Agency Delegation Participates in the IMF–World Bank Annual Meetings

Name: Agency Delegation Participates in the IMF–World Bank Annual Meetings
Start: 2024-11-01T00:00:00+00:00
End: 2024-11-01T00:00:00+00:00

Body: The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market
Status: Finished
Format: On-site

MeetingFinished

From October 23 to 26, 2024, a delegation from the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, led by Chairperson Madina Abylkassymova, participated in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WB) in Washington, D.C.

During the visit, the Kazakh delegation engaged in the Roundtable, organized by the IMF. Discussions focused on Financial Development and enhancing Financial Inclusion in Central Asia and the Caucasus. The event was attended by central bank heads from Kyrgyzstan, Uzbekistan, Turkmenistan, Tajikistan, Armenia, and Azerbaijan, as well as deputy governors from the central banks of Kazakhstan and Georgia.

The roundtable discussions centered on strengthening macroeconomic and financial stability, accelerating the rollout of innovative financial products and services, and fostering competition through liberalizing entry conditions in financial markets. Participants emphasized the importance of expanding financial literacy programs to improve access to financial services for a broader range of consumers.

The Kazakh delegation held a bilateral meeting with Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, where they discussed a roadmap for implementing IMF recommendations based on the recent Financial Sector Assessment Program (FSAP) and explored technical cooperation on the development of a new banking law.

The Agency also met with senior officials from the World Bank, including Antonella Bassani, Vice President of the Europe and Central Asia Region at the World Bank. The discussions focused on designing a catastrophic risk insurance model for Kazakhstan, creating conditions for the growth of the FinTech industry, and promoting innovations in financial technology. The parties also discussed implementing fair conduct principles for financial institutions when working with clients (Financial Conduct).

On the sidelines of the Annual Meetings, the Kazakh delegation held discussions with the leadership of the International Finance Corporation (IFC), addressing key topics in green financing, adopting Environmental, Social, and Governance (ESG) principles in Kazakhstan’s financial market, and launching infrastructure projects aimed at reducing emissions through public-private partnerships.

Meetings with leading international rating agencies, S&P Global Ratings and Fitch Ratings, provided a platform to discuss Kazakhstan’s macroeconomic outlook, the current state of the banking sector, and planned reforms to enhance the resilience and development of the financial system. Further cooperation was discussed to analyze risks within the banking sector, identify constraints on improving credit ratings for banks and issuers, and outline strategies to address these challenges.

Регулирование и развитие финансового рынка

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Kazakhstan and ADB Launch Bond Market Guide

