Kazakhstan plans to launch a new digital platform for borrowers with overdue debts. The draft resolution has already been prepared by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
According to the draft, banks, microfinance organizations, collection agencies and financial ombudsmen will be able to work with borrowers’ debts through a single digital platform.
Through the platform, a borrower will be able to submit one application online to all creditors at once. The platform will automatically receive information about all loans and microloans from credit bureaus. If a borrower has several loans or microloans, the system will help coordinate a common repayment schedule.
Documents will be signed online using an electronic digital signature, SMS codes or biometrics. If creditors refuse to restructure the debt, the borrower will be able to see the reasons for refusal and apply to the banking or microfinance ombudsman.
It is important to understand that the launch of the platform does not mean automatic debt cancellation. Loans and microloans will not be annulled on their own. The platform will serve as a unified digital tool for debt settlement between borrowers and creditors.
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