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…
Kazakhstan’s net international reserves reached $58.3 billion in October 2025, marking the third consecutive record high, according to data from the National Bank. The figure rose 5.47% month-on-month, or by $3 billion. Since the start of the year, reserves have increased by $14.7 billion, or 33.76%. Net international reserves represent…
Kazakh Senator Gennadiy Shipovskih has proposed banning microloans for young adults under age 21. He outlined the idea on a Dec. 4 parliamentary inquiry addressed to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM). Concerns about youth debt and easy access to loans…
Freedom Bank has become the third-largest bank in Kazakhstan by transaction volume and the number of active clients, according to Timur Turlov, CEO and majority shareholder of Freedom Holding Corp., who took part in the Global Banking Summit in London. He made this statement during the panel discussion «The Future…
Freedom Bank has received permission from Kazakhstan’s Agency for Regulation and Development of the Financial Market to open a subsidiary bank in Georgia, the bank said in a statement. «The next step is the registration of FBG Company JSC, a special-purpose vehicle that will be authorized to obtain a digital…
Kazakhstan looks into introducing crypto exchange tools into payment terminals, a move that will allow payments for goods and services in cryptocurrencies. At the meeting of the Senate’s committee on finances and budget, Miras Zakiyev, the deputy chair of the committee of digital assets and breakthrough technologies of the Digital…
A Kazakhstani bank with a daily transaction volume of about $9 million can spend between $400,000 and $600,000 a year on transaction verification. The data comes from Baraiq, a developer of anti-fraud solutions for banks. Based on its data analysis, communication with financial institutions, and industry experience, the company found…
Calls to require marketplaces — especially those affiliated with banks — to publish two prices for goods, one standard and one for installment plans, represent a «strange construct,» according to Vitaliy Tutushkin, deputy chairman of Kazakhstan’s National Bank. He shared his view on Nov. 21 during a Kursiv.media roundtable on…
Kazakhstan’s external debt reached a record high of $172.8 billion at the end of June, according to analysts at Halyk Finance. While private companies hold about 71% of that debt, the latest increase is largely driven by the public and quasi-public sectors. Debt ratio and stability factors The country’s external…
Kazakhstan marked the 28th anniversary of its national currency, the tenge, this year. The National Bank introduced a new series of banknotes designed in a «Saka style.» Throughout its history, the tenge has undergone multiple redesigns, and some observers argue that these updates are occurring too frequently. In an interview…
According to Freedom Bank CEO Gulfairuz Akhmetova, Kazakhstan has the potential to develop a single QR code solution for all Central Asian countries — a move she says would benefit both tourists and entrepreneurs. Speaking at the Central Asia Fintech Summit, where Kazakhstan officially launched its interbank unified QR code,…
Kazakhstan has formally launched a unified interbank QR payment system, enabling customers of participating banks to make purchases at any terminal using a single QR code. The service debuted at the Central Asia Fintech Summit 2025. Freedom Bank, Bank CenterCredit, and Home Credit Bank were the initial participants. Halyk Bank,…
