Kazakhstan

Alfa Bank has married its SME focus and its digital ambitions to much success in Kazakhstan, but will its business model be enough to ward off the competition?

Since Kazakhstan left the Soviet Union and embraced capitalism, its banks have been locked in a boom-bust cycle, but a banker who lamented the passing of Communism has emerged as the industry’s leader. Now Halyk Bank’s Umut Shayakhmetova faces what could be her biggest test yet.

The Development Bank of Kazakhstan’s state ownership means it is leading the way in corporate social responsibility in the country, and helping the government to reach its goal of becoming carbon neutral by 2060.

In many countries, the success of banks’ focus on small and medium-sized enterprises is increasingly tied to their digital offerings for this group of clients. Can the SMEs avail of mobile banking services? Can they do most of their banking business online, without going to a physical branch or needing human support? Can they do this safely, through an easy-to-navigate app or platform?

In many countries, the success of banks’ focus on small and medium-sized enterprises is increasingly tied to their digital offerings for this group of clients. Can the SMEs avail of mobile banking services? Can they do most of their banking business online, without going to a physical branch or needing human support? Can they do this safely, through an easy-to-navigate app or platform?

Citi’s commitment to Kazakhstan has not wavered in the 25-plus years that it has had a presence in the Central Asian country. It has only become stronger.

Halyk Bank’s corporate and investment banking franchise is second to none in Kazakhstan, making it our choice for this award for the third year in a row.

Given its quest to become a high-tech name, Kazakhstan’s fifth-largest bank by assets, deposits and loans has undergone a dramatic culture change in the past couple of years. ForteBank put in the effort and investment to improve its IT infrastructure and as a result, digital processes and initiatives have become a core part of its operations.