Financier №1 (41) 2026

You led the KASE for nearly 10 years - from 2016 to 2025. What changes in the Kazakhstan stock market would you highlight over this period?

Over the past 10 years, the market has grown significantly and undergone transformation. The government has consistently privatised a number of national companies via the stock market, including Air Astana, Kazatomprom, KazMunayGas, and KEGOC. New private‑sector companies and microfinance organisations have entered the bond market. The issuance of GS* has continued to finance various programmes, and the issuance of sustainable development bonds has begun - ranging from green bonds to social and pandemic‑related bonds.

There have been many changes due to digitalisation: banks and brokers can now provide services in the stock market through mobile applications. As a result, individual participation in IPOs, secondary stock trading, and high‑yield bond trading has increased. During the same period, around 11 crypto exchanges registered with the Astana International Financial Centre (AIFC). Now, retail investors have access to a wide range of both local and international assets, including stocks, bonds, ETFs, and crypto assets.

The share of foreign investors in the GS market has grown to 8–10 %. The Kazakhstan Central Depository now holds a direct account with Clearstream, and we expect an Euroclear account to be opened this year.

We have established the KASE Clearing Centre, which helps process large trading volumes, thereby increasing liquidity on stock platforms. Kazakh issuers have returned to the Eurobond market and mastered placements in new currencies, such as the UAE dirham and Chinese yuan.

*GS means government securities    

What is the current capitalisation of the Kazakhstan stock market?

As of 1 January 2026, the capitalisation of the corporate bond market on the KASE reached KZT 16.25 trillion, an increase of 77.7 % compared to 2015. ESG bonds account for KZT 966 billion in nominal value, while debt securities issued by microfinance organisations amount to KZT 297 billion. The stock market capitalisation stands at KZT 39 trillion and has grown 3.2 times over 10 years. The volume of the GS market has increased 5.7 times, reaching KZT 31.87 trillion. 

Retail has also grown: around 4.7 million accounts have been opened with the central depository, with approximately 300 000 actively participating in trading on the KASE.

What factors most actively affect the development of the Kazakhstan stock market?

The stock market is influenced by economic growth and rising living standards, increasing demand for financing by businesses and the government, and technological development. The Kazakhstan market follows international trends: this includes the growth of the green economy and the ESG trend, and in recent years, the creation of infrastructure for issuing and trading digital assets and carbon units.

Since Kazakhstan’s independence, a system of institutional investors has been properly established: banks, insurance companies, the Unified Accumulative Pension Fund, and government funds.

How is your current activity connected to the financial sector in Kazakhstan?

I serve on the boards of directors of four Kazakh companies: the Damu Entrepreneurship Development Fund, the Kazakhstan Export-Credit Agency, the asset management company Valor Capital, and the insurance company Sinoasia B&R.

However, my main role now is as a business development advisor at the Muscat Stock Exchange in the Sultanate of Oman. Speaking about Oman, the main market there consists of stocks, bonds, and investment funds. Stock trading volume in Oman has quadrupled over the past year, and market capitalisation has reached approximately $90 billion.

What advice would you give to women who want to build a career in the stock market?

Life is very changeable. You need to constantly improve yourself, upgrade your qualifications, and acquire new skills, as technologies and lifestyles evolve. AI is now having a major impact on the world, so it’s essential to actively learn how to work with it. In the financial sector, legal knowledge is important, as is understanding the basics of PR and marketing, and techniques for business promotion.