Power Plant Advancements, Startup Spotlight, Cashless Triumph

19.02.2024

@kazeconomy has come up with the most significant challenges that our country has faced shaping the way we live and thrive.

Power Plant Advancements: 
Samruk-Energo is set to construct a Thermal Power Plant (TPP) in Kokshetau, a project crucial for the comfort of residents and the region's ecological well-being. The initiative aligns with a Memorandum signed between Kazakhstan and the Russian Federation, with a Cooperation Agreement singed on December 26, 2023, for the construction of three thermal power plants across the country including Kokshetau. The meticulous planning of legal, technical, and financial aspects underlines the significance of modernizing and building new electric-generating capacities. 
Addressing the energy deficit and upgrading aging heat-generating facilities pose significant challenges that this new TPP aims to overcome, providing a developmental boost to the regional hub.

Startup Spotlight: 
The Aurora Tech Award 2024's shortlist for women-founded startups featured three entrepreneurs from Kazakhstan among the 20 finalists. These innovators—Nadezhda Anpilogova of Your Accessible Guide, Aidana Aituarova of Porte Tech, and Assem Tazhiev, the founder of Ozim platform—are making waves globally. The prestigious award founded by inDrive recognizes female tech startup founders who have had a profound impact on global development. Winners will be announced on March 8, 2024, with cash prizes of $30,000, $20,000, and $10,000 for the first, second, and third places respectively. 
Furthering the development of the startup ecosystem and supporting gender entrepreneurship represent a vital challenge for Kazakhstan.

Cashless Triumph: 
Kazakhstan celebrates a cashless milestone as non-cash card transactions exceeded the GDP, reaching 142.6 trillion tenge in 2023, a remarkable 39% increase. The country's non-cash transaction share rose from 82.5% to 86.2% with Almaty, Turkestan, and West Kazakhstan regions leading the growth. Online transactions accounted for 83.0% of all non-cash operations followed by POS terminal payments at 10.9% and QR transactions at 6.0%. To further boost non-cash transactions initiatives to reduce the shadow economy and enhance financial literacy are essential. 
High levels of innovation in the sector coupled with ongoing advancements in national digital financial infrastructure including Open API platforms, Anti-Fraud centers, interbank card payment systems, instant payment systems, and the digital tenge (CBDC) will contribute to overcoming the challenge. 
While it seems Kazakhstan has conquered this challenge the battle against a significant shadow economy remains a pressing concern.


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Saved: 16.04.2024






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