Kazakh regulator greenlights insurance companies to establish marketplaces

Insurance companies will have the right to establish marketplaces on their own and acquire shares of IT companies, as reported by Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM).

Furthermore, insurance companies will be allowed to develop software aimed at automating insurance operations and expanding their own online services. The new rules will take effect within two months after June 30, when President Kassym-Jomart Tokayev signed the corresponding law.

In addition, insurance enterprises and holdings are now entitled to acquire shares and stock in IT companies.

«This will enable them to develop new digital products, implement innovative technologies and enhance the quality of customer service,» the agency emphasized.

Earlier this month, the regulator released a draft law intended to limit the involvement of banks and banking holdings in digital marketplaces.

The concept of marketplaces is gaining momentum in Kazakhstan, with China’s Taobao officially entering the country’s market in spring and Russia’s Wildberries gradually expanding its market share in the country, reporting a 150% increase in its pickup points last October.

Notably, on Jan. 29, 2025, Kaspi.kz — the parent company of the second‑largest commercial bank in Kazakhstan and a major fintech company — announced the acquisition of a 65.41% stake in Turkish online marketplace Hepsiburada for $1.127 billion.