Why Kazakhstan for Fintech?

Astana Financial Services Authority is a member of the Global Financial Innovation Network.  Members are national financial sector regulators and/or supervisors (includes a financial regulator of a jurisdiction) who have a commitment to supporting innovation in financial services.

FinTech Lab is a tailored live environment, where firms can offer innovative financial and RegTech services without being immediately subject to the full set of regulatory requirements.

FinTech Lab allows:

• Firms licenced in foreign jurisdictions to test the regional markets with minimum resources and presence in AIFC.
• Start-up firms to provide activities regulated in the AIFC by gradually complying with regulatory requirements.
• Both incumbent and start-up firms to test new products and technologies in live environment with real clients.

For more information on eligibility criteria for FinTech Lab, including on the AIFC Financial Technology Rules click here.

According to Statista, Fintech in Kazakhstan is characterised as follows:

• The market's largest segment will be Digital Payments with a total transaction value of US$4,457.00m in 2022.
• The average transaction value per user in the Alternative Financing segment is projected to amount to US$10.27k in 2022.
• The Digital Investment segment is expected to show a revenue growth of 26.6% in 2023.
• In the Digital Payments segment, the number of users is expected to amount to 9.01m users by 2026.
• Total Transaction Value in the Digital Payments segment is projected to US$4,457.00m in 2022.
• Due to the major differences in the KPIs of FinTech products, e.g. different nature of loan origination volume in Alternative Lending in comparison to Assets under Management in Robo-Advisors, no total transaction value for all segments can be calculated.

Three Reasons For Choosing Kazakhstan As Your Fintech Home

(1) huge undeveloped market in the region where, according to estimates from the World Bank, there are about 200 million people with a 50% unbanked adult population. 

(2) enormous wealth of human capital. 

(3) favourable legal environment in the AIFC conducive to the development and implementation of innovations in the financial sector. ​

Did you know?: That more than 12,000 Kazakhstani students studied in world-class universities abroad under the Bolashak programme as part of training personnel and specialists for the sectors that are a priority for the country's economy.