The National Bank of the Republic of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, the Ministry of Finance of the Republic of Kazakhstan, the Astana International Financial Centre (AIFC), and the Asian Development Bank (ADB) announce the publication of the Bond Market Guide for Kazakhstan - the first document of its kind in Kazakhstan’s history. The Guide was prepared under the ASEAN+3 Bond Market Guide initiative - a series of publications by the ASEAN+3 Bond Market Forum (ABMF), whose secretariat functions are provided by ADB. Kazakhstan joined the Forum as an official observer in 2025. The document covers all key aspects of Kazakhstan’s bond market: the history and key milestones of market development; the legal and regulatory framework: securities legislation, listing and disclosure requirements, and non-resident access conditions; types of debt instruments: government and corporate bonds, money market instruments, and Islamic securities (sukuk); trading, clearing, and settlement infrastructure on KASE and AIX, including specifics of the AIFC jurisdiction; the tax regime, participation costs, and access conditions for foreign investors; current challenges, outlook, and priorities for further market development. The Guide is intended for international investors, issuers, financial intermediaries, regulators, and researchers seeking a current and structured overview of Kazakhstan’s capital market. The document is available on the ADB website at: https://www.adb.org/publications/bond-market-guide-kazakhstan . Statements from the Parties National Bank of the Republic of Kazakhstan “The bond market plays a key role in financing the economy and is one of the priority areas of financial market development in Kazakhstan, providing the formation of a market yield curve and effective transmission of monetary policy signals. In this regard, the National Bank of the Republic of Kazakhstan, together with government agencies and market participants, is implementing a comprehensive set of measures to develop infrastructure, improve regulation, enhance liquidity, and broaden the investor base. As part of this work, the Bond Market Guide for Kazakhstan has been prepared jointly with the Asian Development Bank, structuring information about the market in accordance with international standards and aimed at increasing its transparency and investment attractiveness.” Aliya Moldabekova , Deputy Governor, National Bank of the Republic of Kazakhstan Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market “Regulatory transparency is a fundamental prerequisite for investor confidence. The Guide provides a detailed account of the legal and regulatory framework of Kazakhstan’s securities market and gives foreign participants a reliable reference point when assessing opportunities. The Agency is committed to keeping the document up to date as regulation evolves in line with best international practices. Today, the Agency, together with international advisors, is developing a Securities Market Development Programme through 2030 and a new Capital Market Law - with the goal of modernising a legislative framework that was designed for an earlier stage of market development and no longer reflects the market’s current scale and complexity. The reform aims to bring new issuers and investment instruments to the market, build a sustainable investor base and liquidity, ensure robust protection of all participants’ rights - and ultimately for the capital market to take a more prominent role in financing Kazakhstan’s economy.” Nurzhan Tursunkhanov , Deputy Chairperson, Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market Ministry of Finance of the Republic of Kazakhstan “A developed and liquid government securities market is the foundation of sound public finances and the ability to attract investment on competitive terms. This Guide provides international investors with objective and structured information on Kazakhstan’s debt instruments. The Ministry of Finance is consistently pursuing a policy of market deepening and broadening the investor base.” Dauren Kengbeil , Vice Minister of Finance, Ministry of Finance of the Republic of Kazakhstan Astana International Financial Centre “The AIFC was established as a world-class financial platform, and bond market development is one of our key priorities. The inclusion of a dedicated chapter on the AIFC’s legal and market infrastructure allows global investors to fully appreciate the advantages of operating through our jurisdiction. We are confident this publication will serve as an effective tool for attracting international capital to the Kazakhstan market.” Renat Bekturov , Governor, Astana International Financial Centre (AIFC) Asian Development Bank “ADB is pleased to support Kazakhstan in preparing this Guide as part of the work of the ASEAN+3 Forum. This publication reflects Kazakhstan’s growing role in regional financial integration and its commitment to attracting international capital in support of economic development. We are confident that the Guide will serve as a valuable resource for investors and market participants considering Kazakhstan as an investment destination.” Utsav Kumar , Country Director, Asian Development Bank (ADB) Kazakhstan Resident Mission Background: About the ASEAN+3 Bond Market Forum (ABMF) The ASEAN+3 Bond Market Forum (ABMF) was established in 2010 under the Asian Bond Markets Initiative (ABMI). The Forum is the leading regional platform for information exchange, policy and regulatory recommendations, and support for bond market integration in the ASEAN+3 region. The ABMF secretariat is provided by the Asian Development Bank. Media Contacts National Bank of the Republic of Kazakhstan: [email protected] Agency for Regulation and Development of the Financial Market: [email protected] Ministry of Finance of the Republic of Kazakhstan: [email protected] , [email protected] AIFC: [email protected] ADB (Media Relations): [email protected]

May 4, 2026On-site

ARDFM RK

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Agency and IFC sign cooperation agreement on investment funds

A meeting was held between the Chairperson of the Agency for Regulation and Development of the Financial Market and a delegation of the International Finance Corporation (IFC) led by Ms. Wiebke Schloemer, IFC Director for Turkey and Central Asia. During the meeting, the Agency and IFC signed a Letter of Agreement for the provision of advisory services. Under this agreement, the IFC will develop recommendations and participate in consultations with public and private stakeholders. The parties also discussed the current results of their bilateral cooperation, including the introduction of ESG standards in Kazakhstan’s financial system, the transformation of microfinance institutions into banks, and IFC support for regulatory and rule-making initiatives.

Sep 12, 2025On-site

ARDFM RK

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Agency and Oman’s Financial Services Authority sign Memorandum of Understanding

During Astana Finance Days, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market and the Financial Services Authority of the Sultanate of Oman (FSA) signed a Memorandum of Understanding (MoU). The FSA is responsible for the regulation and supervision of capital markets, the insurance sector, as well as accounting and auditing activities in the Sultanate of Oman. The signing ceremony was attended by the heads of the two financial regulators — Ms. Madina Abylkassymova, Chairperson of the Agency, and Mr. Abdulla Salim Al-Salmi, Executive President of the FSA. The document reflects the parties’ commitment to strengthening cooperation between Kazakhstan and Oman. The Memorandum provides for cooperation in financial technologies, innovative projects, financial education, and the promotion of financial inclusion, as well as the development of joint initiatives aimed at enhancing financial market infrastructure through the use of modern technologies. Particular attention is given to the support and development of the Tabadul platform, which helps strengthen cooperation between regional exchanges and facilitate cross-border trading.

