Colvir congratulates BNK Finance Kazakhstan on its transformation into a bank and the launch of Colvir Core Banking System

On June 25, 2025, a historic event for Kazakhstan’s banking sector took place in Almaty. The microfinance organization BNK Finance Kazakhstan officially obtained a banking license. It is a subsidiary of South Korea’s BNK Capital and has been operating in Kazakhstan since 2018. The organization received a new status and name—BNK Commercial Bank—becoming the first new market entrant since 2010. Kazakhstan’s banking system now comprises 22 second-tier banks, 13 of which operate on the Colvir core banking system.

On June 26, 2025, BNK Commercial Bank began operating on the Colvir banking system. The launch was the result of an exceptionally rapid implementation: only five months passed from contract signing to go-live. The comprehensive Colvir core banking system was implemented simultaneously with BNK Finance’s transformation from an MFI into a bank. The project became part of a landmark transformation, significant both for Kazakhstan’s banking industry and its microfinance sector. The fastest implementation in Colvir’s history will be covered on the website at a later date.

BNK’s transformation from a microfinance organization into a full-fledged bank was made possible through systematic cooperation with the regulator, the introduction of new management practices and the development of technological infrastructure. Over the course of a year, the BNK team updated its internal regulations, adapted its documentation, connected to the National Payment System, approved its organizational structure and implemented banking information systems.

Colvir is proud to be part of BNK Commercial Bank’s transformation journey. This is not the first time that a microfinance organization has chosen our core banking system with the aim of pursuing growth and global development. In the case of BNK Finance Kazakhstan, the approval for the transformation was discussed at the highest level, with the presidents of Kazakhstan and South Korea involved. This gave the entire project particular significance and weight. The responsibility for the outcome was felt at every level: within BNK Kazakhstan, at the South Korean holding company and at Colvir. I sincerely congratulate our colleagues on their new status!

Denis Yudin

Director of Business Development, Colvir

The successful transformation into a bank marks the first stage of BNK Commercial Bank’s broader journey. During the license presentation ceremony, Kim Seong-ju, Chairman of the Board of Directors of BNK Capital, presented the new bank’s development roadmap for 2025–2027.

At the first stage, the focus will be on transferring assets from the MFI into the bank, building a deposit base and establishing a risk-management system. In 2026, BNK Commercial Bank plans to expand its product portfolio, enter the auto-leasing market, strengthen its digital offering and enhance its Korean risk-management model. The third stage, beginning in 2027, envisages positioning the bank as an institution focused on small and medium-sized businesses, as well as preparing to enter the markets of other CIS countries.

Colvir congratulates the BNK Commercial Bank team on this important milestone. This step not only reflects the maturity and potential of the new market player, but also confirms that Kazakhstan’s financial system is open to innovation, foreign investment and digital transformation.

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