A closed-door investor meeting in Almaty has put the spotlight on what could become a turning point for small and medium-sized business financing in Kazakhstan. At MOST Finance Day, investors, entrepreneurs, and financial market experts gathered to discuss a new digital lending model designed to eliminate collateral requirements and cut through traditional banking bureaucracy, DKNews.kz reports.
At the center of the discussion was MOST Finance, a microfinance organization operating in a neobank format — a fully digital financial service focused on supporting SMEs and IT entrepreneurs who are often turned away by conventional banks.
53% of Loan Applications Rejected
According to Pavel Koktyshev, Head of MOST Holding and co-investor in MOST Finance, Kazakhstan’s current SME lending system is out of step with market realities.
Company research shows that in 2025 alone, 3.4 million loan applications were submitted to banks and microfinance institutions. More than half — 53% — were rejected. The primary reason? Lack of sufficient collateral.
MOST Finance estimates that around 42% of entrepreneurs are denied financing due to traditional business assessment models that prioritize pledged assets over actual business performance and cash flow potential.
In practice, this means thousands of viable business projects are left without access to capital.
Loans in Minutes — No Collateral Required
Co-founder and CEO of MOST Finance, Mirat Akhmetssadykov, presented the company’s strategy and technology-driven model.
“Financing has always been a pain point for SMEs, especially in the IT sector, where there are no traditional assets to pledge as collateral. Our embedded financing technologies allow us to analyze a business anonymously across more than 100 parameters and issue loans from 3 to 9 months online within minutes — without bureaucracy and without collateral,” said Mirat Akhmetssadykov.
The company relies on data-driven scoring, digital analytics, and embedded financing integrated into platform solutions. This model reduces operational costs, eliminates the need for physical branches, and provides faster access to clients.
Founded in 2025, MOST Finance has already issued more than 1,000 fully online loans totaling 2.5 billion tenge in its first year. Notably, 85% of borrowers have returned for repeat financing — a strong indicator of client trust and satisfaction.
A New Direction for Kazakhstan’s Financial Market
Special guest at the event was entrepreneur Erkin Tatishev, one of the key investors in MOST Holding and MOST Finance. He shared his perspective on long-term financial models and sustainable business growth.
According to Tatishev, Kazakhstan’s traditional financial institutions need a new vector of development and stronger competition. More clients are no longer willing to pay for heavy institutional structures and complex lending procedures. The market, he noted, is gradually shifting toward flexible and technology-driven solutions.
Bonds at 24.5% and Upcoming KASE Listing
In July 2025, MOST Finance successfully completed a closed bond placement of approximately 1.2 billion tenge with an annual coupon rate of 24.5%.
The next step is a public bond offering of 2.5 billion tenge planned for February 2026, with monthly coupon payments.
Ahead of the placement, the company will participate in Issuer Day on February 13 at KASE. Together with investment firm Alatau City Invest, MOST Finance will present its business model, financial performance, and risk management strategy to potential investors.
Licensed and Regulated
MOST Finance was established in 2025. The company received microfinance activity license No. 02.25.0012.M on September 10, 2025, issued by the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan.
Fintech as an Answer to Market Demand
With more than half of loan applications being rejected under traditional models, the need for alternative business evaluation mechanisms is becoming increasingly clear.
MOST Finance is betting on speed, digitalization, and the elimination of unnecessary bureaucracy as the future of SME lending in Kazakhstan.
MOST Finance Day demonstrated that investors are ready to discuss this transition. And entrepreneurs are clearly ready for financial solutions that actually work.
