Five banks in Kazakhstan receive universal licenses

Subsequently, on July 13 and 14, the ARDFM reissued the documents for Halyk Bank, Kaspi Bank, Alatau City Bank, and ForteBank. They also received the right to conduct additional interbank operations.

Country and market

The new banking law came into effect in Kazakhstan in January 2026. It divided banking licenses into two types: universal and basic.

A universal license allows a bank to provide a full range of financial services without restrictions. A basic license grants the right to attract deposits, issue loans to the public and businesses, and conduct cash and settlement services. At the same time, basic banks are strictly prohibited from lending to non-residents, investing in foreign assets, and working with complex derivative instruments.

Existing market players have six months to reissue their documents.

What’s next

The issuance of the first universal licenses to the largest players is an expected technical step. For banks of the scale of Halyk, Kaspi, or Freedom, restricting cross-border operations or work with non-residents would mean breaking their current business models.

The transition to the new licensing system legally formalizes the stratification of the market: large ecosystems secure complex investment and corporate products for themselves, leaving standard retail to basic banks.