On November 13–14, Almaty is hosting the Central Asia Fintech Summit – one of the region’s leading platforms bringing together fintech innovators, financial regulators, and technology experts from more than 15 countries. The event focuses on major trends shaping the industry: digital transformation, artificial intelligence, cross-border payments, and the emerging fintech ecosystem of Central Asia, DKNews.kz reports.
One of the headline speakers this year was Olzhas Toleuov, Deputy Chairman of Kazakhstan’s Agency for Strategic Planning and Reforms, who presented the country’s vision for building a full-fledged data economy. His talk centered on developing the legal and technological foundations for transparent data exchange in Kazakhstan. Below is a detailed, native-level breakdown of his key messages – and why they matter for the country’s economic future.
Kazakhstan Moves to a New Data Paradigm: Less Burden on Business – Better Analytics for Government
According to Toleuov, Kazakhstan has already transitioned to a new statistical model. Instead of relying mainly on company reports, the country is now integrating administrative and alternative data sources, including:
- banking transactions
- mobile network data
- satellite monitoring
- fiscal receipts
- state registers and government information systems
This is more than a technical upgrade. It represents a fundamental shift in how the state uses data: from requesting reports to receiving information automatically and paperlessly.
The impact is significant: reporting requirements for businesses drop by 50%, while the quality and accuracy of government analytics improve dramatically.
This mirrors global best practices in the EU and OECD, where integrated big data has become the backbone of modern, data-driven public administration.
Centers for Big Data and Behavioral Analytics: How the Government Is Applying AI
Toleuov also highlighted two new analytical centers established under the Agency’s structure on the instruction of the Head of State:
- the Center for Behavioral Economics and Big Data Analytics
- the Center for Demographic Analysis and Forecasting
These units already apply machine learning and AI tools to study:
- behavioral characteristics of the population
- demographic patterns
- sociological factors
- predictive demographic and social models
In essence, Kazakhstan is building a full data science infrastructure inside the government – covering data collection, analysis, and scenario forecasting.
This approach enables more accurate regulatory decisions, improves macroeconomic planning, and strengthens long-term socio-economic forecasting.
The Digital Code: Data to Be Recognized as a Civil Asset for the First Time
A major part of the presentation focused on the legal ecosystem surrounding data – a prerequisite for creating a functioning data market.
Kazakhstan is currently drafting a Digital Code, which proposes to legally define:
- data as an object of civil rights
- rules for data circulation and monetization
- mechanisms for personal data protection
- quality and security standards for data assets
This will form the legal foundation of the data economy – from regulations to market protection mechanisms.
The goal is clear: create a transparent, safe, and trusted environment for data exchange between the state, businesses, and citizens.
Worldwide, data regulation is becoming as essential as financial law or telecommunications policy, and Kazakhstan aims to stay ahead of the curve.
National Data Exchange: A Strategic Partnership with the Shanghai Data Exchange
One of the most ambitious projects is Kazakhstan’s National Data Exchange, developed jointly with the Shanghai Data Exchange – one of the global leaders in this field.
This partnership is expected to deliver several strategic advantages:
- independent assessment of data quality
- transparent pricing mechanisms
- an environment for monetizing datasets
- stronger trust between participants in the digital and financial markets
In practical terms, the platform will become a marketplace where data can be bought, sold, licensed, and used in AI models, fintech products, and analytical tools.
Meanwhile, Kazakhstan is already preparing the pilot phase of data monetization in collaboration with private-sector partners.
The Scale of the Data Economy: €2.7 Billion Today – €5 Billion by 2030
IDC estimates that Kazakhstan’s data economy already amounts to €2.7 billion. By 2030, it could reach €5 billion.
This growth is driven by:
- expansion of the fintech sector
- rapid adoption of AI tools
- accelerated digitalization of public services
- the rise of e-commerce and modern banking technologies
- a high share of online payments in the economy
Toleuov emphasized:
“Data is becoming a new strategic resource for economic development. Kazakhstan has already laid the foundation for building a full-fledged data market, and our goal is to ensure trust, transparency, and mutual benefit for all participants.”
Why This Matters for Fintech – and Why It Was Highlighted at the Summit
At the Central Asia Fintech Summit, data is more than a topic: it’s the core driver of nearly every fintech innovation.
In fintech, data influences everything:
- credit scoring
- anti-fraud systems
- digital payments
- cross-border settlements
- open banking frameworks
- regulatory technology (RegTech)
- personalized financial services
A mature data market and a national data exchange will accelerate the development of the entire financial industry – from payment systems to investment technologies.
Kazakhstan Is Positioning Itself as a Regional Leader in Data Economy Development
Toleuov’s presentation at the Central Asia Fintech Summit shows that Kazakhstan is not just evolving as a digital nation – it is laying the groundwork for a comprehensive, technologically advanced data economy.
The country is simultaneously building:
- technological infrastructure (state data, machine learning, AI)
- analytical infrastructure (big data and behavioral analytics centers)
- a legal foundation (the Digital Code)
- a market platform (National Data Exchange)
- a trusted ecosystem for state–business interaction
This holistic approach positions Kazakhstan as a future regional hub for fintech companies, AI developers, data-driven startups, and global investors.
