The Agency for Regulation and Development of the Financial Market (ARDFM) has begun transitioning Kazakhstani banks to a new licensing system. Freedom Bank, Halyk Bank, Kaspi Bank, Alatau City Bank, and ForteBank were the first to receive documents without operational restrictions.
What happened
The regulator issued the first universal licenses under the new banking legislation, Kursiv.kz reports citing the agency’s orders.
Freedom Bank was the first to receive the updated document on July 9. Along with the license, the bank expanded its list of core operations: it can now open metal accounts, conduct transactions with gold bullion and coins, and issue interbank loans and guarantees. In addition, the bank officially secured the right to work with housing construction savings. Finteqstan previously reported that commercial banks gained access to this niche; this is now reflected in the player’s license.
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.
