Nearly One-Third of Financial Market Participants Use AI in Kazakhstan

ASTANA – Some 31% of financial market participants use artificial intelligence (AI) in their activities, with the highest utilization level of 60% observed among second-tier banks, the National Bank of Kazakhstan stated in an April 23 report.

Photo credit: Censius

This report was based on a survey conducted among 94 financial market participants to assess the readiness of Kazakhstan’s financial market to use the potential of AI technology, including second-tier banks, microfinance organizations, insurance firms, securities market participants, and residents of Astana International Financial Centre.

Some 45% of respondents expressed intentions to integrate AI into their operations this year.

The development of AI in 2024 is directly related to the current level of its technology’s utilization. This may indicate that initial investment and experience with AI adoption strengthens organizations’ intentions to continue investing in the technology.

Kazakhstan entered the top three countries in the Central and Southern Asia region in the Global Innovation Index. The country ranked 34th out of 64 nations in the International Institute for Management Development (IMD) World Digital Competitiveness Ranking 2023, which measures the capacity and readiness to adopt digital technologies.

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