On Oct. 31, hackers hijacked the domain flap.sh, one of the largest platforms for token launches. A day earlier, Binance reported a theft of approximately $6.3 billion, while a week before that, two critical vulnerabilities were disclosed in PHP, posing a threat to a vast number of websites worldwide. Renat…
Al-Amanah Islamic Bank Ltd., wholly owned by a Qatari investment firm, has received a license from the Astana Financial Services Authority (AFSA), the regulator of the Astana International Financial Centre (AIFC), to conduct Islamic banking and provide money services. However, the bank cannot begin operations until it obtains further regulatory…
North Korea may have orchestrated the historic $6.3 billion crypto heist from Binance, the world’s largest cryptocurrency exchange, Reuters reported. According to blockchain analytics firm TRM Labs, the attackers transferred most of the stolen funds within about 20 minutes, similar to previous operations attributed to North Korean hackers. Meanwhile, Binance…
Official communications from the National Bank of Kazakhstan are becoming increasingly difficult to understand. Readers need an education equivalent to that of a university student or graduate to easily comprehend the regulator’s press releases on its base rate, according to a report by the Applied Economics Research Centre (AERC). Readability…
Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) has revoked the licenses of seven microfinance organizations (MFOs) for systematic violations of the law and clients’ rights. According to the National Bank of Kazakhstan, as of July 1, 2024, the companies had combined assets of 14.4 billion tenge…
President Kassym-Jomart Tokayev has called for discussions on introducing a higher tax rate for individuals with large fortunes. «I’d like to specifically address the issue of tax fairness. I believe it is time to discuss introducing a higher rate for those who possess large fortunes,» he said in his address…
Kazakhstan spends 11.1% of its total government expenditure on net interest payments on public debt, equivalent to 3.8% of gross domestic product (GDP). By this measure, the country’s burden exceeds the Organisation for Economic Co-operation and Development (OECD) average of 4.9% and even the U.S.’ 10.7% — despite Kazakhstan’s relatively…
Kraken, a U.S.-based cryptocurrency exchange, is preparing to launch operations in Kazakhstan. The company has already received in-principle approval from the Astana Financial Services Authority (AFSA) and signed a memorandum of cooperation with the Ministry of Artificial Intelligence and Digital Development. However, Kraken must meet a set of established requirements…
Kazakhstan’s National Bank has assessed how the country’s banks would withstand a sharp withdrawal of deposits by individuals and businesses. According to the assessment, more than half of the banks would fall short of the required liquidity threshold under an extreme stress scenario, although some would retain substantial liquidity buffers.…
Tansar Islamic Bank Ltd. has been registered at the Astana International Financial Centre (AIFC) with stated share capital of $12 million. Its sole shareholder is Tansar Group, which also owns investment firm Tansar Capital. As of mid-2026, Tansar Capital has been managing a portion of Kazakhstanis’ pension savings. According to…
Kazakhstan’s commercial banks recorded a record increase in lending in August despite sharp outflows of corporate deposits. Aggregate sector net profit reached 1.61 trillion tenge through August, down 13.6% year-over-year, showing a slight recovery from July as lending growth accelerated. Corporate outflows hit record levels Corporate deposits shrank by 802…
Tether, the issuer of USDT, the world’s most widely used stablecoin pegged to the U.S. dollar, has signed an agreement with the National Bank of Kazakhstan and the administration of the city of Alatau, Kazakhstan’s new flagship megaproject. The parties have agreed to explore the possibility of launching a stablecoin pegged…
Kazakhstan’s government securities have moved closer to global financial markets. Following a review of the 2026 classification, J.P. Morgan placed Kazakhstan’s bonds on Index Watch-Positive. Kazakhstan’s Ministry of Finance highlighted that this development paves the way for the potential inclusion of Kazakhstani government securities in the leading emerging-market bond index,…
Altyn Bank, a subsidiary of China CITIC Bank Corp. Ltd., has begun accepting retail deposits in Chinese yuan. Starting Oct. 5, 2026, individuals can open term and savings deposits denominated in yuan at the bank. The “Gold Reserve” yuan deposit is already available among the bank’s products. Customers can add…
Kazakhstani banks can now set the validity period for bank cards issued to foreigners at their own discretion, Oninvest reported. Previously, such cards were subject to a 12-month limit. The changes took effect as part of amendments to the internal control rules aimed at preventing the legalization of criminal proceeds…
According to Timur Turlov, CEO and majority shareholder of Freedom Holding Corp., the company is training an AI agent to assist Freedom SuperApp users. The company expects the agent to help users choose investment and insurance products, book travel and flights, and even apply for visas. «We want to ensure…
Uzbek fintech company Alif Moliya is preparing to issue Islamic sukuk in Kazakhstan, economist Arman Batayev said. To facilitate the issuance, a special-purpose company, Alif Moliya Sukuk SPC Ltd., was registered at the Astana International Financial Centre (AIFC) on Sept. 3. It will serve as the issuance vehicle for the…
Kazakhstanis expect cryptocurrencies to become part of their everyday financial lives, including for paying for goods and services, within the next three to five years. That is according to a 2026 survey of 1,930 users conducted by Binance Kazakhstan. The study found that 32.8% of participants cited paying for goods…
Existing insurance companies in Kazakhstan will be able to establish «Islamic windows» without creating separate legal entities, according to the Agency for Regulation and Development of the Financial Market (ARDFM). The initiative is aimed at developing Islamic insurance, known as takaful. Takaful means «providing mutual guarantees.» It is an insurance…
Kazakhstan has signed an agreement with the Asian Infrastructure Investment Bank (AIIB) that will allow it to attract up to $6 billion in additional loans. Minister of National Economy Serik Zhumangarin said foreign borrowing poses no threat to the country’s economy. During a recent briefing at the Kurultai, Kazakhstan’s new…
Key management personnel across Kazakhstan’s commercial banks saw dramatic shifts in compensation driven by corporate restructuring, deferred bonus accounting, and equity-based incentive programs. Recognized executive compensation expenses in annual audited financial statements do not always reflect actual cash paid during the reporting period, as long-term incentive plans, deferred bonuses, and…
Cash accounts for 12% of consumer payment volume in Kazakhstan. By this measure, the country has nearly caught up with leading global economies and surpassed several emerging markets, according to the annual national study «Fintech in Kazakhstan 2026.» Kazakhstan’s figure is close to those of the U.S., where cash accounts…
Commercial banks in Kazakhstan are confronting a sharp deceleration in credit expansion alongside accelerating credit risks, as non-performing loans surge three times faster than healthy loan books. The aggregate sector net profit dropped 14.9% year-over-year to 1.40 trillion tenge (about $3 billion) over the first seven months of 2026. Profitability…
Two years ago, Freedom launched its SuperApp with mobile banking as the core element. Since then, it has expanded into dozens of other services — from travel and shopping to telecommunications and government services — and its user base has grown to 6 million. As a result, the SuperApp team…
