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You can register a pledge agreement at Otbasy Bank without going to the Public Service Center

The State Corporation "Government for Citizens", with the support of the Ministry of Justice of the Republic of Kazakhstan and the Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan, together with Otbasy Bank (a subsidiary of the Baiterek holding), introduced Blockchain technology into the public service for registering a real estate pledge agreement for individuals.

Now, Kazakhstanis applying for a mortgage can view the collateral agreement in their personal account on the portal baspana.otbasybank.kz and sign it using an electronic digital signature. The finished result in the form of a notice of state registration of encumbrance of rights to real estate will be sent to them there and in their personal account on the eGov portal.

“Previously, when registering a pledge agreement, a person had to take a document from the bank and take it to the Public Service Center. At the Public Service Center, the agreement was registered, after which the client took a certificate of encumbrance and provided it to the bank along with the registered agreement. Now, thanks to Blockchain technology, this process is automated “, a person does not need to go between the bank and the Public Service Center, the bank itself will send the necessary documents to the Public Service Center,” said Adil Kozhikhov, Chairman of the Board of the Government for Citizens State Corporation.

Automation of the service for online registration of a real estate pledge agreement will allow bank clients to reduce this process from 3 days to 1 day. And on the part of Otbasa Bank there will also be a reduction in operating costs for signing and verifying real estate pledge agreements.

“Online registration of collateral using Blockchain at Otbasy Bank started two weeks ago. Our clients were really looking forward to this opportunity. This is confirmed by the borrower’s history. On the very first day of the launch of the online service, the bank was processing a loan under the Shanyrak program from mother of many children. Her daughter, who lives in another city, was a co-borrower. She was unable to come and sign the necessary documents. Therefore, our clients immediately agreed to the offer of the bank employees to test the new service. All that was needed was an electronic digital signature. We have registered about 100 such collateral agreements,” explained Lyazzat Ibragimova, Chairman of the Board of Otbasy Bank.

The Blockchain system is a technically constructed chain of blocks that completely eliminates the possibility of transferring data to third parties. This allows you to ensure complete reliability and security of the transmitted data.

"Government for Citizens" is ready to provide this infrastructure to all banks. Currently, work is underway on the side of several banks to connect to this project.