Kazakhstan builds digital asset infrastructure. Plus 50 stories of the week

KASE, the National Bank, and ARDFM advanced toward digital assets this week: the exchange showcased its Solana-based trading platform architecture, and regulators drafted mutual admission rules for digital financial asset issuance. AIFC announced expanded cooperation with Bybit Kazakhstan and Binance Kazakhstan: since August, digital asset investments through these platforms count toward the tax residency program. Kazakhstan’s banking sector reported a 13.6% profit drop over eight months and experienced two mobile app outages in a week—at Halyk Bank and Otbasy Bank. In Uzbekistan, the Central Bank demanded the removal of deposit contract clauses restricting depositors’ rights to withdraw their money, and in Kyrgyzstan, MBANK demonstrated palm vein payments.

Main

Digital assets in Kazakhstan: KASE platform, AIFC program, and draft issuance rules

Kazakhstan Stock Exchange (KASE) presented the architecture of its Digital Assets Platform (DAP) at the Solana Summit Singapore. The platform facilitates the issuance and trading of digital financial instruments by Kazakh issuers on the Solana network. BitGo, an international custodian providing institutional digital asset storage infrastructure, handles asset custody on the platform. Crystal Intelligence manages blockchain analytics, AML screening, and transaction monitoring, tracking token movements and flagging suspicious transfers.

Meanwhile, AIFC expanded its Investment Tax Residency Program (ITRP). Since August 2026, digital asset investments through AFSA-licensed platforms Bybit Kazakhstan and Binance Kazakhstan count toward the program, requiring a minimum $150,000 investment for the entire participation period. The program’s eligible asset list now includes digital instruments purchased through a licensed platform.

On October 9, the National Bank announced a draft joint resolution with ARDFM on mutual admission to issue digital financial assets (DFAs). The draft defines conditions for Kazakh banks and other legal entities to issue DFAs within the AIFC, and for AIFC participants to issue them on DFA operator platforms in Kazakhstan. The rules set requirements for Kazakh issuers regarding financial stability, net profit, audit reports, credit ratings, and underlying asset custody.

Kazakh banks’ profit falls 13.6% amid business loan growth

Kazakh banks’ net profit reached 1.6 trillion tenge since the start of 2026—down 13.6% year-on-year, the Agency for Regulation and Development of the Financial Market (ARDFM) reported based on September 1 data. Sector assets grew 6.9% year-to-date to 75.7 trillion tenge, driven by a 46.3 trillion tenge loan portfolio. Return on assets (ROA) stood at 3.5%, and return on equity (ROE) at 22.9%.

In August, new SME loan issuance grew 47.3% year-on-year, and total new business loans rose 26.2% to 2.1 trillion tenge, the Agency for Regulation and Financing of Business reported. The SME loan portfolio grew 2.6% to 7.9 trillion tenge. Conversely, corporate deposits shrank 3.9% to 21.6 trillion tenge in August, despite a 0.2% overall sector liability growth to 64.4 trillion tenge and a 0.1% retail deposit increase to 28.5 trillion tenge, according to ARDFM data. The weighted average rate on tenge corporate term deposits fell to 15.7% from 15.9% in July.

Outbound transfers from Kazakhstan more than halve amid Zolotaya Korona sanctions

International money transfers from Kazakhstan dropped from 56.4 billion tenge in July to 27.9 billion tenge in August—the lowest since April 2020, Finteqstan reported. This marks a 2.6-fold year-on-year decline from 72.7 billion tenge. Transfers to Russia saw the sharpest fall, plummeting 14.3 times from 17.1 billion to 1.2 billion tenge. Transfers to Uzbekistan dropped 39.5% to 12.3 billion tenge. Inbound transfers from Russia shrank 11.9 times, from 2.9 billion to 239.2 million tenge.

The August decline coincided with restrictions on the Zolotaya Korona money transfer system. On July 24, Kazakh banks began reporting temporary unavailability of Zolotaya Korona transfers; that same day, RNKO Payment Center, the system’s operator and settlement center, was added to the EU sanctions list.

World Bank allocates $75 million to Kazakhstan for AI and startups

The World Bank will provide Kazakhstan with a $75 million loan (about 12 billion yen) for the ALEM project to develop human capital in artificial intelligence, entrepreneurship, and markets, the World Bank press service announced. The program plans to train over 5,000 people annually in AI basics, Data Science, and machine learning. By December 2031, it aims to help 28,000 people complete advanced training, support 800 startups at pre-seed, seed, and global accelerator stages, and attract venture investments to more than 50 companies.

