Fintech and COVID-19: reflections and considerations for a financial market

Abstract

The rapid emergence and growth of the financial technology industry (Fintech) in Kazakhstan has made it one of the fastest growing areas in all financial sectors of the country. It occupies a leading position in various indicators, such as the volume of financial transactions and the coverage of end users of its services. The country's digital development and Internet technologies are contributing to the growth of the industry, where the impact of the pandemic has also contributed. Despite all the difficulties caused by COVID-19, the Kazakh economy has undergone significant changes, especially with the accelerated development of Fintech in the banking environment, where there are enormous growth rates due to digitalization. The article shows the metrics of Kaspi, one of the digitalization-leading and fastest-growing banks. The article's goal is to examine the current situation of Kazakhstan's financial technology market using Kaspi Bank as an example, which involves finding new, contemporary directions for Fintech development in banks and taking Kazakhstan's development experience into account. The work also reflects the concept of Fintech and its main directions of development in the modern world. The research was carried out using various methods, such as statistical analysis, system analysis, systematization of theoretical data and observation of economic processes.