Kazakhstan's Baiterek Bank gets HK licence, first Central Asian lender in Asia-Pacific

Baiterek Bank has received a Hong Kong banking licence, becoming the first Central Asian bank to enter the Asia-Pacific region. The Hong Kong office will focus on the Central Asia-Asia Pacific corridor, bridging mainland China and overseas investors.

Baiterek Bank has obtained a Hong Kong banking licence, becoming the first lender from Central Asia to establish a presence in the Asia-Pacific region, the city's investment promotion agency announced on 5 October.

Simon Li, Director-General of Invest Hong Kong, said the development marks a milestone following the Chief Executive's business mission to Central Asia in June. "Under the first five-year plan for Hong Kong's economic and social development (2026-2030), consolidating the city's status as an international financial centre is a key element of our 'four centres, one highland' vision," he said. "Baiterek Bank's arrival injects new impetus into our financial ecosystem, with potential to open up opportunities in areas such as offshore renminbi business, international asset and wealth management, and gold trading."

Li added that as more leading banks from Belt and Road Initiative countries set up or expand in Hong Kong, they serve as important bridges for mainland enterprises going global and for offshore investors exploring opportunities in China. "Invest Hong Kong is committed to promoting two-way investment along the Belt and Road, fully leveraging Hong Kong's strengths in international finance, professional services, risk management and the legal system," he said.

Malitao Ma, Chief Executive Officer of Baiterek Bank's Hong Kong branch, said: "Hong Kong is Asia's pre-eminent 'super-connector', uniquely positioned to bridge East and West and facilitate cross-border financial activities aligned with our business focus. As a bank specialising in the Central Asia-Asia Pacific corridor, Hong Kong is the most suitable base."

Ma noted that economic activity along the corridor is expanding rapidly, yet cross-border banking services remain under-served. "Baiterek Bank's Hong Kong branch is clearly positioned to meet the needs of corporates and financial institutions for trade, payment and treasury solutions," he said.

Invest Hong Kong secured Baiterek Bank's interest in expanding to the city during a mission to Central Asia including Kyrgyzstan. The agency has since provided ongoing support on regulatory engagement, licence application advice, stakeholder liaison and local ecosystem guidance. It will continue to work with the bank to explore sustainable development finance and renminbi-denominated financing to connect overseas and mainland markets and promote financial innovation.