Zaman Bank, Kazakhstan’s Islamic bank, was the country’s sole financial institution to post a loss in May, reporting a deficit of approximately $2.4 million, according to data from the National Bank of Kazakhstan. The bank made headlines in November 2024 when a test payment was successfully processed between Zaman Bank…
Kazakhstan’s National Bank has welcomed a proposal by MPs to establish a crypto-asset reserve. According to Timur Suleimenov, the bank’s chair, work is underway on the development of its formation and management concept. One option involves creating a reserve within a National Bank subsidiary whose activities are focused on alternative…
The management of BNK Commercial Bank, a new financial institution in Kazakhstan’s banking sector, has announced its plans to focus on developing lending products and working with small and medium-sized businesses (SMBs). This strategy is outlined in a roadmap presented by bank executives during an official ceremony marking the transformation…
Kazatomprom, Kazakhstan’s state-owned nuclear company, has released a response to the U.S. Department of Commerce’s Bureau of Industry and Security regarding an ongoing investigation into the national security risks posed by imports of processed critical minerals and their derivatives. The investigation, announced in April, sought public comments by May 16,…
BNK Finance Kazakhstan, a Kazakhstani microfinance organization owned by South Korean holding BNK Capital, has received a banking license from the Agency for Regulation and Development of the Financial Market (ARDFM). The newly established bank has been named BNK Commercial Bank. The official ceremony for awarding the banking license was…
Between January and May 2025, Kazakhstan’s Tengiz field produced 15.9 million tons of crude oil, according to KazMunayGas (KMG), the national oil and gas company. Output at the country’s largest oil and gas field is now projected to reach 35.7 million tons by the end of the year, an upward…
According to Kazakhstan’s Minister of National Economy Serik Zhumangarin, the Astana International Financial Centre (AIFC) has become a tool that foreign companies use to evade taxes, turning it into something like an offshore zone within the country. The official made this claim during a discussion of the new Tax Code…
A plant for recycling plastic waste and producing PET (polyethylene terephthalate) preforms is set to be built in Almaty. The announcement came from Darkhan Satybaldy, the city’s mayor, following a recent meeting with Murat Kökoğlu, CEO of Turkish firm Köksan Holding. The facility will be constructed on a 15-hectare site…
KazMunayGas (KMG), the national oil company of Kazakhstan, has become the largest company in Kazakhstan by market capitalization, surpassing fintech giant Kaspi.kz, which has moved to second place, according to the Qazaq Association of Minority Shareholders (QAMS), which first noted this shift. Since the beginning of the year, KMG’s market…
Kazakhstan’s Ministry of Energy announced that plans to build a gas processing plant (GPP) at the Karachaganak field have been shelved after talks with foreign investors collapsed over financial terms. The government declined conditions proposed by the consortium, led by Eni and Shell, which included a demand for an additional…
According to Timur Turlov, the founder and majority shareholder of Freedom Holding Corp., the Freedom SuperApp will offer users the option to buy and sell crypto assets by the end of this year. He made this statement during a broadcast on the Freedom Broker Kazakhstan YouTube channel, presenting the company’s…
China Road and Bridge Corporation has been modernizing Kyrgyzstan’s largest airport, Manas International Airport in Bishkek, since April. It will also upgrade the country’s second-largest airport in Osh and plans to build a completely new airport in Jalal-Abad within two years. The most interesting part is that this is being…
BCC Invest, a Kazakhstani brokerage company, has raised its valuation of KazMunayGas (KMG) shares following the company’s Q1 2025 financial results. Analysts set a new target price at approximately $35 per share. BCC Invest’s projection increased by more than 9%, compared to its previous forecast from April 2025. As a…
Kazakhstani startup Metaclinic, which provides online medical consultations, has closed a $150,000 funding round at a $2 million valuation, Digitalbusiness.kz reported. The investment came from a multi-specialty clinic chain. The Metaclinic team plans to allocate the raised funds toward further developing and scaling the service through B2B partnerships. While the…
The recently concluded U.S.-China trade talks, which resumed on June 9 in London, focused on easing tensions over rare earth elements and advanced technology. These developments could place Kazakhstan and Ukraine at the forefront of the search for alternative sources of critical minerals. President Donald Trump has authorized his trade…
Freedom Broker has officially launched operations in Kyrgyzstan, marking its entry with a grand opening ceremony in Bishkek. The event was attended by Minister of Economy and Commerce Bakyt Sydykov, Freedom Holding Corp. CEO Timur Turlov and representatives of Kyrgyz public agencies, development funds, banks, major local companies and investors.…
Kashagan, Kazakhstan’s largest oil and gas field on the Caspian shelf, is scheduled for an equipment upgrade in 2026, according to the North Caspian Operating Company N.V. (NCOC), the field’s operator. Holding production steady The planned upgrade will enable additional lines to be connected to the existing process pipeline system…
Several governments and central banks worldwide have recently voiced alarm regarding the risks of buying or investing in cryptocurrencies. Fabio Panetta, a policymaker at the European Central Bank and governor of the Bank of Italy, expressed concern about the reputational risks banks could face by offering services related to crypto-assets,…
Chevron, Eni, Shell and other global oil majors are being pushed to increase their reliance on local suppliers as Kazakhstan moves to strengthen domestic economic participation in its multibillion-dollar energy projects. Kazakhstan’s Prime Minister Olzhas Bektenov has called on operators of the country’s three largest oil and gas fields —…
Chinese-linked companies have emerged as major winners in Kazakhstan’s latest online auction of hydrocarbon blocks, securing rights to half of the available sites, according to the country’s Ministry of Energy. Four blocks for hydrocarbon exploration and production were awarded in the subsoil use rights auction. The winning companies are as…
Kazakhstani banks earned approximately $1.7 billion in net profit during the first four months of 2025, according to data released by the National Bank. April alone accounted for nearly $470 million, a record monthly figure so far this year. Top 5 banks by net profit (January-April 2025): Halyk Bank –…
Foreign shareholders of Karachaganak Petroleum Operating B.V. (KPO) are reportedly unwilling to invest in the construction of a gas processing plant (GPP) with an annual capacity of 4 billion cubic meters at the Karachaganak field in the West Kazakhstan region. The news was reported via the Energy Monitor Telegram channel,…
First Heartland Jusan Bank, operating under the Jusan Bank brand, has announced its rebranding, changing its name to Alatau City Bank. The decision was made during the annual general shareholders’ meeting held on May 15. The bank highlighted that the new name reflects its strategy and ambitions. The name will…
David Brown, a British citizen, has rejoined the board of directors of Bereke Bank, which he left at the beginning of the year, according to a statement from the Kazakhstan Stock Exchange (KASE) available on its website. The governing body of the credit institution, which was sold to the Qatari…
