana International Financial Centre. The development of open financial platforms is one of the priority areas for the development of BCC,” said Ruslan Vladimirov, deputy chairman of the BCC board.
An open API, often referred to as a public API, is a publicly available application programming interface that provides developers with programmatic access to a proprietary software application or web service, Readwrite reports. APIs are sets of requirements that govern how one application can communicate and interact with another.
The AIFC, launched last year, seeks to become the leading financial centre in the region. The AIFC focuses on enhancing growth through its main strategic pillars, including capital markets, asset management, fintech, Islamic finance, banking and insurance.
BCC was established September 19, 1988 and is one of the first and largest commercial banks in Kazakhstan.