Kazakhstan has taken another practical step toward integrating the digital tenge into the real economy. Development Bank of Kazakhstan (DBK), a subsidiary of the Baiterek holding, has successfully implemented a pilot export financing project using the digital tenge, DKNews.kz reports.
The project was carried out with the support of Bank CenterCredit, under insurance coverage from the Export Credit Agency of Kazakhstan (ECA), and in cooperation with the National Bank of Kazakhstan and the National Payment Corporation.
Unlike previous conceptual tests, this initiative involved real financing of an operating export business.
Full transparency and control over funds
One of the key advantages of the project is the ability to fully track the movement of funds and prevent their misuse. Every stage of the transaction is visible, ensuring that the money is used strictly for its intended purpose.
As the President of Kazakhstan emphasized in his State of the Nation Address, the development of the digital tenge is a core element in building a new national financial ecosystem. The instrument is designed to increase transparency, accelerate settlements, and improve the reliability of project financing - all of which were demonstrated in this pilot project.
Digital tenge applied to real exports
Under the pilot scheme, DBK issued part of a loan in digital tenge to Qazaq-Astyq Group LLP as part of pre-export financing. The funds were allocated for the purchase of raw materials needed for production.
The company’s oil extraction plant in the Abai region, supported by DBK, produces export-oriented products including:
- unrefined sunflower oil
- unrefined rapeseed oil
- sunflower and rapeseed meal
- phosphatide concentrates
These products are in steady demand on international markets and contribute directly to Kazakhstan’s export revenues.
Insurance protection and digital banking cooperation
The loan issued to Qazaq-Astyq Group was insured by the Export Credit Agency of Kazakhstan under a joint initiative with DBK aimed at supporting domestic enterprises in the oilseed processing industry.
Bank CenterCredit also played a key role in the implementation of the digital tenge mechanism. Loan funds were transferred from the borrower’s digital account opened at DBK to a digital account at Bank CenterCredit. Subsequent transfers were accompanied by mandatory confirmation of targeted use.
This structure ensured continuous monitoring of funds at every stage.
“Digital tenge strengthens control and speeds up settlements”
Marat Yelibayev, Chairman of the Management Board of DBK, highlighted the practical benefits of the new instrument.
Using the digital tenge in loan issuance ensures fast and efficient settlements. One of its most important features is the ability to tag funds, which significantly enhances control over their targeted use, - he said.
A foundation for scaling up
DBK considers the results of the pilot project an important practical step in implementing the President’s instructions and developing Kazakhstan’s digital financial infrastructure.
The experience gained will serve as a foundation for expanding the use of the digital tenge not only in export financing, but also across other areas of the bank’s operations.
Experts note that if scaled successfully, the digital tenge could become a key tool for transparent financing of large industrial and export-oriented projects in Kazakhstan.
