Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) proposed six draft resolutions this week and launched the FinOtinish consumer complaint platform in pilot mode. Kaspi.kz registered Kaspi Broker Ltd at the AIFC, and its AI assistant Kasper reached one million users. Inflation expectations in Uzbekistan dropped to a record 9.8%.
The Main Stories
Kazakhstan’s ARDFM presents six draft resolutions The most substantial draft from the ARDFM, Kazakhstan’s financial mega-regulator, targets professional securities market participants. Brokers will be required to follow a “best execution” rule—executing client orders under the best conditions regarding price, costs, and speed, similar to Europe’s MiFID II directive. The organized market will also admit instruments based on unsecured digital assets.
The other drafts are largely technical. Amendments on microfinance and collection activities address public service timelines and self-regulatory organization terminology. The effective rate calculation rules for loans and deposits streamline previous requirements. The borrower appeal review rules expand the list of loans eligible for settlement through the Finkelisim.kz platform, which has been operating under the banking and microfinance ombudsmen since July 1, 2026. Another draft introduces narrow amendments to the bank liquidation rules.
Simultaneously, the agency launched the FinOtinish consumer complaint platform in pilot mode. Appeals go to the financial organization, and unresolved disputes escalate to the banking ombudsman. According to the agency, the pilot includes Freedom Bank, Bank CenterCredit, Otbasy Bank, and Alatau City Bank. The remaining banks will join in 2027.
Kaspi’s Kasper hits one million users Kaspi.kz’s personal AI assistant Kasper has served one million clients since its July launch, company head and co-founder Mikheil Lomtadze announced at the Kazakhstan Growth Forum. Kasper assists with purchases in the Kaspi Shop by clarifying client needs and comparing products. Lomtadze highlighted repeat usage as the main metric, noting many clients return daily.
On September 25, Kaspi.kz also registered Kaspi Broker Ltd at the Astana International Financial Centre (AIFC). The company plans to handle brokerage deals and investment consulting.
Kazakh banks’ profit drops by 254 billion tenge Net profit for second-tier banks in January–August 2026 totaled 1.61 trillion tenge—down 13.6%, or 254 billion tenge, year-on-year, according to Kursiv. Interest income grew by 16.1%, but interest expenses rose almost twice as fast, at 30.7%. Commission income fell by 13.2%, and provisioning expenses increased from 1.62 to 1.73 trillion tenge.
Meanwhile, loans to small and medium-sized businesses grew to 12.4 trillion tenge by August 1. This 12% year-to-date growth outpaced overall economic lending (+5.2%).
Inflation expectations in Uzbekistan hit record low According to the Central Bank’s August survey, public expectations dropped to 9.8%, and business expectations fell to 9.6%. Both figures are all-time lows for the survey. Perceived inflation—how residents gauge price increases—declined to a record 10.1%. Annual inflation slowed to 6.2% in August, but the Central Bank held its rate at 14% on September 16, citing high demand and global raw material and energy prices. The average rate on soum deposits fell to 17.2% in August, while the loan rate rose to 20.1%.
Kyrgyzstan’s National Bank fines exchange bureaus The regulator fined three citizens 17,500 soms each for unlicensed currency exchange and four Bishkek exchange bureaus 55,000 soms each. It also revoked the license of the Bashat KG bureau and fined a company 13,000 soms for refusing to accept soms for payment.
By Country
🇰🇿 Kazakhstan
- Licenses and deals. Industrial and Commercial Bank of China in Almaty JSC received a universal banking license including interbank operations. Under the new banking law, all active banks are transitioning to these licenses. Crypto custodian CustodianOne and licensed platform AUSU.KZ announced a partnership for digital asset storage.
- Capital. Fintech platform Solva raised 1.18 billion tenge ($2.5 million) from its controlling shareholder AG Holding to develop new products for entrepreneurs and individuals.
- AI. According to the "Fintech in Kazakhstan 2026" study by RISE Research, 75% of banks use artificial intelligence in credit scoring, fraud prevention, and marketing. However, only two organizations have fully implemented AI, while the number of pilot projects grew from 4 to 13 over the year.
- Insurance. An "Islamic windows" mechanism will allow existing insurers to sell takaful—Islamic insurance—without creating a separate company. The country currently has no Islamic insurers due to the requirement for a separate legal entity and license. An Insurance Competence Development Center is also planned under the Insurance Payment Guarantee Fund.
- Fraudsters. The ARDFM warned about fake investment platforms copying bank and investment company websites.
🇺🇿 Uzbekistan
- Loans. Banks issued 18.3 trillion soums in mortgage loans in January–August, up 4.9 trillion year-on-year. Businesses in Karakalpakstan will receive 300 billion soums in loans at 16% annually; with interest compensation, the effective rate will be 12%.
- Cards and products. Ipak Yuli Bank launched the Visa Kids card for children aged 7 to 16 and a separate cash settlement tariff for IT Park residents. TBC Bank and UZCARD issued the TBC Salom UZCARD featuring the ATTO transit payment tariff. InfinBANK, together with developer NRG-BI, launched the Fayzli Ipoteka mortgage product.
- Licenses. The National Agency for Perspective Projects confirmed GLOBEMARKETS' right to operate as an investment consultant (via notification, without a license). Bluestone Financial Group voluntarily surrendered its trust manager license.
- Infrastructure. Kapitalbank opened a dollar correspondent account at BNY. The Central Bank is studying a wholesale digital currency (wCBDC) for interbank settlements.
🇰🇬 Kyrgyzstan
- Payments. The country received $279.5 million in remittances in July, with $262.1 million coming from CIS countries. MBank offered M-Installment, allowing purchases up to 200,000 soms with payment terms up to 24 months.
- Capital market. The Kyrgyz Stock Exchange and the Association of Islamic Finance agreed to cooperate. A platform for Islamic securities (sukuk) will eventually appear on the exchange, though no timeline was provided.
🇦🇿 Azerbaijan
- Rate. The Central Bank kept the refinancing rate (analogous to Kazakhstan’s base rate) at 6.5%. The upper limit of the interest rate corridor remained at 7.5%, while the lower limit was cut from 5.5% to 5.0%. The corridor widened because banks have excess liquidity, and the regulator wants them to lend to each other more actively.
Regulators of the Week
Beyond the ARDFM drafts: Azerbaijan’s Central Bank widened its interest rate corridor, Kyrgyzstan’s National Bank fined exchange bureaus, GLOBEMARKETS gained the right to advise investors in Uzbekistan, and Bluestone Financial Group voluntarily surrendered its license.
On the Radar
- September 30: Gazprom Kyrgyzstan will cut off gas to debtors if they fail to clear their arrears.
- Upcoming rate decisions: October 26 — National Bank of Kyrgyzstan, October 28 — Central Bank of Uzbekistan, October 29 — Central Bank of Azerbaijan.
