SCIENTIFIC SEMINAR – ROUND TABLE ORGANIZED IN HONOR OF THE 90TH ANNIVERSARY OF AL-FARABI KAZNU AND AS PART OF THE CELEBRATION OF THE NATIONAL CURRENCY DAY – TENGE

As part of the celebration of the 90th anniversary of Al-Farabi Kazakh National University (KazNU), the National Currency Day – Tenge, and the implementation of the UN Sustainable Development Goals (Goal 4: "Quality Education" and Goal 10: "Reduced Inequalities"), the Department of Finance and Accounting of the Higher School of Economics and Business (HSEB) organized and held a scientific seminar in the format of a round table on November 14, 2024. The seminar focused on the topic: "Current Issues in Improving Financial Literacy and Financial Inclusion: Current State, Challenges, and Prospects."

The event was attended by representatives of the Agency for Regulation and Development of the Financial Market (ARDFM) of the Republic of Kazakhstan, the Association of Financiers of Kazakhstan, the Department of Economic Investigations of Almaty, the Kazakhstan Society for the Disabled, financial market entities, experts, and scholars.

The choice of the seminar’s theme was not accidental. This year, the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, in his Address to the Nation, emphasized the importance of further improving financial literacy and issued several significant instructions to the government. Simultaneously, issues related to enhancing financial inclusion in Kazakhstan also demand close attention and prompt solutions.

The Head of the Department of Finance and Accounting at HSEB, Associate Professor, PhD in Economics, Galymzhan Eskarayevich Kerimbek, opened the round table by thanking the speakers and participants, noting the relevance and timeliness of the seminar’s agenda. He invited the Vice Dean for Scientific and Innovative Work at HSEB, Associate Professor, PhD in Economics, Zhanna Zhandarbekovna Ermekova, to deliver the welcoming speech.

In her speech, the faculty representative thanked all participants and guests of the round table, briefly highlighted the activities and achievements of HSEB, and wished everyone productive work.

The seminar’s moderator, Doctor of Economics, Associate Professor Yerbol Abdrakhmanuly Sigaev, continued the session, giving the floor to invited speakers and guests.

Deputy Director of the Department for Consumer Protection of Financial Services at ARDFM, Kairat Kazikhanovich Turymtayev, presented key initiatives by ARDFM in consumer protection, enhancing financial literacy, and developing financial inclusion in Kazakhstan. He highlighted the growing prevalence of financial fraud, evolving deceptive schemes targeting citizens, and the involvement of youth in criminal activities, which necessitates enhanced collaboration and coordination in this area.

Lazzat Ermekbaevna Usenbekova, Director for Consumer Protection at the Association of Financiers of Kazakhstan, shared the Association's proposals and recommendations for addressing pressing issues of financial literacy and inclusion. Seminar participants praised the Association's efforts in tackling challenges within Kazakhstan’s financial system.

Olzhas Sagatovich Ertysbayev, Deputy Head of the Economic Investigations Department for Almaty, reported on efforts to combat and prevent the spread of financial pyramids. Recent operations resulted in the elimination of 48 financial pyramids, the blocking of 7,000 links, and the closure of 79 chats and accounts. Preventive measures are ongoing in universities, colleges, schools, workplaces, medical institutions, and religious organizations to raise financial literacy and deter citizens, especially youth, from fraudulent schemes.

Gulmira Maiorovna Burasheva, Chair of the Public Association "Commission on the Rights of Persons with Disabilities named after Kairat Imanaliyev," underscored the critical importance of financial literacy and inclusion for individuals with disabilities. She emphasized the need for a barrier-free environment across financial, academic, social, and daily spheres for this demographic.

The Head of the Department of Customs, Financial, and Environmental Law at Al-Farabi Kazakh National University, Doctor of Law, Professor Guldana Amangeldievna Kuanaliyeva, highlighted the importance of financial law in the context of financial literacy and inclusion.

Azhunus Brasylova, a business trainer in financial literacy, founder and director of LLP "School of Financial Literacy No. 1," brand ambassador for the fingramota.kz project, and member of the CIS Speakers Association, presented systematic approaches to ensuring comprehensive coverage of financial literacy topics for all segments of the population.

Zaure Maksutovna Samaldykova, Professor at the School of Academic Law at Q University, PhD in Law, and Associate Professor, introduced the seminar participants to common models of financial fraud and financial pyramids. Meanwhile, Elvira Temirkhanovna Tebegenova, Senior Lecturer at the Department of Social and Humanitarian Disciplines of the Kazakh Academy of Sports and Tourism, Master’s degree holder, outlined the basic concepts of financial literacy and its role in human life.

Senior Lecturer of the Department of Finance and Accounting, PhD in Economics, Gulmira Yesenovna Kassenova, presented a case study on integrating the course "Fundamentals of Financial Literacy" into the HSEB educational process. This course, designed for first-year students of all specialties, was developed and successfully implemented this academic year, garnering strong interest and increasing demand from students.

Other speakers emphasized the ongoing efforts to improve financial literacy and inclusion, calling for stronger collaboration among stakeholders to combat financial fraud, prevent youth involvement in criminal activities, and expand public awareness of financial literacy and inclusion.

Overall, the seminar's recommendations and proposals generated widespread interest and discussion in both the financial and academic communities, affirming their significance and relevance for Kazakhstan's society.