Of the total, $20 million will go to a fund of funds managed by Alem Capital Management. The project separately estimated the venture capital deficit for growing companies at $20–25 million per year. The Ministry of Artificial Intelligence and Digital Development, Astana Hub, and Alem Capital Management will implement the project.

Deals of the week: $50 million venture fund and Solva Group shareholder changes

Qazaqstan Investment Corporation (QIC), a subsidiary of state holding Baiterek, and Dasco Capital signed an agreement to launch the Tolqyn AI Venture Fund. The fund targets $50 million for investments at the intersection of AI, digital technologies, and the creative industry. Half the capital will target Kazakhstan, Central Asia, and the Caucasus, with the rest aimed at global markets. QIC Chairman Didar Karymsakov and Dasco Capital CEO Darmen Sadvakasov signed the agreement at the AI & Digital Bridge 2026 forum.

Meanwhile, fintech company Solva Group announced the exit of 13 minority shareholders. Through the deal, AG Holding Ltd. acquired 9.397% of Solva Group. Major shareholders Alexander Dunaev and Boris Batin plan to sell their 49% stake to AG Holding by the end of 2026, while strategic investor Neo Crystal Holdings Ltd. will retain its 40% share. Solva Group is shifting from traditional lending to an IT platform for small and medium-sized businesses, and its microfinance organization OnlineKazFinance (Solva brand) is actively transforming into a bank.

