Banks & Finance

Only banking giants allowed as Kazakhstan curbs who can build online marketplaces

Kazakhstan moves to restrict banks from owning large stakes in e-commerce platforms / Photo: Shutterstock, photo editor: Dastan Shanay

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has released a draft law aimed at limiting the involvement of banks and bank holding companies in digital marketplaces, depending on the size of their capital.

The proposed regulation, open for public comment through July 15, outlines new rules for banks and banking holdings investing in online trading platforms, software developers specializing in information and communication technologies, biometric identification systems and companies focused on cybersecurity and fraud prevention.

Under the draft law, a bank or holding company’s total investment in such entities must not exceed 15% of its own capital. Additionally, the stake in any single company must not exceed 5% of that capital.

The agency clarified that the new restrictions would apply only to future acquisitions or investments, not existing assets.

Currently, several major banking groups in Kazakhstan own or are associated with digital marketplaces. Kaspi.kz, one of the country’s largest financial holdings, operates Kaspi Shop, the leading e-commerce platform in Kazakhstan. Halyk Bank’s holding company owns the legal entity behind Halyk Market.

Alatau City Bank (formerly Jusan Bank), part of the First Heartland Securities holding group, is arguably linked to the Alatau City Market, operating under the Jusan Mart (JMart) legal entity. However, the holding company reportedly does not directly own the marketplace. According to the official eGov.kz portal, Jusan Mart is owned by several individuals, including entities associated with the bank’s current owner Galimzhan Yessenov.

On Jan. 29, 2025, Kaspi.kz announced the acquisition of a 65.41% stake in Turkish online marketplace Hepsiburada for $1.127 billion.

Previously, the ARDFM stated that under broader banking reforms, banks would also be prohibited from owning more than 10% of a non-financial organization’s capital.