“Digitalization is the main trend of the 21st century in all industries.” With these words, the presentation of the digital mortgage by Freedom Finance Bank, being a unique project on the real estate market of Kazakhstan, has started.
A meeting with the participation of the Minister of Digital Development, Innovation and Aerospace Industry (MDDIAI) of Kazakhstan Bagdat Musin, the bank’s management, as well as “State Corporation “Government for Citizens” NJSC was held at the Astana Hub site.
As noted by the chairman of the board of directors of Freedom Holding Corp. Timur Turlov, the issue of improving housing conditions in Kazakhstan is especially acute today. Anyone who has ever thought about buying an accommodation on a mortgage has faced the lengthy process of concluding a deal due to unnecessary processes. The openness of the state apparatus, namely, MDDIAI and the Ministry of Justice, made it possible to automate those very processes and reduce the time for concluding a deal from two weeks or more down to 24 hours.
- We set ourselves the task of digitizing the entire process: starting from the moment of opening an account using biometrics, assessing the borrower’s creditworthiness and assessing the cost of housing, to uploading documents and entering the transaction into the register of collateral.
According to representatives of Freedom Finance Bank, today not a single actual employee is involved in this scheme, which minimizes the risk of errors due to the human factor by 100%.
- It is important for us to develop in a cross-platform way, where we provide access to various organizations such as banks and technology platforms for government services. Back then, we aimed to provide services on the principle of “One Window”. Today, on the contrary, we are focused on expanding the ecosystem, – highlighted Bagdat Musin.