Eurasian Bank, a prominent financial institution in Kazakhstan, has joined forces with Mastercard, a global leader in payment technology, to launch the innovative Digital Tenge Card.
The partnership aims to introduce the first Central Bank Digital Currency (CBDC) card in the Eurasian region. The Digital Tenge Card represents a pioneering step in digital currency, offering a seamless blend of traditional and digital financial services. This initiative is part of Kazakhstan’s broader strategy to digitize its economy and financial services.
Eurasian Bank has been a key player in Kazakhstan’s financial sector, known for its traditional banking services and its openness to technological innovations. Mastercard, globally recognized for its secure and efficient payment network, brings to this partnership its extensive expertise in digital transactions and blockchain technology. Together, they are setting a new standard for digital financial services in the region.
The Digital Tenge Card, commemorating the 30th anniversary of Kazakhstan’s national currency, enables instant conversions from digital to traditional Tenge currency. This card is accepted worldwide wherever Mastercard is available, offering unprecedented flexibility and convenience to its users. It is a testament to the collaborative efforts of Eurasian Bank and Mastercard in fostering a more inclusive and advanced financial ecosystem.
JSC National Payments Corporation of Kazakhstan has played a vital role in this development, ensuring the smooth functioning of the national payment system and leading the charge in financial and payment technologies research. The Digital Tenge combines the advantages of cash and electronic money, aiming to bridge the gap for unbanked and underbanked populations in Kazakhstan.
Eurasian Bank CEO Lyazzat Satiyeva said, “Participation in the ‘Digital Tenge’ project opens up opportunities for launching innovative products for consumers and businesses using blockchain and cryptocurrency technology, developing a regulatory framework for digital assets and, in general, this is a big step in the development of a new digital economy in the country.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