By country

🇰🇿 Kazakhstan

• Kaspi.kz fees and deposits. On October 2, Kaspi.kz lowered its Savings Deposit rate from 19% to 18% annually (nominal rate from 17.52% to 16.67%). Deposits opened on or before October 1 retain the 19% rate until the end of their current three-month term. The bank also introduced a 0.95% fee (minimum 200 tenge) for transfers from Kaspi Gold cards to other Kazakh bank accounts. Internal transfers remain free, and clients receiving salaries, travel allowances, or civil contract payments on Kaspi Gold pay a discounted 149 tenge fee.
• Halyk Bank fees. Starting November 27, 2026, Halyk Bank will raise the fee for phone number transfers to other Kazakh bank cards from 200 to 250 tenge. Transfers between Halyk Bank cards will remain free.
• Mortgages. Altyn Bank launched the Altyn Uya program with rates from 7% to 16% annually and a minimum 20% down payment. The borrower’s funds are placed in a guarantee deposit at 0.1% annually, and the bank immediately issues a loan for the full property value, up to 175 million tenge for up to 15 years. Otbasy Bank suspended mortgage refinancing loans from other banks until October 23 inclusive. New requirements effective October 1 mandate the bank to obtain client consent for direct money transfers to the previous creditor. Refinancing rates start at 3.5% annually. ARDFM extended the problem mortgage refinancing program for a year. Applications are accepted until July 1, 2027, with assistance provided until September 1, 2027. The program now includes 2021–2024 borrowers from socially vulnerable groups with over 180 days of delinquency and a remaining debt under 50 million tenge.
• Technical outages. On October 6, Halyk Bank clients could not log into the mobile app due to high load. The system prompted users to try again in 15 minutes, depriving clients of access to transfers, payments, and government services. On October 8, a similar outage hit Otbasy Bank. Technical work prevented timely loan payments, causing delinquencies and penalties. Services were restored on October 9, and the bank canceled all penalties for clients who had sufficient funds for the payment. Delinquency data was not sent to credit bureaus.
• Capital markets. On October 5, Halyk Finance conducted a technical unit split in three interval mutual funds: “Bonds in $” (1:1000, nominal value from $1000 to $1), “Global Equities” (1:100), and “Bolashaq - Equities of the Future” (1:10). The total value of investor assets remained unchanged. NGDEM Global Limited, an exchange member since 2025, joined the KASE digital financial assets platform. Halyk Finance, BCC Invest, Fonte Capital, Private Asset Management, Pax Finance, and Alta Telecom previously connected to the platform. Following its September review, FTSE Russell upgraded its assessment of the Kazakh market across four criteria. The efficient trading mechanism and custodian-level account structure moved from “Not Met” to “Pass.” The number of “Not Met” criteria dropped from 8 to 4 after joint work by NBK, AFSA, KASE, AIX, and the Central Securities Depository with FTSE Russell.
• Artificial intelligence. Kaspi.kz showcased its AI assistant Kasper for Kaspi Shop at the Digital Bridge 2026 forum in Astana. Vice Minister of Finance Aset Turysov said the Smart Data Finance system collects data on real estate, vehicles, and other citizen assets from 80 sources. This allows tax authorities to compare official income with expenses and request explanations for major discrepancies. Mobile transfer information is not fully visible due to bank secrecy.
• Insurance. Two years after the law on mandatory professional liability insurance for medical workers took effect (October 2024), patients and their families have received 502.6 million tenge in payouts. Currently, 178,296 medical workers are insured. Since the start of 2026, 1,867 contracts were signed and 112 payouts made. The State Annuity Company launched an online service for employers to issue mandatory accident insurance without visiting an office. Coverage includes about 3.5 million workers, up 1.13 million from a year earlier.
• Consumer protection. The Agency for Protection of Financial Service Consumers’ Rights reviewed 14,700 complaints from the start of the year to September 1: 47.7% against banks, 37.8% against MFIs, and 8.1% against collectors. The agency issued 11 fines totaling 5.6 million tenge to market participants. The regulator reminded the public of exceptions to the voluntary “Stop Credit” ban. Banks can issue commodity loans, internal refinancing loans, revolving card limits up to 648,750 tenge, and tax payment loans. MFIs can issue loans to pay for goods directly to the seller. If the ban is violated, the organization must write off the debt, correct the credit history, and return collected amounts. On October 1, the recommended maximum rate for foreign currency deposits over 12 months rose from 1% to 2.5% annually for new and extended deposits.
• Financial monitoring. The Financial Monitoring Department for the Abai Region stopped a money laundering scheme in Semey. Six university students used their cards to receive transfers. One account received over 16 million tenge from 25 citizens, after which the money was split, transferred further, and cashed out.
• Licenses. On October 7, Bereke Bank received universal banking license No. 1.1.914.151, granting the right to conduct interbank loans, guarantees, and sureties. ARDFM issued the document.
• Cards. Bank CenterCredit excluded the #BusinessCredit card, along with #bccjunior and the social card, from the general limit of four payment cards per client. Entrepreneurs can issue it even if they have the maximum number of other cards at the bank.
• Business activity. Kazakhstan’s services PMI, according to Freedom Holding Corp, stood at 51.4 points in September, down from 51.9 in August. Business activity growth slowed for the second consecutive month, marking the weakest pace since April. Prices rose at the slowest rate since December 2020.
• Islamic banking. Assets of Islamic banks in Kazakhstan reached 315.3 billion tenge in August, up from 9.6 billion tenge in August 2010. Assets grew by an average of 19.2% annually over the last five years, but their share in the banking sector remains at 0.42%. Islamic Bank ADCB accounts for 90.5% of the total loan portfolio of the two Islamic banks.
• International cooperation. The Eurasian Development Bank (EDB) and Oman’s Ministry of Finance signed an agreement on the bank’s presence in the sultanate. Oman’s Minister of Finance Sultan bin Salem Al Habsi and EDB Management Board Chairman Nikolai Podguzov signed the document during the Sultan of Oman’s state visit to Kazakhstan, in the presence of Kazakh President Kassym-Jomart Tokayev. Oman will become the bank’s eighth shareholder and the first member state from the Gulf region.

