Open Banking: Canada vs Kazakhstan

25 Jan 2024
2 mins

As I was skimming through The API Changelog issue 2024.04, my eye caught:

Kazakhstan’s National Bank and other entities published a report on an Open API and Open Banking pilot, aiming to modernize financial services through standardized data exchange. The successful pilot involved multiple banks and clients, setting the stage for a transparent and competitive financial sector by 2024.

Cool. Let’s read the report.

The pilot project was carried out with the participation of focus groups of 128 clients and second-tier banks, including Bank RBK, Altyn Bank, Home Credit Bank, Bank CenterCredit, and Otbasy Bank.

The country now follows the concept of development of Open API and Open Banking for 2023-2025, which was approved by the National Bank of Kazakhstan, the Agency for Regulation and Development of Financial Market, and the Agency for Protection and Development of Competition in December 2022.

Yup, Halyk Bank isn’t mentioned, so it’s just a really early pilot. Even more, no Kaspi Bank. It’s like doing something in Canada without involving Big Five. Well, they have 2 more years, so, good luck.

Hmm. Speaking of. What about Canada?

Despite Canada’s reputation for bad information disclosure approaches, I do enjoy the content available on Including what’s up with open banking. It’s a long page, but all you need is the first sentence:

Open banking, also called consumer-driven banking, is not yet available in Canada.

Ouch. Is there any progress, though? According to 2023 Fall Economic Statement: Policy Statement on Consumer-Driven Banking:

The Department of Finance will advance the work required to stand up a Canadian framework governing consumer-driven banking, with the goal of adopting legislation and fully implementing the necessary governance framework by 2025.

Same year, different goals. Kazakhstan is planning to finish implementing (doubt it), whereas Canada is planning to finish with laws and paperwork (doubt it too). Let’s put a reminder and check on them both in 2025?

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