Chairman & President-designate Wi Sung-baek of the Korea Deposit Insurance Corp.

Korea Deposit Insurance Corp. (KDIC) has been steadily maintaining its unclaimed deposits service to help customers claim their unclaimed money when their financial companies went bankrupt. The state-owned deposit insurance company will use a code similar to the “Gov’t 24” code being used by the Ministry of Interior and Safety, which is well-known among the people to help depositors claim their unclaimed deposit money at any time.

Those who find unclaimed deposit money can get it at the KDIC home page or by visiting the agencies of KDIC around the country. They are advised either to call 1588-0037 or visit the homepage of KDIC at www.kdic.or.kr. to find out if they still have unclaimed deposit money left. On July 16 to 20, the representatives of Korea Deposit Insurance Corporation, KDIC, and the IT advisory service provider visited Almaty.

KDIC Vice President and Chief Project Officer representing the KDIC IT advisory service provider also participated in the high level delegation.

This visit established the grounds for realization for “Digital KDIF” Program, which is a large-scale initiative of Kazakhstan Deposit Insurance Fund including the KDIC - KDIF Project, which is aimed at enhancing the information systems of Kazakhstan Deposit Insurance Fund in the dimension of payouts, and which is being fulfilled under advisory assistance of KDIC. Total duration of project is 5 month, from July to November, 2018. Under the scope of the Project, a total of three visits of the KDIC representatives are expected.

During the visit, the KDIC advisory team investigated the business processes of Kazakhstan Deposit Insurance Fund associated with depositor reimbursement, assessed the IT infrastructure of KDIF and made a conclusion concerning the hardware and software platform to ensure efficient fulfillment of these business processes.

On July 19, the high-level negotiations bringing together the representatives of KDIC and the National Bank of the Republic of Kazakhstan were held.

The NBK was represented by Mr. Vitaliy Tutushkin, Research and Statistics Department Director, Mr. Sabit Khakimzhanov, Financial Stability Department Director, and Mr. Bakhytbek Rysymbetov, Bank Supervision Department Deputy Director. KDIF was represented by Deputy Chairman Mr. Kuanyshbek Abzhanov, Mr. Madiyar Sattybayev, Acting Director of Payout Administration Department, and Mr. Yerlan Sarsenbekuly, “Delta Bank” JSC Liquidation Commission Chairman.

Digital KDIF is a full-scale program of KDIF in the dimension of digitalization of services and business processes for the period of 2017 to 2019. The Program is aimed at enhancing the capacity of services and businesses of Kazakhstan Deposit Insurance Fund in the current technological realities.

Earlier this year, within the course of fulfillment of the Program, KDIF submitted the application to participate in the technical assistance program under governance of the Republic of Korea, Korea Deposit Insurance Corporation being a program operator. Based on its IT infrastructure, KDIC is expected to provide KDIF with advisory assistance to develop the KDIF Information Technology Master Plan.

The project assumes implementation of the KDIC best practice and launch of an array of innovation projects using brand-new technologies to enhance the payout processes, digitization of services, automation of business processes, and raise of financial literacy of people.

Vice President Kim Joon-ki of Korea Deposit Insurance Corp., 4th L, and Deputy Chairman Kuanyshebek Albzhanov of the National Bank of Kazakhstan, 7th R, shake hands together at a session of the KDIF Master Plan for Deposit Insurance Payout System held on July 16-20 at Almaty, Kazakhstan. (Photos: KDIC)