The new service was discussed at a special briefing by the Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan Bagdat Musin, Chairman of the Board of Directors of BI Group Aidyn Rakhimbaev and Deputy Chairman of the Board of HalykBank Zhumabek Mamutov.

The technology was proposed and implemented within the framework of the national project “Technological breakthrough through digitalization, innovation and science”, through the integration of information systems of the Ministry of Justice of the Republic of Kazakhstan, banks and developers. Blockchain technology is the most secure system for data integration and storage. In Kazakhstan, it is being used for the second time; previously it was introduced in the agricultural sector.

“Purchasing real estate is one of the significant events of Kazakhstanis. Transferring the purchase and sale procedure from the developer online will allow you to register housing in accessible ways without going back and forth between the developer, bank, notary and public service centers. Despite the pandemic, real estate sales are growing steadily. Since the beginning of the year, Kazakhstanis have registered housing more than 900 thousand times through public service centers and more than 700 thousand times through notaries - this means the client has applied more than 3 million times to issue housing documents. Thanks to the introduction of blockchain technology, we were able to speed up the process of registering real estate and collateral. As you know, housing can be donated, inherited, or transferred from one person to another. We chose the case of purchase and sale of primary housing from a developer, because in this case the risks of influencing a person’s decision are eliminated,” said the Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan Bagdat Musin.

The process of buying an apartment online allows you to conduct transactions remotely. As representatives of BIGroup said, such a service has never existed on the real estate market.

“The main value of our Holding is customer obsession. We want to transform the consciousness of Kazakhstanis, who spent up to 10 days buying an apartment, and introduce a fundamentally new approach to purchasing real estate at the state level. Now clients can complete a transaction and sign a purchase and sale agreement via the blockchain system in just 15 minutes! This is a breakthrough in the Kazakh housing market. We have carefully approached the digitization of the process so that the registration procedure can be carried out online from anywhere in the world and completely safely. The client saves up to 49 thousand tenge for notary services, paying only a state fee of 4800 tenge. Most importantly, BI Group will not retain exclusive ownership of this product; we developed it for the benefit of the entire industry. Our colleagues in the workshop - developers and their clients can also take advantage of this development,” Aidyn Rakhimbaev also noted that the company is conducting many similar projects, this will be BI Group’s contribution to the development of digitalization of the country for the benefit of all citizens.

Today, you can apply for a full cycle of online mortgages on the BI Group and AltynBank platforms. The client can choose an apartment on the developer’s website in one of the complexes under construction. Then submit an application for a mortgage, which will be automatically forwarded to the bank. Review and approval based on the borrower’s profile is carried out instantly. Upon receipt of approval, the client goes to the Altyn Bank mobile application - Altyn-i, where a banking agreement is signed online. Next, the bank itself will transfer the money to the developer and notify the client about it. Upon commissioning of the property, the client can use the service for online registration of collateral using a mobile application.

Based on the Altyn-i Digital Bank, clients can also apply for a mortgage on the secondary real estate market online.

According to Deputy Chairman of the Board of HalykBank Zhumabek Mamutov, mortgage lending is one of the most popular products today. The transition to a digital format allows bank clients to significantly reduce the time they spend making a long-awaited purchase. In particular, the processes of registering a pledge agreement and an equity participation agreement have been simplified and accelerated.

“Thanks to the collaboration between the state and business, traditional services are moving online and becoming more convenient and accessible for Kazakhstanis. It is important that this is not only a convenient service, but also an absolutely transparent way of concluding a transaction, guaranteeing complete safety and reliability at every stage. We are confident that this is a huge breakthrough in the provision of services to our clients and, undoubtedly, we will continue to further digitize our processes, launching simple, understandable and convenient services for our clients,” said Zhumabek Mamutov, Deputy Chairman of the Board of HalykBank.

The main advantages of buying real estate online are that now clients will be able to register housing using the “one window” principle and save time and money. Notary services are excluded from the process, and the transaction will be certified at the Public Service Center. It is planned that any developer in Kazakhstan will be able to use this technology.