Halyk Finance

Name

Halyk Finance

Legal name

AO Halyk Finance

Website

https://halykfinance.kz

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Investment Banking and Securities Brokerage

NAICS

Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Islamic Private Banking & Wealth (FSABAGAD), Treasury, Capital Structure & Liquidity Advisory (BPAHADAM)

Keywords

• Investment banking services
• Securities brokerage
• Asset management
• Underwriting advisory
• Market making

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Commissions: Commissions from buying and selling securities (stocks, bonds, government securities, units, ETFs) on Kazakhstan exchanges (KASE) and international markets (NYSE, NASDAQ). Revenue is transaction-based, charged per trade. Special conditions offered to professional securities market participants and national companies.
2. Asset Management Fees: Management fees from managing collective investment vehicles (mutual funds / IPFs: Halyk-Valyutny, Halyk-Perspektivnye investitsii, Halyk-Sbalansirovanny, Halyk Global, Halyk Tenge) and institutional client portfolios. Includes success fee of 5% of investment income earned for pension asset management.
3. Pension Asset Management: Halyk Finance manages pension assets transferred from the Unified Accumulative Pension Fund (ENPF). Compensation structure: success fee of 5% of investment income generated; no fixed management fee charged.
4. Investment Banking (Underwriting & Advisory): Financial consulting and underwriting fees from bond issuance, IPO, M&A advisory, and private equity structuring services. Revenue is deal-based, typically a percentage of transaction value.
5. Market Making Revenue: Revenue generated from market maker activities on KASE, supporting liquidity for more than 25 instruments (stocks and bonds) from the company's own account.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels7 records

Core offering

Halyk Finance operates as an integrated investment company offering securities brokerage, asset management, and investment banking services. Through its proprietary Halyk TradePro trading platform and Halyk Finance mobile app, clients trade on the Kazakhstan Stock Exchange (KASE) and international markets (NYSE, NASDAQ). The company manages over $2 billion in client assets via mutual funds and pension assets, and acts as underwriter and financial advisor for corporate and government bond issuances and IPOs. It also provides research via its Analytical Center and serves as market maker for more than 25 instruments on KASE.

Product overview

Halyk Finance operates as a unified investment company offering an integrated suite of financial services centered on securities trading, asset management, and investment banking. The core offering consists of the Halyk TradePro trading platform (web-based) and Halyk Finance mobile app, both providing access to Kazakhstan Stock Exchange (KASE), international markets including US exchanges (NYSE, NASDAQ), and AIX. Supporting services include asset management (over $2 billion AUM), investment banking, research via the Analytics Center, and pension assets management under trust agreement with ENPF. The product portfolio includes six interval mutual funds (ИПИФ): Halyk-Валютный (currency-denominated eurobond and ETF fund), Halyk Tenge (tenge-denominated with 20% target return), Halyk Global, Halyk Сбалансированный, Halyk Перспективные инвестиции, and Halyk-Ликвидный (discontinued). Since June 2026, the company also offers digital asset ETFs (Bitcoin, Ethereum, Solana) to qualified investors. Online account opening is fully digital. The company holds investment-grade credit rating BBB- from Fitch Ratings and is the sole broker in Kazakhstan with such a rating.

Differentiator

Problem solved

Functional benefit

Brands

• ИПИФ «Halyk-Валютный»: Interval mutual fund invested in eurobonds and ETFs, denominated in USD
• ИПИФ «Halyk Tenge»
• ИПИФ «Halyk-Сбалансированный»
• ИПИФ «Halyk–Перспективные инвестиции»
• ИПИФ «Halyk Global»
• Halyk TradePro
• Halyk Finance App

