Bank Freedom Finance Kazakhstan JSC launches digital platform

ALMATY, Kazakhstan, March 10, 2022 (GLOBE NEWSWIRE) — Bank Freedom Finance Kazakhstan JSC announces that it has digitized mortgage loans by 90%. At the same time, in leading countries such as Finland, South Korea, Sweden and the United States, the level of digitization of mortgage products reaches just over 30%. In the UK it is 55%.

The 2020 UN study examined 193 countries according to their level of e-government development (E-Government Development Index). This index is made up of the arithmetic mean of three indicators: the extent and quality of online services, the level of development of telecommunications infrastructure and the quantity of human capital.

Denmark, South Korea, Estonia, Finland, Australia, Sweden, Great Britain, New Zealand, the United States and the Netherlands topped the list of the most digitized. Kazakhstan was ranked 29th, with first place among CIS countries.

To understand the level of digitization of the mortgage process, the major banks in the above countries were studied in terms of digitization. The following mortgage origination steps have been reviewed and tested: application – pre-approval – real estate appraisal – decision – execution of the transaction – signing of documents – registration of pledge – immediate disbursement – post-service. The analysis showed that the international examples used a hybrid scheme – where online processes are combined with offline ones.

In the digital mortgage of Kazakhstan, all stages are digitized except for the last one, when a meeting with a notary is required to sign the purchase and sale contract. This cannot be done remotely under the law of the Republic of Kazakhstan. But even with the last step, mortgage processing takes a day. No paper documents are required – the system itself collects them from state databases, the real estate valuation is carried out online, the pledge is registered remotely, and an electronic digital signature can be issued at the course of the process.

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