Sep 5, 2025On-site

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MeetingFinished

Meeting with the Deligation of the Hungarian National Bank

During Astana Finance Days, a meeting was held between a delegation of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, led by Chairperson Madina Abylkassymova, and Mr. Csaba Kandrács, Deputy Governor of the Hungarian National Bank. The parties discussed prospects for expanding cooperation in the banking sector, as well as challenges in financial regulation related to the growing use of digital assets and cryptocurrencies, the introduction of distributed ledger technologies, the increased risk of fraud, and the emergence of regulatory gaps between traditional financial institutions and new market participants. Earlier, during the state visit of the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, to Hungary, the Agency and the Hungarian National Bank (Magyar Nemzeti Bank) signed a Memorandum of Understanding on cooperation in the banking sector. The signing ceremony took place on 20 November 2024 in the presence of the leaders of the two countries. The Memorandum aims to enhance cross-border banking supervision in line with the standards of the Basel Committee on Banking Supervision and creates new opportunities for closer cooperation between the Agency and the Hungarian National Bank.

Sep 4, 2025On-site

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BNK Commercial Bank opens office in Almaty

An official ceremony marking the opening of BNK Commercial Bank’s office in Almaty took place today. The bank is the first foreign bank in Kazakhstan established through the transformation of a microfinance organization into a bank. The launch follows extensive work by the BNK team, its advisors, and specialists of the Agency for Regulation and Development of the Financial Market. The entry of a foreign bank into the Kazakh market is in line with the instruction of the Head of State, Kassym-Jomart Tokayev, to attract reliable foreign banks to Kazakhstan and enhance competition in the banking sector . This initiative was announced in September 2023 in the President’s Address to the People of Kazakhstan. The opening ceremony was attended by the leadership of BNK Financial Group and representatives of its subsidiaries, including BNK Busan Bank, BNK Kyongnam Bank, and BNK Capital. The group’s total assets amount to approximately USD 114 billion, with equity capital of about USD 8 billion. “This event is of historic importance for Kazakhstan’s banking sector. BNK Commercial Bank is the first foreign bank established in Kazakhstan through the transformation of a microfinance organization into a bank. It is also the first banking license issued in Kazakhstan in the past 15 years, and the first foreign bank to obtain a banking license in Kazakhstan as part of the implementation of the President’s instruction to attract international financial institutions,” said Madina Abylkassymova, Chairperson of the Agency. The bank has identified lending to small and medium-sized enterprises (SMEs) as its main strategic priority in Kazakhstan. Supporting SME financing is a key component of Kazakhstan’s economic policy and an important priority for the development of the country’s financial sector. In the first half of the year, the SME loan portfolio reached USD 26.7 billion, representing an increase of 8 percent. The opening of BNK Commercial Bank also represents an important step toward strengthening trade and economic cooperation between Kazakhstan and the Republic of Korea. The Agency for Regulation and Development of the Financial Market issued BNK Commercial Bank a banking license on 25 June 2025.

Aug 26, 2025On-site

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The Agency Grants a Banking License to KMF Bank JSC

Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market issued a license for banking operations to KMF Bank JSC. The bank is opened within implementation of the order of the President of the Republic of Kazakhstan K.K. Tokayev to increase competition in the banking sector, announced in September 2023 during the annual Address to the nation of Kazakhstan. At the official ceremony, Chairman of the Agency Madina Abylkassymova presented the license to the Chairman of the Managemt Board of KMF Bank JSC Shalkar Zhussupov. The new bank became the 23rd second-tier bank in Kazakhstan and was created through transformation of the country's largest microfinance organization KMF. KMF is one of the oldest and most stable participants in the financial sector, operating since 1997. At the end of 2024, the organization ranked the first among microfinance organizations in Kazakhstan in terms of assets, portfolio, and number of clients. Over the years, KMF has built a large regional network and established itself as a socially oriented and financially stable institution. As of 1 August 2025, KMF assets totaled 395 billion KZT. The loan portfolio reached 315 billion KZT, with over 90% of the funds directed to financing of small and medium enterprises, including over 100 thousand borrowers in the agricultural sector. Projects to support women entrepreneurs accounted for 55% of the loans issued by KMF to entities in the real sector of the economy. Total number of clients exceeded 275 thousand people, and over 70% of them live in regions. Level of overdue debt for more than 90 days is below 6%, capital adequacy is 22%, which indicates high financial stability. The branch network has 17 branches and 123 structural subdivisions throughout the country. Total number of employees exceeds 2,500 people, of which about 70% work in regional divisions. More than 180 thousand people have been trained in financial and business literacy through social projects implemented by KMF together with its main shareholder, KMF-Demeu Corporate Fund. The issued license enables the bank to carry out banking operations, including accept deposits from legal entities, open and maintain bank accounts, cash and transfer transactions, provide loans and conduct exchange transactions with foreign currency, issue bank guarantees, including in a new mobile application of the bank. Retail services will be possible after it joins the mandatory deposit guarantee system. As a bank, KMF Bank JSC plans to keep its focus on financing SMEs, including in remote regions and rural areas, as well as expanding the range of banking services, combining traditional banking and digital solutions. KMF Bank became the second new bank to receive a banking license in 2025. Earlier, on June 25, a license was issued to Commercial Bank BNK JSC. Today, there are 23 second-tier banks operating in the country, including 11 with participation of foreign financial groups.

