Halyk Bank, Kazakhstan’s largest bank by assets, has not completed its planned acquisition of a 49% stake in Uzbek payment service Click within the expected timeframe, according to materials prepared for the bank’s upcoming annual general meeting of shareholders scheduled for April 23. Deal terms and timeline The bank announced…
In September 2025, Kaspi.kz sold Portmone Group, the owner of the payment service of the same name in Ukraine, which Kaspi had acquired in 2021. Although no details of the deal were disclosed, it is known that the Kazakh fintech company did not earn much from the sale. This information…
Kazakh economist Rassul Rysmambetov said the tenge could remain in the range of 490-510 per U.S. dollar if global oil prices stay above $100 per barrel amid the ongoing conflict involving Iran. Read also: How $100 oil could pay for Kazakhstan’s nuclear future. According to Rysmambetov, Iran has previously signaled…
Islamic mortgage products could be introduced in Kazakhstan as early as this year, according to Lyazzat Ibragimova, CEO of Otbasy Bank, the sole bank implementing housing construction savings system. Read also: Islamic finance booms in Kazakhstan, but a key piece is missing: mortgages. Ibragimova announced the plan during a briefing following a recent…
Freedom Holding Corp. is acquiring a 99.32% stake in Turkish Bank A.Ş. from Özyol Holding and the National Bank of Kuwait. The deal still has to be approved by Turkish regulators. Deal details and development plans The core of the deal is Turkish Bank A.Ş., which has operated in Turkey…
Kazakhstan will receive loans for several infrastructure projects, including construction of the Zhezkazgan-Karaganda highway and participation in the Kambarata-1 Hydropower Plant project in Kyrgyzstan, where Uzbekistan and Kazakhstan are partners. Read also: Where will Kazakhstan’s $28 billion infrastructure plan go? The loan agreement between Kazakhstan and organizations within the World…
Robinhood Markets Inc., a California-based provider of an electronic trading platform, has announced a new premium product — the Platinum card — aimed at high-income users, Reuters reported. The company’s Platinum card carries a $695 annual fee and offers cashback and other perks. Robinhood said these benefits could total up…
Kaspi.kz, Kazakhstan’s leading fintech company and a major e-commerce ecosystem, has launched a special financial support program for Kazakhstanis facing travel disruptions due to the situation in the Middle East. Read also: No reports of Kazakh casualties in Middle East — Foreign Ministry. The assistance is intended for citizens who…
The February decline in cryptocurrency prices should not alarm investors, as volatility remains a natural part of market cycles. Despite current fluctuations, the long-term performance of the world’s leading cryptocurrency remains striking: over the past six years, Bitcoin’s price has risen nearly sevenfold, according to Nurkhat Kushimov, head of Binance…
Otbasy Bank, a state-owned bank specializing in mortgages, may become a «special product lender,» radically changing its image and geographic presence. It is set to expand its product portfolio by adding Islamic finance and leasing, according to Timur Onzhanov, deputy CEO of Baiterek Holding. In an interview with Bloomberg, the…
Kazakhstan’s banking sector will remember the year 2025 for a sharp decline in profit growth amid additional taxation and higher minimum reserve requirements. Growth in loan and deposit portfolios also slowed, though less dramatically than financial results. Total sector assets rose from 61.6 trillion to 70.8 trillion tenge in 2025…
South Korean cryptocurrency exchange Bithumb mistakenly transferred 620,000 bitcoins to users — coins worth more than $42 billion at current prices. The incident was caused by human error rather than a cyberattack. An error costing billions According to the South Korean newspaper Chosun, the mistake occurred during the distribution of…
Timur Turlov’s Freedom Bank has ranked among the top three banks in Kazakhstan for the highest interest rates on certificates of deposit, alongside Home Credit and Eurasian Bank, according to Ranking.kz. Freedom Bank, part of the Freedom Finance ecosystem supervised by well-known financier Timur Turlov, became the first bank in…
Timur Turlov, founder and CEO of Freedom Holding Corp., plans to acquire another bank and a local marketplace in Kazakhstan. The company is also looking to purchase a second-tier bank in Turkey. To finance these initiatives, the holding is considering issuing up to $500 million in bonds, Turlov said. In…
Kazakhstan’s Agency for Regulation and Development of the Financial Market and the National Bank have approved new rules allowing banks with universal licenses, as well as Islamic banks, to operate with digital financial assets. Three categories of digital assets Under the regulations, banks may conduct transactions involving three types of…
Kazakhstan’s economy is showing signs of overheating amid accelerating growth, loose fiscal policy and active consumer lending, according to a report by the International Monetary Fund (IMF). The IMF noted that after growing by approximately 5% in 2023 and 2024, the country’s economy has continued to accelerate — to 6.5%…
Goldman Sachs Research analysts expect the U.S. dollar to continue declining in 2026, though at a slower pace than in previous periods. According to financial analyst Andrey Chebotarev, writing on his Telegram channel, this trend reflects the U.S. economy no longer serving as the undisputed global leader. The dollar is…
President Kassym-Jomart Tokayev has signed a new banking law along with amendments to several legislative acts governing financial market regulation, the presidential press office reported. The changes aim to strengthen financial security, combat fraud, and reduce debt for Kazakh citizens. Measures to combat fraud The law adds safeguards to prevent…
As of Dec. 1, Kazakhstani banks had earned a total of 2.5 trillion tenge ($4.9 billion) in profit, including 226 billion tenge ($449 million) in November alone. Most major banks continued to post stable profits, although some unexpectedly dropped out of the top 10, according to statistics from the National…
Citigroup has approved the sale of its remaining business in Russia, marking another step in the bank’s withdrawal from the country, according to Euronews. The U.S. bank plans to sell its Russian subsidiary, AO Citibank, to Renaissance Capital, an investment bank focused on emerging and frontier markets. The transaction is…
Senior executives at Kazakhstan’s ForteBank say remote work undermines teamwork, discipline and corporate culture, arguing that the physical office remains essential to how the bank operates. Timur Issatayev, chairman of the board, and Talgat Kuanyshev, CEO, shared their views during a recent podcast on the YouTube channel «Two Meters.» Office…
Cryptocurrencies cannot be used to pay for goods and services in Kazakhstan, according to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market, who spoke at a recent parliamentary hearing. Her comments came as Kazakhstan’s Senate reviewed a new law on banks and banking activities…
According to Freedom Holding Corp. CEO and majority shareholder Timur Turlov, the company is exploring entry into the Turkish market. During a media briefing in Almaty, he said Turkey is a logical next step for the company’s development, though no deals have been signed yet. «I don’t want to spoil…
Kazakhstan’s National Bank is introducing amendments to the rules governing the opening and maintenance of bank accounts, as well as noncash payments and transfers. The changes will allow self-employed individuals to open special accounts. The proposed updates include: Allowing direct payments from escrow accounts to contractors for grant funding tied…
