Structural assessment of Kazakhstan's financial system using taxonomic and grey system methods
Vol. 19, No 2, 2026
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László Vasa
Vytautas Magnus University, Kaunas, Lithuania Email: vasalaszlo@gmail.com ORCID 0000-0002-3805-0244
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Structural assessment of Kazakhstan's financial system using taxonomic and grey system methods |
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Gaukhar Kenzhegulova
Széchenyi István University, Győr, Hungary Email: gaukhar.kenzhegulova@gmail.com ORCID 0000-0002-1232-4788 |
Abstract. The expansion of digital payments, online banking, and cashless transactions has transformed the structure of financial systems and the circulation of money. This study analysed the impact of digital financial activity on the structural relationships between banking infrastructure and monetary indicators in Kazakhstan. Annual data for 2016–2025 were grouped into four analytical blocks: Digital Transaction Activity; Banking Infrastructure and Online Access; Monetary and Banking Structure; and Financial Sector and Monetary Circulation. The methodology included Z-score standardisation, Hellwig taxonomic analysis, Grey Relational Analysis, and PCA biplot analysis. Digital financial indicators changed unevenly and did not form a unified trend at the beginning of the period. After 2020, the use of online banking, internet transactions, payment cards, and cashless payments increased. Digital financial activity demonstrated a nearly equal degree of structural interconnection with all three blocks of the financial system. Digital, banking, and monetary indicators formed interrelated groups. Overall, the results showed that digital financial activity ceased to be an independent element characterising only payment transactions. By the end of the study period, it had become a structural component of the financial system, closely linked to banking infrastructure and monetary circulation. |
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Received: June, 2025 1st Revision: April, 2026 Accepted: May, 2026 |
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DOI: 10.14254/2071-789X.2026/19-2/7 |
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JEL Classification: C38, E42, G21, G23, O33 |
Keywords: digital finance, fintech, digital payments; banking infrastructure; online banking; financial circulation; cashless transactions; digital financial activity |