Products and services

• Halyk TradePro Trading Platform Proprietary modern online trading platform providing real-time quotes, order placement via internet trading system with SMS or electronic digital signature (EDS) authentication. Available as web terminal for retail and institutional investors trading Kazakh and international markets.
• Halyk Finance Mobile Application Proprietary mobile app enabling online brokerage account opening, trading on Kazakh and international markets (NYSE, NASDAQ) through to end of trading session, and access to ETFs including digital asset products (IBIT_KZ, ETHA_KZ, SOLZ_KZ) for qualified investors.
• Brokerage Services Brokerage services for individuals and institutional investors to invest in securities on Kazakhstan Stock Exchange (KASE) and international markets including US markets (NYSE, NASDAQ). Transaction-based commissions charged per trade with special conditions for professional securities market participants and national companies.
• Asset Management Management of client assets including mutual funds, pension assets, trust management for institutional investors, and private client portfolios. Over $2 billion in assets under management across mutual funds, pension assets, and institutional portfolios.
• Investment Banking Investment banking services including bond issuance and placement, IPO execution, financial consulting, AIFC/AIX exchange services, and bondholder representation. Halyk Finance serves as financial advisor and underwriter for government, quasi-government, and corporate issuers across Kazakhstan and the AIFC/Astana International Exchange.
• Pension Assets Management Management of pension assets transferred from the Unified Accumulative Pension Fund (ENPF). Leader in pension assets volume, investment income, and long-term returns. Compensation structure: success fee of 5% of investment income generated; no fixed management fee charged. Over 50 billion KZT in pension assets under management as of 31.12.2025.
• Research and Analytics Macroeconomic analysis and forecasting, sector-specific research, issuer analysis, and investment recommendations through the Analytics Center and Trading Ideas Department. Covers Kazakh capital markets and international fixed income and equities.
• IPIF Halyk-Valyutny (Halyk Currency Mutual Fund) Interval mutual fund (ИПИФ) investing in eurobonds of Kazakhstan and foreign issuers, and ETFs, denominated in USD. Minimum investment from 1,000 USD through the management company; on KASE, minimum equals the lot price. Quarterly unit redemption on 25 Jan, Apr, Jul, Oct; early redemption within 6 months applies 1% discount. Over $85 million in assets.
• IPIF Halyk Tenge (Halyk Tenge Mutual Fund) Highly liquid interval mutual fund in national currency (KZT) with target return of 20% per annum. Initial investment from 100,000 KZT. Monthly unit redemption by the 25th of each month; early redemption within 6 months applies 1% discount.
• IPIF Halyk-Sbalansirovanny (Halyk Balanced Fund) Balanced interval mutual fund providing diversified portfolio allocation across asset classes.
• IPIF Halyk-Perspektivnye investitsii (Halyk Prospective Investments Fund) Growth-oriented interval mutual fund targeting emerging investment opportunities.
• IPIF Halyk Global International mutual fund providing diversified global investment exposure.
• Online Broker Account Opening Online account opening for retail investors to access brokerage services, mobile app, and Halyk TradePro platform. Available via the Halyk Finance mobile app and web terminal.
• Digital Asset ETFs (IBIT_KZ, ETHA_KZ, SOLZ_KZ) Digital asset ETF products available to qualified investors exclusively through the Halyk Finance mobile app and trading platform. Includes iShares Bitcoin Trust ETF (IBIT_KZ), iShares Ethereum Trust ETF (ETHA_KZ), and Volatility Shares Solana ETF (SOLZ_KZ). Maximum transaction volume of 20 million tenge per investor.

Quantifiable outcome

• 14.4% CAGR yield for pension assets 2023-2025 — No. 1 on the Kazakhstan market
• +5 more outcomes

