In Kazakhstan, there are plans to
expand the syndicated lending market and add some participants, including the financial
institutions of the Astana International Financial Centre (AIFC) and non-resident
banks. This will allow to attract additional investment flows into the country’s
economy. Members of the Senate, an Upper House of the Kazakh Parliament, have
reviewed these and other amendments to the law on borrower rights protection
and financial market regulation. In addition, legislative innovations envisage
measures to combat cybercrime. Thus, it is proposed to prohibit the provision
of electronic loans to clients without biometric identification. Besides, the
concept of a microfinance ombudsman is being introduced. Furthermore, according
to the proposals of MPs, citizens with loan arrears of more than 90 days will
not be eligible for new loans. Obtaining a loan will also require the consent
of the spouse. Some amendments have been sent back to the Mazhilis for further
revision.
“They are aimed at specifying the
activities of the Agency for Regulation and Development of the Financial
Market, establishing features of syndicated lending, as well as providing
additional protection for the interests of servicemen regarding loans. Overall,
we hope that the measures provided for by this law will have a positive impact
on the effective protection of the rights of our citizens and the improvement
of financial literacy,” said Maulen Ashimbayev, Chairperson of the Senate, the Upper
House of the Kazakh Parliament.
