Significant fintech merger – Kazakhstan’s Halyk Bank acquires a stake in Uzbekistan’s Click

Steppe Ahead – The Central Asia Column

Author: Thorsten Gutmann

A remarkable step toward economic integration is taking shape in Central Asia. Kazakhstan’s Halyk Bank, the country’s largest financial institution, is acquiring a 49 percent stake in the Uzbek fintech company Click—one of the region’s leading digital payment providers.

In return, Click’s shareholders are also acquiring a 49 percent stake in Halyk’s Uzbek subsidiary, Tenge Bank. The valuations: $176.4 million for the Click stake, $60.76 million for the Tenge stake. The total transaction volume thus amounts to approximately $237 million—a record for Uzbekistan’s private technology sector.

With over 20 million active users, Click is a key driver of digital transformation in Uzbekistan. The company’s proprietary super app combines payment services, government services, and online shopping into a single platform. In fiscal year 2024, the company increased revenue by 35.3 percent and profit by 37.5 percent. Its current valuation stands at approximately $360 million.

The collaboration between Halyk and Click is geared toward a long-term strategic partnership. Both companies will remain legally independent but aim to integrate their technologies, infrastructure, and market presence. Together, they have a customer base of over 32 million people—in a region with a total population of 58 million and approximately 2.6 million small and medium-sized enterprises.

Geopolitical Context

The significance of this deal extends beyond the financial sector. It is part of a broader economic policy shift in Central Asia that has gained noticeable momentum since President Shavkat Mirziyoyev took office in 2016. Countries such as Uzbekistan and Kazakhstan are increasingly focusing on market liberalization, digitalization, and economic diversification—with the aim of reducing their structural dependence on Russia and China. The war in Ukraine has further accelerated this strategic realignment.

The partnership between Halyk and Click is not the first of its kind, but it is the most significant to date. It follows earlier, failed merger attempts—such as between Click and the Russian provider Uzum in 2023—and capitalizes on the resulting opportunities for new alliances. Since the founding of Tenge Bank in 2018, Halyk has pursued a clear expansion strategy in Uzbekistan, which is now evolving into an institutionalized partnership.

The deal also strengthens the economic axis between Astana and Tashkent, which has already been bolstered by major joint projects such as the Trans-Afghan Railway, bilateral energy agreements, and multilateral frameworks like the U.S.-led C5+1 initiative. The influence of economic elites should not be underestimated either—for example, through the Kulibayev family, which is close to Halyk and whose political networks extend into the region’s highest circles.

Assessment and Outlook

This merger is more than just a corporate deal—it is an indicator of Central Asia’s digital and economic transformation. Especially in Uzbekistan, where up to 40 percent of the population has had no access to traditional banking services to date, Click offers enormous potential for financial inclusion. Cross-border payments could be processed much more easily in the future—not only between businesses but also for consumers.

Technologically, Halyk also brings experience in areas such as mobile banking, blockchain solutions, and digital identity management, which could also benefit Uzbekistan’s authorities and economy. Nevertheless, the challenges are considerable: Uzbekistan’s regulatory environment is restrictive, government control over financial flows remains high, and digital infrastructure outside major cities is still underdeveloped. Cyber risks and a lack of transparency could also stand in the way of implementation.

Observers and market analysts are nevertheless already calling it a “landmark fintech investment”—a signal that is drawing attention beyond the region. The deal could serve as a model for similar projects in e-commerce, digital government services, or payment transactions.

Long-term success, however, depends largely on whether economic expansion can be combined with local integration and fair competitive conditions. Governments are called upon to establish clear rules. Companies like Halyk bear responsibility—not only for profitability, but also for sustainability and trust.

Whether this fintech partnership will become a milestone in digital transformation—or remain merely another piece in the geopolitical mosaic of Central Asia—remains to be seen.