Fintech & payments regulation in Kazakhstan (2026)

Legal framework

Law No. 11-VI 'On Payments and Payment Systems' (26 July 2016, as amended); Law 'On Banks and Banking Activities' (adopted 25 December 2025, pending presidential signature); regulator: National Bank of Kazakhstan (NBK) for the national market; Astana Financial Services Authority (AFSA) within the Astana International Financial Centre (AIFC)

Key points: digital payments & fintech in Kazakhstan

1. 01Payment Organisation Licensing/Registration

   Banks providing payment services require an NBK-issued licence; all other payment organisations must register with the NBK under Law No. 11-VI (2016). The NBK maintains a public Registry of Payment Organisations and a Register of Important Payment Service Providers. Registration must be obtained before any payment services can be rendered.

   nationalbank.kz nationalbank.kz adilet.zan.kz

2. 02New Banking Law (2025), Major Reform

   On 25 December 2025 Kazakhstan's Parliament adopted a new Law 'On Banks and Banking Activities', replacing the 1995 framework. It introduces proportional (basic vs universal) bank licensing, allows Islamic windows in conventional banks, and establishes a legal foundation for the digital tenge and digital financial assets. The law enters force 60 days after presidential signature.

   bakermckenzie.com lexology.com

3. 03AIFC / AFSA Fintech & Money Services Framework

   The Astana Financial Services Authority (AFSA) adopted comprehensive AIFC Rules on Providing Money Services with a phased rollout: definitions, capital requirements and digital-asset use from 13 October 2025; client-protection and cyber-resilience rules from 13 January 2026. AFSA independently issues licences to fintech firms operating within the AIFC special jurisdiction.

   aifc.kz afsa.aifc.kz

4. 04Open Banking

   The NBK and the Agency for Regulation and Development of Financial Market approved a Concept for Open API and Open Banking for 2023-2025. The 2025 phase targets product-oriented Open APIs, and the new Banking Law codifies open banking infrastructure as part of the National Digital Financial Infrastructure (including a unified interbank payment system).

   nationalbank.kz astanatimes.com

5. 05Instant Payments & Unified QR Code

   The NBK launched a single national QR code standard in 2024 ensuring interoperability across card payments, instant account-to-account transfers, and bank digital wallets. The new Banking Law (2025) formally anchors this unified QR and a National Digital Financial Infrastructure in statute.

   nationalbank.kz lexology.com

6. 06BNPL, Regulatory Tightening Underway

   BNPL/installment schemes account for over 50% of new consumer loans in Kazakhstan and the NBK formally flagged their inflationary impact to the government in late 2024. New installment rules requiring transparent pricing disclosure were introduced in 2025, and stricter consumer-credit protections are embedded in the new Banking Law. A dedicated BNPL-specific licensing regime does not yet exist.

   intellinews.com newsline.kz astanatimes.com

7. 07Digital Tenge (CBDC)

   The digital tenge CBDC (built on R3 Corda) moved to active deployment in 2025-2026: mass-adoption approval was granted by the Prime Minister in April 2025, and the NBK issued formal rules for its issuance, circulation and redemption (effective July 2026). Over 100 public-sector projects, infrastructure, social benefits, healthcare, are slated to use the digital tenge.

   astanatimes.com cbdctracker.org

Sources

1. 1.nationalbank.kz/en/news/uchetnaya-registraciya-platezhnoy-organizacii
2. 2.nationalbank.kz/en/page/reestr-platezhnyh-uslug
3. 3.adilet.zan.kz/eng/docs/Z1600000011
4. 4.bakermckenzie.com/en/insight/publications/2026/01/kazakhstan-new-banking-law-signals-ma
5. 5.lexology.com/library/detail.aspx?g=9c8cd7fa-56d0-4baf-b826-f386c797e60f
6. 6.aifc.kz/news/afsa-adopts-comprehensive-framework-on-providing-money-services/
7. 7.afsa.aifc.kz/
8. 8.nationalbank.kz/en/page/Digital-Financial-Infrastructure
9. 9.astanatimes.com/2025/04/what-stands-behind-kazakhstans-open-banking-initiative/
10. 10.astanatimes.com/2025/10/kazakhstans-new-banking-rules-innovation-or-more-oversight/
11. 11.intellinews.com/kazakhstan-s-bnpl-dilemma-buy-now-both-you-and-your-country-will-pay-
12. 12.newsline.kz/article/1218936/
13. 13.astanatimes.com/2026/05/national-bank-of-kazakhstan-sets-rules-for-launch-of-digital-
14. 14.cbdctracker.org/currency/kazakhstan-digital_tenge
15. 15.lexology.com/library/detail.aspx?g=0e892db8-c2cb-46f7-ba96-11e30d014d56