Eurasian Bank, together with the Kazakhstan Housing Company, presented a new project at the Digital Bridge 2023 international forum.
The bank proposes the opening of specialized online accounts for developers to ensure the protection of equity holders’ funds from misuse.
As part of the project, functionality has been developed to allow regulatory authorities to verify and sign documents confirming the completion of construction works.
This solution also enables real-time monitoring of housing construction progress, identifying any deviations from the construction plan through predictive analytics.
“The joint project of Eurasian Bank and Kazakhstan Housing Company provides a tool that allows our citizens to be more confident in the completion of construction, while giving the government a tool for monitoring,” said Lyazzat Satieva, Chairperson of the Board of Eurasian Bank.
“Our citizens face certain risks when investing their funds in equity housing. One of the main risks is the misuse of funds accumulated by the developer. Therefore, this solution primarily ensures the safety and targeted use of equity holders’ funds,” summarized Altay Kuzdibayev, Acting Chairperson of the Management Board of Kazakhstan Housing Company.
Additionally, the digital product can generate predictive analytics regarding changes in the timeline of construction and installation works, the commissioning of the facility, and provide access to necessary documents.
Thus, the digital solution developed by Eurasian Bank and Kazakhstan Housing Company ensures transparency in equity housing construction in Kazakhstan, mitigating potential risks for equity participants.