FINANCIAL SECURITY AND SUSTAINABLE DEVELOPMENT IN THE CONTEXT OF DIGITALISATION: THE ROLE OF ARTIFICIAL INTELLIGENCE AND EXTERNAL ECONOMIC TURBULENCE

Abstract

Purpose. To identify the relationship between the digitalisation of the financial sector, the application of artificial intelligence (AI) technologies, the impact of external economic factors, and the level of financial security of Kazakhstan in the context of the 2022 institutional reforms. Design/Methodology/Approach. A systemic-institutional approach is applied using comparative and statistical analysis methods. The empirical base includes data from the Agency for Regulation and Development of the Financial Market (ARDFM), the National Bank of Kazakhstan, the IMF, the Basel Committee, and second-tier bank reports for 2020–2024. Findings. Digitalisation has a dual impact on financial security: it enhances operational efficiency but simultaneously increases cyber risks and operational threats. AI tools for credit scoring and AML compliance form a new risk management profile. The 2022 constitutional reforms strengthened the institutional environment and reduced investment risk, creating favourable conditions for fintech development. Originality. For the first time in the Kazakhstani context, a comprehensive analysis of three interrelated factors — digitalisation, AI, and external economic turbulence — is conducted within the framework of the 2022 constitutional reforms as an institutional determinant of financial security. Keywords: financial security; digitalisation; artificial intelligence; financial risks; Kazakhstan