The number of fintech startups in Kazakhstan has increased fourfold in five years. There are 200 such startups in the country and they are leaders in terms of the volume of attracted investments. Experts from several companies conducted a joint study of the financial market in Kazakhstan, based on the results of which they identified the main trends shaping the fintech market in the republic.
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Between 2019 and 2023, the number of online banking users in Kazakhstan increased 4.6 times, from 5 million to 23.1 million people, according to the results of a joint study by Rise Research, the National Payment Corporation of Kazakhstan, Mastercard and Tarlan Payments.
The share of non-cash payments in Kazakhstan in May 2024 reached a record high of 89%. This is due, among other things, to the growing number of fintech startups represented on the market. Over the past five years, their number has increased fourfold and reached 200.
Fintech startups have become leaders in terms of the volume of attracted investments. Their share in 2023 accounted for 40% of all venture funding in Kazakhstan.
“At the same time, over the past five years, the number of non-bank fintechs has quadrupled. More specialized areas have emerged, such as cryptocurrency exchanges, eKYC, AML, anti-fraud, and digital lending, indicating the expansion and deepening of the fintech ecosystem,” the authors of the study noted.
Experts named the main trends shaping the country’s fintech market as the introduction of AI, new financial products for small and medium-sized businesses, installment payment services, digital tenge and financial assets.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
