BNK Finance Kazakhstan, a microfinance organization owned by investors from South Korea, may obtain a banking license as early as May, according to Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market (ARDFM), who took part in a round table to discuss the new law on banks and banking activities.
«BNK Finance Kazakhstan is completing the preparation of all necessary organizational measures to obtain a license. We expect that they will be issued a banking license in May 2025,» Abylkassymova said.
KMF, another well-known MFO in Kazakhstan, also received permission to convert into a bank in March 2025. According to the ARDFM chair, the organization will need at least three months to complete the preliminary paperwork to obtain a banking license.
«They must confirm that they have a banking information system. Moreover, there are some mandatory requirements for the management and employees,» Abylkassymova noted.
The official also revealed that the agency had received another application from Solva MFO, which wanted to convert into a bank but failed to meet all the requirements.
«As soon as they meet all the established requirements, primarily in terms of capital compliance, they will receive permission,» Abylkassymova explained.
BNK Finance Kazakhstan’s decision to become a commercial bank in Kazakhstan was publicly supported by President Kassym-Jomart Tokayev in June 2024.
As of early 2025, BNK Finance Kazakhstan ranked 14th in terms of assets ($46.3 million). At the time, the MFO reported $38.6 million in its loan portfolio, $24.7 million in liabilities, $21.4 million in equity, and $1.1 million in net profit.
According to data from eGov.kz, the owner of the MFO is BNK Capital Co., founded in South Korea in 2010. Its Kazakhstani subsidiary was registered in 2018.
In 2014, BNK Capital began expanding its financial network in key developing countries in Southeast Asia, successfully entering the markets of Myanmar, Laos and Cambodia, as well as Kazakhstan, Uzbekistan and Kyrgyzstan. Offering customers various microcredit products, the company managed to consolidate its status as one of the leading financial institutions in the region.
BNK Capital is part of BNK Financial Group, which includes Busan Bank, Kyongnam Bank and four investment companies.
