Payment Banks to Launch in Kazakhstan in October

In October, Kazakhstan's financial sector is set to introduce a new category of market players: payment banks. The launch of these specialized entities is expected to intensify competition across the country's broader financial and banking landscape.

Regulatory parameters for the incoming participants are strictly defined. Payment banks will not be authorized to attract or hold deposits from individuals or legal entities, nor will they be permitted to issue loans.

Instead, the operational scope of payment banks will focus on executing transactions, transfers, and payment services, creating a dedicated niche within Kazakhstan's evolving financial market.