The analytical company RISE Research, commissioned by BCC Hub, Fintech Center, and Tarlan, has prepared an overview of the non-banking fintech market in Kazakhstan. According to RISE Research's analysis as of July 2026, the map covers over one hundred companies across various segments.
Based on data from the Agency for Regulation and Development of the Financial Market (AFSA) and the National Bank of the Republic of Kazakhstan, licensed crypto exchanges remain the most saturated segment. These include KASE, Binance, ATAIX Eurasia, Intebix, BigOne, Cronex, and more than a dozen other platforms.
A significant number of market participants also operate in the digital assets sector (including stablecoins and custody services), WealthTech, digital lending, and financial marketplaces. Special attention is paid to areas such as Earned Wage Access (EWA), electronic identification (eKYC), crowdfunding and crowdlending, online cash registers and POS solutions, credit scoring, and Islamic finance.
In the digital lending sector, the map shows that 214 microfinance organizations are registered in the country, with over 120 currently operating.
Parallel to market expansion, various pilot projects related to tokenization and cryptocurrency payments have been launched within the regulatory sandboxes of the National Bank and AFSA.
In September 2025, the world's first spot ETF on Solana with staking—Fonte Solana Exchange Traded Fund—began trading on the AIX (Astana International Exchange). In the same month, a pilot program for a tenge-backed stablecoin (KZTE) started in the National Bank's regulatory sandbox, involving Intebix, Solana, Mastercard, and Eurasian Bank.
In October 2025, AFSA for the first time accepted a regulatory fee in the USDT stablecoin from SkyBridge Digital Finance through Bybit's infrastructure. In December 2025, a pilot for the tokenization of refined gold was approved in the National Bank's sandbox, involving the National Bank of Kazakhstan and Bank CenterCredit. In February 2026, a pilot for the tokenization of commercial real estate was launched, involving Apartchain, Nu Impact Foundation, Astana Business Campus, and First Validator.
In April 2026, Alatau City Bank and Binance conducted the first test cryptocurrency payment via QR code as part of a pilot announced by Bybit back in 2025.
However, according to RISE Research's analysis, venture activity in Kazakhstan's fintech sector remains low against the backdrop of dominant banking ecosystems, with most deals being at early stages.
Confirmed venture investments in fintech grew from $3 million in 2021 to a peak of $32 million in 2023. After this, they began a steady decline, reaching $19 million in 2024 and $8 million in 2025.
Among the funding rounds recorded between 2023 and 2025, there were investments in Prosper Pay (several rounds at pre-seed, seed, and pre-A stages totaling over $2 million), Investbanq ($3 million at the seed stage in 2023 and again at the pre-A stage in 2025), cardB ($15 million at the seed stage in 2024), and MOST Finance ($1.5 million at the pre-seed stage in 2024).
