Impact of COVID-19 on Fintech Industry of Kazakhstan: New Challenges

Abstract

The aim of the research is to assess the spread of a new type of finance –Fintech in our country in the financial services sector, the potential impact of Fintech on market players and identify its challenges. Issues related to the impact of the pandemic and Fintech development are widespread worldwide and have significant global significance. Fintech is a potential solution to social, environmental and economic problems in general by transforming financial markets in such a way that they are more efficient, and their impact has increased many times with the onset of the pandemic. The problems of developing the concept of Fintech development in Kazakhstan are being discussed in scientific circles, but it is still at the initial stages. This study is part of our research project aimed at getting a brief idea of what changes and how the functioning of the Fintech industry has changed due to the impact of COVID-19 in Kazakhstan. The research paper describes the sectors of the Fintech industry and what reforms have been carried out so that COVID-19 will help the sector flourish after the pandemic in Kazakhstan. The analysis tool is a statistical study of the financial market. The central result is the identification of current global trends in the development of Fintech in the country during the pandemic. It is based on the general scientific method of systematization of theoretical data, as well as on the method of comparative and statistical analysis.