credit-reporting-made-in-kazakhstanThe First Credit Bureau’s experts and the partner companies have presented the main trends of the lending market and innovations in the banking sector during the Risk Challenge 2016:  Big Data Big Money – the largest banking conference in Kazakhstan. The annual event Risk Challenge brings together all participants of the financial market to discuss and exchange views on major issues of the financial sector.

According to the FCB analytical centre #1CB Analytics, Credit Activity Index has been increased for last 4 months and has reached 26 points in August against to 25 points in July and 19 points in May. The Retail Loan portfolio amounted to 4.6 trillion tenge increasing by 1.8% since the previous month, and now approaching the level of Y2015 indicators. NPL share is 18.6 % in retail lending and is 15.9 % in corporate one. Along with the lending market recovery, we expect some changes in the regulatory environment. So, since 2017 the regulator imposes additional requirements on monitoring of unsecured loans portfolio. Additionally since the next year the banking market will start the test environment for IFRS 9 transition.

Ruslan Omarov, the CEO, First Credit Bureau: “Our financial market has been waiting for a transition to IFRS 9 for a long time. This issue contains a lot of aspects from a methodology and analysis to the required statistical data. Given the importance of this issue, we offer the market to set up the first Banking Consortium for IFRS9 that will give the opportunity to have more statistical data for effective modelling, to exchange experience and to share costs”. Responsible lending, transparency of the credit bureau are the basis of the First Credit Bureau‘s social responsibility policy. Since October 10, 2016 all consumers can get Creditinfo 150 Logotheir Personal Credit Reports (PCR) in the branches of “Kazpost” JSC – the largest national financial transfer agent.

Source: Creditinfo Chronicle