Market profile · Updated May 28, 2026
The region’s most mature fintech market: banking ecosystems, 98%+ cashless card transactions, the digital tenge, and a separate AIFC/AFSA framework.
Context
Kazakhstan sets the pace for the region: major banks are building ecosystems around payments, marketplaces, and investments, while AIFC/AFSA remains a separate regulatory perimeter for international fintech companies.
Over the past few years, fintech in Kazakhstan has evolved from a disconnected set of apps into everyday infrastructure. Payments, installments, delivery, brokerage accounts, and credit scoring increasingly live within a single customer journey.
Bank ecosystems are the market's main engine. They retain access to mass users through payroll projects, QR payments, marketplaces, BNPL, and investment products. Competition is no longer just about rates or fees, but about the app's place in the customer's daily routine.
The second line of development is infrastructure. The Digital Tenge has gone through pilot and limited production scenarios since 2023; by 2026, it is important not to confuse the project's total issuance with the constant balance in circulation.
AIFC and AFSA give Kazakhstan the role of a regional gateway. Through this perimeter, companies gain access to the FinTech Lab, DASP licenses, stablecoin rules, and investment products, without mixing the AIFC regime with overall national regulation.
The main risk is concentration. Strong ecosystems accelerate the market but simultaneously make it dependent on a few major players. The next stage will be determined by whether a more open layer emerges around them: APIs, independent processing, RegTech, SME-SaaS, and specialized B2B fintechs.
The region's leading market for fintech infrastructure maturity.
CBDC, AIFC/AFSA, banking ecosystems, BNPL, open banking.
Index growth depends on the commercial launch of the digital tenge and the openness of the infrastructure layer.
Macro & regulator
Market and scale
Digital infrastructure
Fintech specifics
Regulatory environment
Venture landscape
Bank / superapp
Kaspi.kz
Anchor ecosystem for payments, e-commerce, lending, and merchant services.
Bank / ecosystem
Halyk Bank
The country's largest bank; digital ecosystem around Homebank, business, and investments.
Digital/app-first bank
Freedom Bank
About 2.6 trillion ₸ in assets; meets 3 of 4 SuperApp criteria: BNPL, third-party services, and payment infrastructure.
Bank / BNPL
Bank CenterCredit
About 8.4 trillion ₸ in assets; develops BNPL through bnpl.kz and a strong SME ecosystem.
Banking group
Forte / Home Credit
Home Credit has been a subsidiary bank of ForteBank since 30.12.2025; legal merger in progress.
New STB
BNK Commercial Bank
22nd second-tier bank; Korean BNK Capital, license 25.06.2025.
Islamic banking
ADCB Islamic Bank / Zaman Bank
Separate layer of Islamic banks; Al Hilal renamed to ADCB Islamic Bank.
Международное рейтинговое агентство S&P Global Ratings повысило суверенный кредитный рейтинг Казахстана с «BBB-» до «BBB» с прогнозом «стабильный». Это первый раз, когда страна достигает этого уровня с 2016 года.
АО «Банк Развития Казахстана» разместил облигации на Казахстанской фондовой бирже 21 августа, привлекая 600 млн тенге под 15% годовых.
Казахстанская фондовая биржа с 24 августа переводит облигации KZ2P00018906 МФО «Смартолёт Финанс» в режим торговли чистыми ценами с точностью котирования до четвёртого десятичного знака.
Бумаги казахстанской золотодобывающей компании Solidcore восстановились после падения и демонстрируют рост на фоне роста цен на золото и ослабления доллара.
По состоянию на 1 августа 2026 года доходность пенсионных активов Единого накопительного пенсионного фонда Казахстана в управлении Сентрас Секьюритиз составила 9,72% с начала года — самый высокий показатель среди управляющих компаний.
По данным исследования Mastercard SME Confidence Index 2026, малые и средние предприятия Казахстана используют онлайн-платежи на уровне 85%, при этом 47% компаний принимают в основном безналичные платежи.