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]
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.
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.
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.
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.
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.
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.
Chairperson of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova spoke with a report covering Agency's activities to comply with and ensure rights of citizens to receive banking and other financial services. The event covered key measures to protect rights of consumers of financial services. "In order to protect rights of citizens and increase their trust in the financial system, the Agency is implementing a set of systemic measures covering all segments of the financial market - banking, insurance, stock markets, as well as the microfinance market. Given the scale of retail lending, key task of protecting consumers in the banking and microfinance sectors is to reduce indebtedness of the population and prevent growth of problem debt . Key measure to reduce the debt burden of the population was adoption in June 2024 of the Law on Minimizing Risks in Lending and Protecting the Rights of Borrowers ," the Agency Chairperson pointed out. To limit debt burden of borrowers who already have loans overdue for more than 90 days, a ban on issuing them consumer loans has been established since July 1, 2024. To support problem borrowers, mechanisms for restructuring problem loans have been enhanced. In particular, a two-year moratorium has been introduced until 2026 on sale of problem loans to collectors. Rights of citizens to out-of-court settlement of problem debt through the ombudsman mechanism have been strengthened. For this purpose, competence of the banking ombudsman includes study of disputes on all types of loans to citizens, including consumer loans. Since the beginning of this year, the institution of microfinance ombudsman has been introduced. “Since October 2023, a uniform procedure for settling problem debt of citizens on loans has been introduced at the legislative level. Citizens can apply to banks, MFOs or collection agencies with an application for loan restructuring. If an agreement with the creditor is not reached, the borrower can contact the ombudsman or the Agency. As part of this settlement procedure, banks, MFOs and collectors have adopted individual plans to reduce problem loans of citizens. In 2024, loans worth 358 billion KZT were restructured, loans worth 18 billion KZT were written off,” said M. Abylkasymova. Today, one of the mechanisms for reducing the problem debt of citizens is the procedure of extrajudicial bankruptcy . Since the launch of the mechanism, 244 thousand citizens have applied for extrajudicial bankruptcy, but only 30.5 thousand people received the status of bankrupt. In order to simplify it, the requirement for mandatory debt settlement has been removed, and debts to creditors who do not provide information about loans to credit bureaus will also be written off. In order to limit issue of loans to borrowers with a high level of risk, the regulatory maximum amount of consumer bank loans has been set at 2,200 MCIs , and microloans at 1,100 MCIs . A requirement has been introduced to obtain a spouse's consent when applying for a consumer loan in excess of 1,000 MCIs. "The Agency, together with the National Bank, has also cut maximum values of the effective interest rate on unsecured loans from banks and MFOs from 56% to 46% , and on secured loans from 40% to 3 5% . In the microfinance segment, lending to the population is mainly represented by PDL microloans for up to 45 days. For such loans, from September 2024, maximum effective rate was cut to 179% , and the daily rate to 0.3% ," said Madina Abylkassymova. In order to systematically prevent risks associated with violation of consumer rights and unfair behavior of financial institutions, a risk-oriented model of behavioral supervision is being created within the new draft Law on Banks . It is designed to increase responsibility of financial institutions to clients at all stages of interaction – from development and promotion of products to their sale and dispute resolution. During the meeting, Madina Abylkassymova indicated that the growth of financial fraud is becoming the most pressing problem. In the context of digitalization of the financial market and introduction of mobile applications, cases of deception of citizens in order to gain access to personal data of citizens and issue fraudulent loans have become more frequent. "In order to protect citizens from credit fraud, since February 2024, the right of citizens to establish on their own a voluntary refusal to get bank loans and microloans has been legislatively introduced. This service is implemented on the eGov portal. Over 2.2 million people have already used this option. Moreover, since June 2024, a requirement has been established for banks and MFOs for mandatory biometric identification of the client when applying for each online loan . In August 2024, creditors were required to check image liveness in order to rule out issuance of loans based on forged documents - deepfake," the Head of the Agency recalled. Today, one of the mechanisms for reducing the problem debt of citizens is the procedure of extrajudicial bankruptcy . Since the launch of the mechanism, 244 thousand citizens have applied for extrajudicial bankruptcy, but only 30.5 thousand people received the status of bankrupt. In order to simplify it, the requirement for mandatory debt settlement has been removed, and debts to creditors who do not provide information about loans to credit bureaus will also be written off. In order to limit issue of loans to borrowers with a high level of risk, the regulatory maximum amount of consumer bank loans has been set at 2,200 MCIs , and microloans at 1,100 MCIs . A requirement has been introduced to obtain a spouse's consent when applying for a consumer loan in excess of 1,000 MCIs. "The Agency, together with the National Bank, has also cut maximum values of the effective interest rate on unsecured