ASTANA – Kazakhstan’s largest banks have come to dominate one of Central Asia’s most digital consumer finance markets, leaving less room for independent fintech startups and pushing the sector’s next phase of growth toward open banking, embedded finance and shared financial infrastructure, according to a new industry report.
Fintech in Kazakhstan 2026 was presented at the Central Asia Fintech Summit in Almaty. The report was developed by RISE Research & Advisory, in partnership with Tarlan Payments, BCC Hub, and Fintech Center, with the support of the National Bank of Kazakhstan. This is the third annual national study of Kazakhstan’s fintech market.
According to the report, Kazakhstan’s fintech market has become increasingly concentrated around its largest banks, with five banks accounting for 69% of sector assets. Three super-apps have also emerged as the main platforms for everyday financial services. Their apps now integrate payments, lending, e-commerce, travel, transport, government services and other everyday functions into a single ecosystem.
Banks are extending the same model to small businesses, where, according to the report, they address 16 of 19 core needs, spanning from company registration and account opening to payments, credit, payroll and accounting. Experts said that dominance has left limited space for independent consumer-facing fintech firms, pushing startups toward open banking, embedded finance and other infrastructure-driven business models.
Kazakhstan’s fintech startups raised around $72 million in venture capital between 2021 and 2025, but funding has fallen sharply since its peak at $32 million in 2023. Investment dropped to $19 million in 2024 and just $8 million last year, with most deals still concentrated at the pre-seed and seed stages.
Capital is also shifting away from consumer-facing models towards B2B and financial infrastructure businesses. The report also highlights substantial changes in how the market is regulated. Kazakhstan is reshaping the architecture of its financial market, combining regulatory reforms with shared digital infrastructure designed to connect banks, fintech firms and consumers more closely.
A unified QR payment system, phone-number transfers, the digital tenge, Digital ID and the National Anti-Fraud Center are creating new opportunities for the sector. According to the experts, the changes could lower barriers to market entry for fintech companies, while also bringing them under stricter compliance and regulatory requirements.
“Over the past year, Kazakhstan has undertaken its most sweeping overhaul of financial regulation in three decades. The changes include a new banking law, a Digital Code and an artificial intelligence law, alongside the rollout of a unified interbank QR payment system, transfers by phone number, the full circulation of the digital tenge, and a nationwide regulatory framework for digital assets operating alongside the jurisdiction of the Astana International Financial Centre,” said National Bank Deputy Governor Binur Zhalenov.
“Kazakhstan has become the only jurisdiction in the region to operate a full stack of digital financial infrastructure, including a central bank digital currency, instant payments, open banking and a regulated digital asset market, within a single regulatory framework,” said Zhalenov.