Kazakhstan fintech shifts to BaaS, AI, digital assets
Incumbent banks now lead consumer finance, but the sector focuses on infrastructure, with over 50 regulated digital asset providers operating under new May 2026 rules.
Fintech Sector Shifts
Kazakhstan's financial technology sector is transitioning its focus towards infrastructure, artificial intelligence (AI), and digital assets, following an initial period led by established banks.
This evolution is detailed in the 2026 *Fintech in Kazakhstan: Annual National Study* by RISE Research and Advisory, Tarlan Payments, BCC Hub, Fintech Center, and the National Bank of Kazakhstan. The report indicates that incumbent financial institutions, which previously drove consumer fintech through super-apps, are now exploring new growth areas.
Established players still dominate the digital consumer finance market, with five banks holding 69% of Kazakhstan's banking sector assets. These banks also provide extensive digital platforms for small and medium-sized enterprises (SMEs), covering account opening, payments, and financing.
Super-app Dominance
Leading super-apps showcase this incumbent strength. Kaspi.kz serves approximately 27.5 million users across Kazakhstan and Türkiye, as stated in its March 2026 US SEC Form 20-F filing. Halyk Bank's Halyk SuperApp reports 8.5 million monthly active users (MAU) for its consumer app and 343,800 MAU for its business platform, as of October 2026.
Freedom Bank's Freedom SuperApp claims 5.2 million users and 2.59 million MAU in October 2026. The market structure leaves limited room for standalone business-to-consumer (B2C) models, prompting a shift towards business-to-business (B2B) categories and technology providers.
BaaS and Digital Asset Regulation
The shift includes a strong emphasis on banking-as-a-service (BaaS), where banks aim to monetise their existing infrastructure. Bank RBK, Bank CenterCredit (BCC), Halyk Bank, and Freedom Bank are key providers in this space, acting as fintech partners and infrastructure suppliers, the 2026 study reveals.
Digital assets also represent a significant growth vertical, supported by increasing regulatory clarity. Kazakhstan introduced a national framework in May 2026 to distinguish between unsecured digital assets and digital financial services, requiring formal licensing for operators of digital asset platforms. This builds on the February 2023 Law “On Digital Assets in the Republic of Kazakhstan”.
The regulatory framework for digital assets establishes legal oversight and requirements for infrastructure, capital, risk management, compliance, and anti-money laundering (AML/CFT/CPF).
Currently, over 50 regulated digital asset providers operate within Kazakhstan and the Astana International Financial Centre (AIFC), a number expected to grow under the new federal regulation, according to the 2026 study. This change in focus by Kazakhstan's financial sector offers a blueprint for other Asian economies.
Companies looking to expand digital services in Central Asia should note the established dominance of incumbent banks in consumer and SME finance, necessitating B2B partnerships rather than direct B2C competition.
The clear regulatory framework for digital assets could also attract further investment and innovation into Kazakhstan's digital finance market, potentially creating a hub for regional digital asset services.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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