Named customers18 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• KPMG KazakhstanminorImplementation/ SI/ Consulting PartnerKPMG Kazakhstan is a tax advisory partner of Halyk Finance, providing webinars and presentations on tax declaration changes for securities investors in Kazakhstan (including changes to securities taxation and declaration procedures for individual investors under Kazakhstan's universal declaration system).
• EY KazakhstanminorImplementation/ SI/ Consulting PartnerEY Kazakhstan is a tax advisory partner of Halyk Finance, providing webinars and expertise on automatic exchange of information (CRS), tax declaration for individuals, and securities declaration under Kazakhstan's universal declaration system.
• Jupiter Energy LimitedcoreStrategic or Co-development PartnerHalyk Finance JSC is acting as underwriter and bookrunner for the planned public offering of Jupiter Energy Limited common shares on the Astana International Exchange (AIX). The deal was announced in June 2025 with bookbuilding subsequently postponed.
• KASE (Kazakhstan Stock Exchange)coreTechnology or IntegrationHalyk Finance operates as a market maker, broker, and underwriter on KASE, facilitating trading in stocks, bonds, government securities, ETFs, and mutual fund units. The company supports liquidity for over 25 instruments on KASE.
• AIX / Astana International ExchangecoreTechnology or IntegrationHalyk Finance has a branch registered within the Astana International Financial Centre (AIFC) providing services on the AIX platform. The company acts as financial advisor and underwriter for bond and equity listings on AIX, and serves as market maker and bookrunner on AIX.
• ENPF (Unified Accumulative Pension Fund)coreStrategic or Co-development PartnerHalyk Finance signed a trust management agreement with ENPF on 16 November 2022, enabling Kazakhstani citizens to transfer their pension accumulations from ENPF to Halyk Finance for professional management. Clients initiate transfers through the ENPF personal account portal.
• Народный Банк Казахстана (Halyk Bank)coreStrategic or Co-development PartnerHalyk Finance is a wholly-owned subsidiary of Halyk Bank (Народный Банк Казахстана) and leverages its parent's extensive branch and transfer agent network for nationwide brokerage distribution. Halyk Bank is the largest universal commercial bank in Kazakhstan with over 90 years of operating history.
• Halyk Group (Financial Group of Halyk Bank)coreStrategic or Co-development PartnerHalyk Finance is part of the Halyk Group, Kazakhstan's largest universal financial group. Group subsidiaries include Halyk Insurance (Halyk SK), Halyk-Leasing, Kazteleport, Halyk-Life, Halyk Bank Georgia, Halyk Global Markets, Halyk Lab, Halyk Aktiv, Tenge Bank (Uzbekistan), Halyk Finservice, and Halyk Inkassatsiya. The group provides banking, insurance, leasing, brokerage, asset management, and IT services across Kazakhstan and Central Asia.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Freedom Finance: Freedom Finance is a Kazakhstan- and CIS-focused brokerage and investment company offering retail brokerage, asset management, and investment banking services. Direct competitor in the same Kazakhstan broker/IB market with overlapping product set (securities trading, mutual funds, IB advisory).
• Jusan Invest: Jusan Invest (formerly Tengri Partners) is a Kazakhstan-based broker and asset manager offering brokerage, investment banking, and asset management. Direct peer with overlapping target customers (retail, institutional, SOE issuers) and similar product portfolio in Kazakhstan.
• BCC Invest: BCC Invest is the brokerage and investment banking subsidiary of Bank CenterCredit, one of Kazakhstan's top banks. Direct peer providing brokerage, asset management, and IB services with bank-affiliated distribution similar to Halyk Finance's Halyk Bank relationship.
• ForteInvest: ForteInvest is a Kazakhstan-based broker and asset manager offering brokerage and investment banking services. Direct competitor within the Kazakhstan market, though smaller in scale and without Halyk Finance's investment-grade credit rating.
• Sky Bridge Invest (Visor Capital): Sky Bridge Invest (formerly Visor Capital) is a Kazakhstan-based investment company offering brokerage and asset management services. Direct competitor targeting similar retail and institutional segments in the Kazakhstan capital markets.

Regional players

• Renaissance Capital: Renaissance Capital is a historically CIS-focused investment bank providing ECM/DCM advisory and brokerage across Russia and emerging markets. Regional peer with comparable emerging-markets IB franchise, though primarily active in Russia rather than Kazakhstan.
• ATON (Russia/CIS investment bank): ATON is one of Russia's largest independent investment groups offering brokerage, asset management, and IB services across the CIS region. Regional peer with similar product mix and target client base, though primarily focused on Russia rather than Kazakhstan.
• Wood & Company: Wood & Company is a Central European brokerage and investment bank with strong presence in frontier and emerging European markets. Regional peer comparable in size and product offering (brokerage, asset management, IB) but focused on Central Europe rather than Central Asia.

Broad incumbents

• Halyk Bank of Kazakhstan: Halyk Bank is the parent company of Halyk Finance and Kazakhstan's largest universal commercial bank with 90+ years of operating history. Provides banking services that overlap with Halyk Finance's distribution and asset management, and serves as the captive distribution channel for Halyk Finance's brokerage accounts.
• Kaspi.kz: Kaspi.kz is Kazakhstan's largest fintech super-app offering payments, marketplace, and fintech services including Kaspi Invest for retail brokerage. Broader incumbent with retail brokerage offering that competes with Halyk Finance for retail investors, though primarily a payments/marketplace platform rather than a full-service IB.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Halyk Finance