Beijing-based China Construction Bank (CCB) is considering establishing a subsidiary in Kazakhstan. The potential expansion was a key topic of discussion between CCB President Zhang Jinliang and officials from Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) and the National Bank. During the meeting, the two sides…
Freedom Insurance has grown nearly tenfold in five years, offset billions in auto insurance losses through digitalization and is now preparing to launch an insurance marketplace. In an interview with Kursiv.media, Freedom Insurance CEO Azamat Kerimbayev explained why auto insurance rates are set to rise by more than 40% for…
Kazakhstan’s commercial banking sector experienced a massive surge in client funding in June, yet escalating credit risks and the accounting impact of state aid repayments have dampened overall industry profitability. While banks absorbed 1.8 trillion tenge in corporate and retail deposits during June, the sector’s cumulative first-half net profit declined…
Freedom Yatırım Menkul Değerler A.Ş., part of Freedom Holding Corp. (NASDAQ: FRHC), which operates more than 200 offices across over 20 countries in North America, Europe and Asia, has received its operating license from the Capital Markets Board of Türkiye (CMB), becoming the first foreign brokerage firm with broad authorization…
The earlier a young family obtains a home of its own, the more likely it is to have more children, according to Lyazzat Ibragimova, CEO of Otbasy Bank, the sole bank implementing housing construction savings system in Kazakhstan. Ibragimova shared the findings of an international study at a recent government briefing. She said…
In highly polarized media landscapes, the specific television news channels households watch can fundamentally shape their economic expectations, according to a study published by the Centre for Economic Policy Research (CEPR). Investigating Turkey’s deeply divided media environment during a period of high inflation, the research reveals that political segmentation erodes…
Freedom Holding Corp. reported an increase in revenue and its customer base for the first quarter of fiscal 2027, ended June 30, 2026. The holding’s total revenue reached $732.9 million, compared with $524 million in the same period a year earlier. The growth was driven by higher interest and commission…
The overpayment on a 3 million tenge (about $6,500) loan from Zaman Bank for five years is 3.62 million tenge, according to a Threads user named nur.kanatuly.kz. «Islamic Bank Zaman-Bank JSC. Islamic finance. Just for fun, I calculated it in their mobile app: Loan amount: 3 million tenge. Interest on…
Nearly a year after receiving its banking license, KMF Bank reported a decline in profit on the Kazakhstan Stock Exchange (KASE). In the first half of 2026, the financial institution posted net profit of 4.3 billion tenge (approximately $9 million), down from 4.7 billion tenge a year earlier. According to…
Kazakhstan’s first licensed cryptocurrency exchange, Pax Finance, has announced its integration with the mobile app of Alatau City Bank, which is owned by the country’s richest businessman, Vyacheslav Kim. The integration allows the bank’s clients to fund their Pax Finance accounts directly from their bank cards through the banking app.…
Kazakhstan’s total public and publicly guaranteed debt reached 40.9 trillion tenge (approximately $86 billion) as of July 1, 2026. During the second quarter, the total increased by 1.84 trillion tenge, or 4.7%. Public and publicly guaranteed debt stood at 39.1 trillion tenge as of April 1, according to the Ministry…
State-guaranteed deposits at Kazakhstani banks undergoing resolution with support from shareholders and, where applicable, the government will remain fully protected, according to Dauren Salimbayev, deputy chairman of the Agency for Regulation and Development of the Financial Market (ARDFM). Salimbayev outlined the country’s proposed framework for resolving insolvent banks during a…
China and Kazakhstan are expanding cooperation in the financial sector. Representatives of Kazakhstan’s National Bank, Agency for Regulation and Development of the Financial Market (ARDFM) and National Payment Corporation of Kazakhstan held a series of meetings with representatives of the People’s Bank of China, the National Financial Regulatory Administration, the…
In the opening six months of 2026, retail deposit volumes in Kazakh banks exceeded 30 trillion tenge, equivalent to nearly $64 billion, for the first time on record. Against that backdrop, the Kazakhstan Deposit Insurance Fund (KDIF) increased its special reserve by 10% to 1.73 trillion tenge. The KDIF reported…
Freedom Holding Corp. has completed the acquisition of a Turkish bank. On July 31, 2026, the transfer of a controlling stake in Turkish Bank A.Ş. to Freedom Finansal Hizmetler A.Ş., a subsidiary of Freedom Holding Corp., was completed. The financial institution has changed its name to Freedom Bank A.Ş., and…
Freedom Finance Global has announced its results for the first quarter of fiscal year 2027 (from April 1 to June 30, 2026). During the reporting period, the company generated $227.90 million in revenue, a significant increase from $136.06 million in the same period a year earlier. During the first quarter,…
In terms of assets, Kazakhstan’s banking sector is larger than those of all Eurasian Economic Union (EEU) member states except Russia. Kazakh banks have 10 times the assets of banks in Kyrgyzstan and 2.5 times those of banks in Belarus, according to EEU data. The total assets of Kazakhstan’s banks…
Kazakhstan currently has nine billionaires, according to Forbes. Below is an updated infographic highlighting Kazakhstan’s richest people and their key assets. The visual was compiled by Nurasyl Abdrazakuly, a Kazakh data scientist and frequent collaborator on our infographics. As in the previous infographic, each billionaire is shown alongside the logo…
The government of Kazakhstan has approved rules for strategic digital mining. Large mining companies will be able to purchase electricity at a price not exceeding the maximum rate charged by electricity producers by signing 10-year contracts. In return, they will donate a portion of their mined digital assets each month,…
Hungarian banking group OTP Bank decided to strengthen its position in Europe instead of entering Kazakhstan, as previously planned. The bank has signed an agreement to acquire 100% of the shares of Luminor Holding, the parent company of Luminor Bank, which operates in the Baltic states. The sellers are a…
Kazakhstan’s National Bank is evaluating several models for integrating confiscated cryptocurrency into the country’s financial system, including the possible creation of a National Strategic Cryptocurrency Reserve. In a statement, the central bank said it is working with other government agencies on arrangements for seizing, confiscating, storing and managing digital assets…
Most Kazakhstani banks have joined the Interbank Mobile Payment System (IMPS), which is designed to simplify purchases through a single QR code. The service will officially launch on July 19, with additional features to be introduced gradually. Speaking at the IMPS launch ceremony, National Bank Deputy Chairman Binur Zhalenov said…
Kazakhstan’s commercial banks, including Halyk Bank and Freedom Bank, have begun offering mortgages under the Housing and Construction Savings (HCS) system, joining Otbasy Bank in providing loans with interest rates ranging from 5% to 10%. The new products could divert some demand from traditional market-rate mortgages, Ramazan Dossov, chief analyst…
Starting July 18, provisions will enter into force establishing the digital tenge as a digital form of the national currency and recognizing it as legal tender. The relevant provisions are set out in a law on issues concerning the regulation and development of the financial market, communications and bankruptcy. The…
