Grain processing company receives financing using the digital tenge
JSC Agrarian Credit Corporation, a subsidiary of Baiterek Holding, has provided funding to Bank CenterCredit JSC as part of a project to scale up the use of the digital tenge, for subsequent lending by the Bank to BioOperations LLP, a deep grain processing company.
BioOperations operates in Tayynsha, North Kazakhstan region, and specialises in deep wheat processing. The company produces wheat gluten, starch, bioethanol and feed products. Its products are sold on the domestic market of Kazakhstan and are also supplied to foreign buyers.
The funds are allocated to settlements with the company's suppliers and other counterparties. Thanks to programmable payment technology, each transaction is carried out within predefined conditions, ensuring targeted use of funds and transparent monitoring at every stage of financing.
“It is important for us not only to expand financing for the agro-industrial complex, but also to make it more transparent and efficient. ACC provides funding to financial institutions through which companies gain access to credit resources. What is particularly important in this transaction is that the new instrument has been applied to a company engaged in deep processing of Kazakhstani grain. Such projects make it possible to create products with high added value and to develop processing within the country. We will continue to introduce solutions that make financing for the agro-industrial complex more technologically advanced and efficient,” said Aidyn Doskarayev, Deputy Chairman of the Management Board of JSC Agrarian Credit Corporation.
The use of the digital tenge makes it possible to move control over the targeted use of funds directly into settlements: tagged funds can be used in accordance with predefined conditions, and their movement is tracked along the chain of settlements. This mechanism reduces the risk of misuse of funds and increases the transparency of financing. For Bank CenterCredit, this is a new experience of applying a digital instrument in corporate lending.
“The use of the digital tenge in financing corporate clients opens up new opportunities to increase transparency and control over the use of funds. This is another step in the bank's active participation in the development and introduction of the digital tenge in Kazakhstan. We see it as a promising instrument for further developing financial solutions for business,” said Nurlan Shegebayev, Vice President of Bank CenterCredit.
Bank CenterCredit is consistently expanding its use of the digital tenge and continues to actively develop this instrument as part of its strategy for introducing modern financial technologies in Kazakhstan.
