Kaspi.kz has registered Kaspi Broker Ltd at the Astana International Financial Centre. On September 28, the company received a license from financial regulator AFSA. However, the register still lists the license as “pending approval to commence operations.” The investment service has not launched, and its fees and customer launch date have not been announced.
The scale of its potential market entry is drawing attention: according to Kaspi.kz, around 16.2 million people use its super app monthly. But the broker will enter an established market. Freedom, Alatau City Invest, Halyk Finance, Bank CenterCredit and Tabys Pro already let retail customers buy securities through apps. We compared their documented results and published terms as of September 29, 2026.
What is known about Kaspi Broker
Kaspi Broker was registered on September 25. Its shareholder is Kaspi Capital Ltd, its stated capital is $900,000, and Kirill Ageyev has been appointed its head.
The license covers brokerage transactions, investment advice and arranging custody of assets. The listed instruments include shares, debt securities and investment fund units. Registering the company and issuing a license do not yet mean customers can open accounts and trade: the regulator must separately approve the commencement of operations.
In a Digital Business article, financier Turar Abdi suggested that Kaspi could be interested in foreign markets and derivatives. This is an expert assessment, not an announced company plan. Contracts for difference, or CFDs, are not included in Kaspi Broker’s published list of permitted instruments. Kaspi has also not said whether the brokerage service will be integrated into the super app or how much trades will cost.
Which brokers already operate in Kazakhstan
Freedom Broker is one of the largest players in this comparison. According to Freedom Holding’s report, its brokerage segment served 874,000 customers as of June 30, 2026, and quarterly revenue reached $282.6 million, up 60% year over year. These figures cover the holding company’s entire brokerage segment, rather than just its Kazakhstan operation, and do not represent investors’ earnings.
Freedom’s fee schedule has an important feature. New Freedom Finance Global customers receive the “Start” plan for 30 days; the published international market trading fee during that period is 0.05% of the transaction value. The “Investor” plan then applies automatically. For international trades, it charges 0.5% of the value, $0.012 per security and $1.20 per executed order. The “Investor” fee on KASE and AIX is 0.085%.
Alatau City Invest, formerly Jusan Invest, allows customers to open a brokerage account through the Alatau City Bank app. The company reports more than one million customers in Kazakhstan but does not disclose on that page how many trade regularly. Under its published online plan, KASE and AIX trades cost 0.04% of the value, while international trades cost 0.1%. The broker also offers investment funds and the option to start with a small amount.
Halyk Finance reports a brokerage client portfolio exceeding $3 billion. It offers online account opening and access to Kazakhstani and international markets. Its published internet trading fee is 0.04% on KASE and AIX, with a minimum of 100 tenge, and 0.1% on international markets. Additional costs may apply for custody of certain securities and services provided by participants in international transactions. The client portfolio figure reflects assets under service, not profits earned by investors.
Bank CenterCredit has integrated investing into the bcc.kz app. The bank reports access to more than 600 NYSE and Nasdaq securities, as well as KASE and KASE Global instruments. Brokerage account opening and maintenance are free. Without a subscription, the fee is 0.03% on KASE and KASE Global; a NYSE or Nasdaq trade costs $1 per executed order plus $0.15 per security. Paid bcc plus packages may reduce these rates. For some instruments, including AIX and the secondary bond market, the group has a separate BCC Invest offering.
Tabys Pro offers access to Kazakhstani and US exchanges, as well as fractional purchases of foreign shares. Its published fees are 0.075% on KASE and AIX and 0.4% plus $0.01 per security on international markets. Separate charges apply to withdrawals. A Tabys Pro account can be funded through Kaspi.kz, but Tabys Pro itself is not a Kaspi brokerage product.
| Service | Documented scale or offering | Published online trading fee |
|---|---|---|
| Kaspi Broker | License issued; commencement of operations awaiting approval | Not yet announced |
| Freedom Broker | 874,000 brokerage segment customers across the holding as of June 30, 2026 | International “Investor” plan after the first 30 days: 0.5% + $0.012 per security + $1.20 per order |
| Alatau City Invest | More than one million customers, according to the company | KASE/AIX: 0.04%; international markets: 0.1% |
| Halyk Finance | Brokerage client portfolio above $3 billion, according to the company | KASE/AIX: 0.04%, minimum 100 tenge; international markets: 0.1% |
| Bank CenterCredit | More than 600 NYSE and Nasdaq securities in the app, according to the bank | KASE/KASE Global: 0.03%; NYSE/Nasdaq: $1 per order + $0.15 per security |
| Tabys Pro | Fractional purchases of foreign shares | KASE/AIX: 0.075%; international markets: 0.4% + $0.01 per security |
Trading fees are only part of an investor’s costs. Before opening an account, check the current charges for deposits, currency conversion, securities custody and withdrawals.
What Kaspi’s entry could change
Kaspi’s main resource is an audience already using its app for payments and purchases. If a brokerage product appears in the same interface, the path to a first investment could become shorter. This remains a possible scenario rather than an announced feature of the new service.
Competitors have strengths to bring to such a launch. They already serve investors, provide access to local and foreign exchanges and publish their fees. Freedom has disclosed a large customer base and growing brokerage revenue; Alatau City Invest and Bank CenterCredit have integrated investing into banking apps; Halyk Finance services a substantial client portfolio; and Tabys Pro is developing small-ticket purchases.
The next verifiable milestones for Kaspi Broker are AFSA’s approval to commence operations and publication of its fees, supported markets and launch date. Only then will it be possible to assess how its offering differs from existing services.