🇺🇿 Uzbekistan

• Depositor protection. The Central Bank of Uzbekistan, according to the @centralbankuzbekistan Telegram channel, identified conditions in commercial bank deposit contracts that absolve the bank of responsibility for early deposit returns during public unrest, rallies, street demonstrations, armed conflicts, or insolvency. Under Uzbek law, a bank must return a deposit upon client request regardless of its type. The regulator ordered banks to align contracts with the law.
• Banking apps and payments. Milliy added a feature to its app to replenish deposits previously opened in bank offices, allowing accrued interest management via an e-wallet. SQB allowed clients to replenish international Visa, Mastercard, and UnionPay cards with cash via Multipay kiosks in soums and dollars. The National Bank of Uzbekistan launched online microloans via the Milliy app for payroll project participants and public sector employees at 25% annually, up to 100 million soums for up to 60 months. Biznesni Rivojlantirish Banki—Uzbekistan’s business development bank for legal entities and individual entrepreneurs—launched the “Business 24/7” platform for online account opening, loan processing, and payments (some operations are available 24/7). By launch, 25,000 users had registered. OFB Mobile launched direct transfers from UZCARD cards to Elkard cards in Kyrgyzstan.
• E-commerce market. Uzbekistan’s Competition Committee received 1,230 e-commerce complaints in the first nine months of 2026: 446 (36.2%) against the Uzum Market marketplace, 184 (14.9%) against the Uzum Nasiya installment service, and the rest regarding Alif Shop, the Ishonch network, and Yandex services. The agency resolved 57.2% of cases in favor of consumers. The agency cited trade participant identification, electronic contracts, installment services, and refund mechanisms as systemic industry problems.
• Corporate events. ANORBANK received shareholder approval for a 100 billion soum additional share issue to strengthen capital. The decision was made on October 5, and the bank noted this would free the capitalization plan from dependence on circumstances related to a single shareholder. On October 9, Tenge Bank Uzbekistan changed the universal retail service agreement on the ATB platform.
• Reserves and financial access. Uzbekistan’s gold and foreign exchange reserves stood at $66.58 billion on October 1, dropping $5.54 billion over the month due to falling global gold prices (from around $4,660 per ounce in late August to just over $4,200 by late September) and a $702.8 million drop in foreign currency assets to $5.92 billion. According to the World Bank’s Global Findex 2025, 59.7% of Uzbekistan’s population over 15 had a financial account in 2025—less than in Kazakhstan (87%) and Kyrgyzstan (72.3%), but more than in Tajikistan (54.5%). Uzbekistan shows 43.8% for accounts with digital transactions, although 70.2% of the population owns a smartphone.
• Infrastructure. From October 12 to 15, all ATMs of the National Bank of Uzbekistan’s Main Directorate in the Republic of Karakalpakstan will be temporarily offline for maintenance.

🇰🇬 Kyrgyzstan

• Payment biometrics. At the MTalX conference on October 6, MBANK showcased the MPay Alakan service—palm vein payments without a card or phone. The buyer holds their palm to a reader at the checkout, and funds are debited from the selected account. According to MBANK CEO Marat Toraliyev, vein biometrics protect against unauthorized photo payments. Only one palm can be registered via the bank’s app, and registration points will appear in MBANK’s own network and Asia hypermarkets.
• Construction lending. The World Bank noted that Kyrgyzstan’s construction loan portfolio more than doubled by the end of June 2026 amid a nearly 60% growth in fixed capital investments in the first half of the year. The bank cited the China-Kyrgyzstan-Uzbekistan railway, the Trans-Caspian Transport Corridor, and the Rogun HPP among regional projects stimulating growth.
• Supervision. The National Bank of Kyrgyzstan suspended license No. 7218 of the Gimex exchange bureau in Bishkek for 10 days, from October 6 to 15 inclusive, for violating legislative requirements and regulator regulations. Additionally, through an October 1 resolution, the regulator tightened requirements for transaction control in banks.

Regulators of the week

Besides the draft rules for digital financial asset issuance in Kazakhstan, the week brought several capital market infrastructure decisions. In Uzbekistan, the UZSE exchange announced on October 9 the termination of Surxondaryo Vaqt LLC’s activities as an investment intermediary in the capital market, and on the same day, the termination of Andijon Vaqt LLC’s activities. On October 5, an international roundtable on the draft law “On the Capital Market” was held in Uzbekistan, the National Agency of Perspective Projects reported. That same day, UZSE announced a new stage of capital market development: modern tools and international integration. In Kyrgyzstan, the Kyrgyz Stock Exchange and the Chamber of Commerce and Industry of the Kyrgyz Republic signed a cooperation memorandum to support business on October 7.

On the radar

• On October 15, 2026, the license suspension for the Gimex exchange bureau in Bishkek ends.
• From October 12 to 15, ATMs of the National Bank of Uzbekistan’s Main Directorate in Karakalpakstan will be offline for maintenance.
• Until October 23, 2026, inclusive, Otbasy Bank is not issuing mortgage refinancing loans from other banks.
• By the end of 2026, AG Holding Ltd. is expected to close the deal to buy a 49% stake in Solva Group from Alexander Dunaev and Boris Batin.
• Starting November 27, 2026, Halyk Bank will raise the fee for phone number transfers to other banks from 200 to 250 tenge.
• Applications for the expanded problem mortgage refinancing program in Kazakhstan have been extended to July 1, 2027, with assistance provided until September 1, 2027.