In an interview with Kazakhstanskaya Pravda, Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan Chair Madina Abylkassymova reviewed the completed overhaul of banking legislation and outlined the next phase of financial sector reform. The new framework recasts supervision, competition, consumer protection and bank resolution, supported by 80 implementing acts. It gives the agency earlier intervention and capital powers, makes shareholders and investors primarily responsible for bank losses, and combines SREP, asset quality reviews and supervisory stress testing in an annual cycle covering more than 85% of banking assets. The agency has also introduced conduct supervision across the full product lifecycle, complementing prudential oversight with scrutiny of product design, pricing, advertising, sales, servicing and complaints. Lending to specified high risk borrowers has been restricted, an aggregate debt-to-income ratio will apply from 2027, and a unified financial ombudsman for banking, microfinance and insurance disputes is planned by year-end. FinAI, the agency’s supervisory platform, integrates more than 20 digital tools, including over 10 artificial intelligence solutions, to support continuous risk monitoring. The model will be extended from banking to insurance and capital markets. The Capital Market Development Program through 2030 now comprises seven strategic areas and 35 initiatives aimed at channeling domestic savings into businesses and investment projects. Measures include wider participation by private pension asset managers, simplified digital bond issuance, support for private company listings, centralized securities lending, best execution requirements and stronger digital market surveillance. A draft Capital Market Law amending 11 codes and 24 laws is planned for submission to the Kurultai by year-end. A parallel insurance program contains six strategic areas and 18 initiatives, including risk-based pricing, expanded voluntary and catastrophe coverage, end-to-end digital insurance and a phased move to Solvency II.
2026-09-08Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan Chair outlines completed banking overhaul and 2030 capital and insurance reforms
Agency Chair Madina Abylkassymova reviewed Kazakhstan’s completed banking law overhaul, including earlier supervisory intervention, a new bank resolution framework and conduct supervision. The agency is also advancing 2030 capital and insurance market programs to expand long-term financing, investor protection, digital services and risk-based regulation. A draft Capital Market Law and a unified financial ombudsman are planned by year-end, while an aggregate debt-to-income ratio will apply from 2027.