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Tengrinews.kz - Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market, promised to create a Kazakh rating agency.
During the XII Congress of Financiers of Kazakhstan, Abylkassymova spoke about the development of a new law on banks and its norms. According to the head of the Financial Market Regulatory Agency, in order to increase the stability of the banking sector, it is envisaged to reform the system for resolving insolvent banks.
In order to strengthen the protection of consumer interests, it is planned to introduce a system of behavioral supervision.
"A draft law on credit rating agencies is also being developed. We want to create and have a firm intention to create a national rating agency that will comply with all the best international practices. This will increase the availability of rating assessment for domestic businesses, small and medium-sized businesses and stimulate their entry into the stock market," Abylkassymova said.
The Head of the Financial Market Regulatory Agency also noted that major changes are expected in the area of insuring individuals and their property.
"An important initiative that is currently being discussed in the insurance market is the creation of a catastrophic risk fund and the development of a model for catastrophic home insurance for individuals against the risks of earthquakes, floods, floods, and fires," she added.
What is a rating agency and why does Kazakhstan need it
A rating agency is an organization that assigns a reliability rating to companies, government agencies, and their financial instruments, assessing the level of creditworthiness and risk. Such ratings help investors and creditors navigate the reliability of borrowers and potential investments.
The creation of a national rating agency in Kazakhstan will provide local businesses with access to independent assessment, support small and medium businesses, simplify the attraction of investment, and increase confidence in the national financial sector, promoting its development.
Earlier, Madina Abylkassymova presented a series of proposals regarding the liberalization of requirements for foreign investors during the Mazhilis meeting.