Aug 12, 2025On-site

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The Agency, the National Bank of Kazakhstan, and China’s National Financial Regulatory Administration Sign a Memorandum of Understanding The Agency Issues a Banking License to a New Bank

Состоялась встреча руководства Агентства по регулированию и развитию финансового рынка и Национального Банка Казахстан с вице-министром Национальной администрации по финансовому регулированию (NFRA) Китайской Народной Республики г-ном Чжоу Ляном. В ходе встречи подписан трехсторонний Меморандум о взаимопонимании между Агентством, Национальным Банком РК и NFRA. Меморандум направлен на усиление взаимодействия между Республикой Казахстан и Китайской Народной Республикой в области финансовых рынков. Закреплены договоренности о сотрудничестве в области эффективного регулирования банковских услуг с целью предотвращения незаконной деятельности, укрепления устойчивости банков и защиты прав потребителей финансовых услуг. Документ разработан в соответствии с рекомендациями Базельского комитета по банковскому надзору и основными международными стандартами в области банковского регулирования. В настоящее время в Казахстане действуют три банка с китайским участием: Торгово-промышленный Банк Китая в г. Алматы, Банк Китая в Казахстане и Altyn Bank. Общий объем активов китайских дочерних банков составляет 2,1 млрд тенге или 3,3% от совокупных активов банковской системы. Собственный капитал дочерних банков Китая составляет 368 млрд. тенге.

Jul 23, 2025On-site

ARDFM RK

НовостиFinished

The Agency Issues a Banking License to a New Bank

The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market issued a license to Commercial Bank BNK JSC to conduct banking operations. Launch of a foreign bank corresponds to execution of the order of the Head of State K.K. Tokayev to attract reliable foreign banks to the country and increase competition in the banking sector voiced in September 2023 during the annual Address to the nation of Kazakhstan. This is the first banking license issued in Kazakhstan since 2010. This event confirms readiness of the financial system of Kazakhstan to open a new stage – attraction of new foreign participants with a high level of corporate governance and technological maturity. During the official ceremony, Chairperson of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova presented the license to conduct banking operations to the Chairman of BNK Capital, Mr. Kim Song Ju. The Agency Chief pointed out that emergence of a new foreign participant will expand competition in the banking sector, which will give impetus to development of new banking products and growth of lending to small and medium-sized enterprises. Commercial Bank BNK JSC focuses on development of universal digital services, lending to small and medium-sized enterprises and car loans. The bank was established through transformation of BNK Finance Kazakhstan LLP, which previously operated as a microfinance organization. In June 2024, the Agency issued a permit for its conversion into a second-tier bank within the laws providing for the possibility of transforming microfinance organizations. On 30 May 2025, the Agency approved a report on implementation of transformation measures, after which the company passed state re-registration as a bank. The issued license enables the bank to carry out banking operations, including accept deposits from legal entities, open and maintain bank accounts, cash and transfer operations, issue loans and conduct transactions with foreign currency. Transactions with deposits and bank accounts of individuals will be possible after joining the mandatory deposit guarantee system. At the time of the transformation, assets of the organization totaled 25.8 billion KZT, loan portfolio made 21.8 billion KZT. At the end of 2024, the organization ranked the 15th among microfinance organizations in terms of assets. Commercial Bank BNK JSC is a part of South Korean BNK Financial Group Inc. – an international financial holding with assets of over USD 103 billion . The group also includes Busan Bank and Kyongnam Bank, as well as investment companies. Two Korean banks of the group have international ratings of the A2 level and over 300 branches. Plan of bank's development in Kazakhstan has three stages. At the first stage, the financial institution plans to stabilize transformation into a bank, including effective entry into the market using a business structure, creation of a basic digital banking system and a reliable risk management system. The second stage provides for expansion of operational activities, including diversification of the product portfolio, entry into the car leasing market and expansion of digital products. Moreover, the bank plans to diversify assets through creation of an image of a bank focused on SMEs, deepening of digital transformation and creation of a base for entering the CIS market.

Jun 25, 2025On-site

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