South Korean investors eye banking license in Kazakhstan
BNK Finance Kazakhstan, backed by South Korean investors, is on track to become the country’s first South Korean-owned commercial bank
ASTANA, Kazakhstan (MNTV) — South Korean investment in Kazakhstan is set to grow further, as BNK Finance Kazakhstan, a microfinance organization owned by South Korean investors, nears the acquisition of a banking license.
Madina Abylkassymova, Chair of Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM), confirmed that BNK Finance Kazakhstan is on track to complete the final organizational steps required to secure a banking license, potentially by May 2025.
Abylkassymova added that the microfinance organization, currently ranked 14th in Kazakhstan in terms of assets, has already demonstrated the necessary financial stability and infrastructure to transition into a full-fledged commercial bank.
“Kazakhstan’s banking sector is set to welcome its first South Korean-backed commercial bank, a strategic move aimed at broadening the country’s financial services landscape,” said Abylkassymova during a recent roundtable discussion on banking reforms.
South Korean interest in Kazakhstan is not limited to BNK Finance. In March 2025, KMF, another prominent microfinance organization in the country, received approval to convert into a bank, highlighting the growing South Korean influence in Kazakhstan’s banking landscape.
The ARDFM emphasized that KMF will need several months to finalize the transition, ensuring its compliance with banking standards and regulations.
These ventures come as part of broader efforts to integrate Kazakhstan into global financial networks, with South Korean companies playing an increasingly important role.
As of early 2025, BNK Finance Kazakhstan reported $46.3 million in assets and a loan portfolio of $38.6 million, marking a strong performance in Kazakhstan’s competitive financial market.
South Korean financial institutions, including Busan Bank and Kyongnam Bank, are part of BNK Financial Group, which oversees the growing network of companies in the region. Their entry into Kazakhstan’s banking scene signals a long-term commitment to regional economic development.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