loans from banks and MFOs from 56% to 46% , and on secured loans from 40% to 3 5% . In the microfinance segment, lending to the population is mainly represented by PDL microloans for up to 45 days. For such loans, from September 2024, maximum effective rate was cut to 179% , and the daily rate to 0.3% ," said Madina Abylkassymova. In order to systematically prevent risks associated with violation of consumer rights and unfair behavior of financial institutions, a risk-oriented model of behavioral supervision is being created within the new draft Law on Banks . It is designed to increase responsibility of financial institutions to clients at all stages of interaction – from development and promotion of products to their sale and dispute resolution. During the meeting, Madina Abylkassymova indicated that the growth of financial fraud is becoming the most pressing problem. In the context of digitalization of the financial market and introduction of mobile applications, cases of deception of citizens in order to gain access to personal data of citizens and issue fraudulent loans have become more frequent. "In order to protect citizens from credit fraud, since February 2024, the right of citizens to establish on their own a voluntary refusal to get bank loans and microloans has been legislatively introduced. This service is implemented on the eGov portal. Over 2.2 million people have already used this option. Moreover, since June 2024, a requirement has been established for banks and MFOs for mandatory biometric identification of the client when applying for each online loan . In August 2024, creditors were required to check image liveness in order to rule out issuance of loans based on forged documents - deepfake," the Head of the Agency recalled. Since July 2024, establishment of the National Bank's Anti-Fraud Center is provided for at the legislative level. The Center forms "black lists" including persons with confirmed facts of fraud, as well as "gray lists" with suspicious persons requiring extra verification. Since its launch, over 64.8 thousand suspicious transactions have been registered, for which more than 2.5 billion KZT of illegally obtained funds have been blocked. To protect citizens who have suffered from actions of fraudsters, since August 2024 banks and MFOs have been required to suspend accrual of remuneration and debt collection on fraudulent loans if there is a decree of the Ministry of Internal Affairs recognizing a citizen as a victim of fraud. In December 2024, new requirements for banks to manage fraud risks were approved for suppression of fraud. Moreover, in order to improve efficiency of interaction with clients, a requirement was established for availability of functionality for submitting requests on fraud issues through the bank's mobile application. "Today, the problem of credit fraud remains relevant due to emergence of new typologies and forms of fraud, telephone fraud is actively used. In this regard, the Agency, together with concerned government agencies, provides for new legislative measures in the Law on Development of the Financial Market and Protection of the Rights of Consumers of Financial Services. In particular, a "cooling-off period" of at least 24 hours is introduced when issuing the consumer unsecured online loans in excess of 150 MCIs . During this period, banks and MFOs must check the transaction for fraud signs. Moreover, the first consumer loan will be issued only in personal presence of the borrower at the lender's office, and online lending to citizens aged under 21 and over 55 will be possible only upon receipt of their consent, issued through eGov," said the Agency Chairperson. In order to protect victims of fraud, grounds for writing off fraudulent loans have been legislatively expanded. Additionally, telecom operators have to create internal anti-fraud systems, block fraudulent calls and transfer information about numbers from which they were made to the National Bank’s Anti-Fraud Center. In addition, a ban is imposed on connecting the subscribers to communication services without passing biometrics, as well as a limit of no more than 10 SIM cards per individual. Kazakhstan demonstrates a steady increase in the population's interest in insurance services. In 2024, more than 7 million people were covered by insurance services, and the amount of insurance premiums totaled 915 billion KZT. The bulk of insured persons are voluntary types of insurance, such as accident insurance ( 45.2% ) and life insurance ( 16.5% ). "Along with that, in this segment, rules and conditions for making insurance payments are established by the insurance companies themselves, which creates the risk of imposing excessive insurance services. In this regard, the Agency has developed legislative amendments designed to prevent unfair practices in provision of insurance services. In order to reduce the cost of insurance products, it is envisaged to limit the commission fee of any insurance intermediaries, including banks and microfinance organizations, down to 10% of the amount of the insurance premium under contracts related to obtaining loans," added M. Abylkasymova. The securities market is becoming increasingly accessible to the population : over the past five years, the number of retail investors has tripled and reached 700 thousand people. Against the background of this growth, the need to protect their rights from fraud and investment risks is increasing. In order to combat illegal practices, FOREX intermediaries have been regulated and it is prohibited to give investment advice without a license. The Agency's website publishes a list of organizations with signs of unlicensed activity – it already contains 295 names, including 100 pseudo-brokers. Since January 2023, brokers are required to assess the client's investment profile before making recommendations in order to protect unqualified investors from risky investments. The requirements for obtaining the status of a qualified investor have been tightened. After the speech, the Agency Head answered relevant questions from members of the Human Rights Commission about enhancement of protection of the rights of consumers of financial services.
