New digital bank – Altyn-i – launched in Kazakhstan

New digital bank – Altyn-i – launched in Kazakhstan

Kazakhstan’s Halyk Bank has launched a new digital banking subsidiary, Altyn-i, underpinned by the Backbase omnichannel solution.

Backbase interfaces to Altyn-i’s core banking system, CBS, from Colvir Software Solutions.

The new bank aims to offer a full range of financial services. At present, it offers account opening, debit cards and payment services. Consumer loans, mortgages and credit cards will be added at a later stage.

According to Backbase, “the digital-only model sits on top of new, customer-centric business processes”. The bank’s differentiators in the market, says the vendor, are “the 24×7 availability, the flexible management of finds and the innovative digital features”. The bank hopes to attract “younger audiences”.

Altyn-i: the story

Altyn-i is a reincarnation of HSBC Kazakhstan. The multinational sold its local subsidiary to Halyk Bank in 2014.

Halyk Bank, one of Kazakhstan’s largest financial institutions, paid $176 million for HSBC Kazakhstan. It then promptly rebranded it as Altyn Bank.

Its operations were moved onto Colvir’s CBS core banking system. Halyk Bank is itself a long-standing user of CBS.