Tashkent, Uzbekistan (UzDaily.uz) — The analytical company RISE Research, commissioned by BCC Hub, Fintech Center and Tarlan, has prepared a map of Kazakhstan's non-bank fintech market covering more than 100 companies in a dozen segments, according to a RISE Research analysis as of July 2026.
According to the map, compiled on the basis of 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 — among them KASE, Binance, ATAIX Eurasia, Intebix, BigOne, Cronex and more than a dozen other platforms.
A significant number of players also operate in digital assets (stablecoins, custody services, tokenisation), WealthTech, digital lending and financial marketplaces.
Separate areas highlighted include 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 segment, according to the map, more than 120 digital microfinance organisations are operating out of 214 registered in the country.
Alongside the market's expansion, a number of pilot projects on tokenisation and crypto payments have been launched in the regulatory sandboxes of the National Bank and AFSA.
In September 2025, the world's first spot Solana ETF with staking — the Fonte Solana Exchange Traded Fund — began trading on the AIX (Astana International Exchange). In the same month, a pilot for a tenge-backed stablecoin (KZTE) was launched in the National Bank's regulatory sandbox, with the participation of 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 on the tokenisation of refined gold was approved in the National Bank's sandbox with the participation of the National Bank of Kazakhstan and Bank CenterCredit, and in February 2026 a pilot on the tokenisation of commercial real estate was launched with the participation of Apartchain, Nu Impact Foundation, Astana Business Campus and First Validator.
In April 2026, Alatau City Bank and Binance conducted the first test crypto payment by QR code as part of a pilot announced by Bybit back in 2025.
At the same time, as RISE Research's analysis shows, venture activity in Kazakhstan's fintech sector remains low against the backdrop of the dominance of banking ecosystems, and most deals are at early stages.
Confirmed venture investments in fintech grew from US$3 million in 2021 to a peak of US$32 million in 2023, after which they declined consistently to US$19 million in 2024 and US$8 million in 2025.
Among the funding rounds recorded in 2023–2025 were investments in Prosper Pay (several rounds at pre-seed, seed and pre-A stages totalling more than US$2 million), Investbanq (US$3 million at seed stage in 2023 and again at pre-A stage in 2025), cardB (US$15 million at seed stage in 2024) and MOST Finance (US$1.5 million at pre-seed stage in 2024).
