Electronic platform for sale of distressed assets launched in Kazakhstan
As part of the Central Asia Fintech Summit 2024, Madina Abylkassymova, the Chair of the Agency for Regulation and Development of Financial Market, announced the launch of the first electronic platform for the sale of distressed assets of banks and microfinance organizations - DMAS, El.kz reports.
The platform developed by the First Credit Bureau received permission to operate as a trading platform for banking and microfinance assets, which was a significant step in the implementation of the instructions of President Kassym-Jomart Tokayev to return distressed assets to economic circulation.
Madina Abylkassymova stressed the importance of this step for the country's financial sector, noting that the DMAS platform supports market mechanisms, ensuring transparency and attracting investors. The regulator has also done a significant job in encouraging banks to get rid of problem loans, which since 2017 has reduced the volume of distressed assets from 7.7 trillion tenge to 3.2 trillion tenge.
The law, adopted in June 2024, determines that the sale of distressed assets will now be possible only through accredited digital platforms, which will ensure equal conditions for all market participants and strengthen the protection of investors' interests. The DMAS platform is a convenient digital tool for transparent trading, where transactions are made online, which greatly simplifies and speeds up the process.
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