Financier №1 (41) 2026

How does the current Kazakhstan capital market differ from what it was 10–15 years ago?

Historically, the key players in Kazakhstan’s capital market have been banks and quasi‑state companies. They remain the main drivers today. For example, J.P. Morgan Chase - one of the world’s leading banks - has recently become an issuer on the AIX. This is a positive signal for the entire local market.

Whereas previously the main investors in bonds were local institutional players (banks, insurance companies, and pension funds), today the majority of demand is driven by retail investors. Earlier, it was difficult to raise amounts exceeding $10–20 million on the local market, but today issuance volumes have grown several‑fold.

New instruments are emerging in the local capital market - exchange‑traded investment funds (ETFs) and structured notes. Previously, issuers had to go to Luxembourg, Ireland, and other international financial centres to issue such products. Today, part of this flow is shifting in favour of the AIFC*.

*The Astana International Financial Centre is a special jurisdiction in Kazakhstan created for the development of the financial market.

Which instrument classes are currently the most in demand on the AIX?

Bonds currently dominate the Kazakh capital market. In 2025, the total trading volume on the AIX reached $2.1 billion, of which $1.7 billion was accounted for by the debt products market. Consequently, investors in debt instruments are now driving the bulk of trading activity.

At the same time, we are seeing steady growth in interest for collective investment vehicles. Last year marked a breakthrough for the local investment fund market: following the launch of several unique ETFs, trading volume in these assets increased nearly 15‑fold - from $2.4 million in 2024 to $31.6 million in 2025.

As for equity instruments, amid rising prices for gold, uranium, and rare‑earth metals, the value of shares in companies from these sectors has increased notably. For instance, Jiaxin International Resources - a tungsten mining company - simultaneously launched its IPO on the AIX and the Hong Kong Stock Exchange in August 2025. The offering price was 9.93 Chinese yuan, and today the shares are trading at the level of 70 yuan - a sevenfold increase.

What mistakes do companies make when conducting their initial public offering (IPO)?

Issuers often underestimate the preparatory stage for the offering. An IPO is not a one‑time transaction, but a transition to a new mode of operation for the company. Another common mistake is failing to account for the heightened requirements regarding information disclosure and corporate governance. Issuers also frequently overestimate market interest and fail to engage with investors in advance. The earlier a business starts operating according to the rules of the public market, the more sustainable its stock exchange listing and subsequent share price dynamics will be.

How widespread has the retail investor market become?

Over the past year, the number of retail accounts in our depository has grown by 400 thousand. On the one hand, this represents positive momentum; on the other, according to data from the ARDFM** for 2023, only 40 % of the population has a basic level of financial literacy. Despite the positive impact of online platforms on the influx of new investors, scammers continue to undermine trust in financial instruments.

**The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market

The financial sector has traditionally been considered male‑dominated. What advice would you give to women who want to build a career in this field? 

Today, it’s hard to call the sector “male‑dominated”. For example, at the AIX exchange, about 60 % of employees are women. There are also many women in the top management of second‑tier banks. Both regulators - the ARDFM and AFSA*** - are headed by women.

***Astana Financial Services Authority

Today, the focus in the financial sector has shifted from gender to competencies, results, and responsibility. A key role in this shift is played by the visibility of successful women in the industry.

The stock market business values knowledge, discipline, and decision‑making skills. Among other things, I advise building a strong professional network and striving to be associated with “value” rather than with “requests”. Professional connections start with curiosity, not calculation.