Successful completion of pilot project on digital tenge usage in agro-industrial complex announced

JSC “Baiterek” National Management Holding has announced the culmination of the subsequent phase in the pilot project on the implementation of digital tenge in the agro-industrial complex. As a component of this initiative, the digital tenge was successfully converted and deposited into an allocated account in a second-tier bank, Kazinform News Agency reports.

The pilot project was implemented by KazAgroFinance JSC, a member of the Baiterek Holding group of companies. The primary objective of the initiative is to ensure transparency and to establish control over the distribution and utilization of subsidies for investments in the agricultural sector.

“For the first time, we observe how digital tenge is changing the approach to financing and control over the utilization of public funds. This development signifies a pivotal step towards enhancing the transparency of financial transactions and the efficacy of government support for the agricultural sector," Niyaz Koshkimbayev, Managing Director of Baiterek Holding, emphasized.

He also noted that KazAgroFinance JSC holds a license to engage in banking operations, a factor that facilitated the effective execution of the conversion process for digital currency and the subsequent crediting of funds to the financial institution's account.

As reported earlier the Ulytau region has attracted KZT 158 billion in investments.