On September 4–5, 2025, the VIII Astana Finance Days forum took place at the Astana International Financial Centre (AIFC). One of the highlights of the program was the panel discussion “Beyond Banking: Ecosystems, Institutional Transformation, and the Future of Finance”, moderated by Galim Khussainov, Member of the Board of Directors of the AIFC Authority. The session brought together:

– Barbara Pozdorovkina, Director of Business Development, LMAX Group

– Talgat Ayupov, Founder & CEO, Valor Capital Ltd.

– Lyazzat Satiyeva, Chairwoman of the Management Board, Eurasian Bank

– Yerlan Soltanov, CEO, Tabys Ltd.; Managing Director, Teniz Capital Brokerage Ltd.

During the session, Mr Ayupov shared his vision of how artificial intelligence (AI) and central bank digital currencies (CBDCs) are reshaping global finance and what this means for Kazakhstan.

Mr Ayupov emphasized that artificial intelligence has become a core driver of efficiency and competitiveness in asset management. By processing vast amounts of information in seconds, AI enhances analytics, forecasting, and risk management, while also supporting compliance and client services. He noted that the technology will not replace professionals but will reshape their roles, making AI an essential part of financial infrastructure in the next decade. For emerging markets such as Kazakhstan, this creates an opportunity to leapfrog directly to advanced practices.

Turning to central bank digital currencies (CBDCs), Mr Ayupov outlined both risks and opportunities. While CBDCs may reduce banks’ deposit base and interest income, they eliminate counterparty risk and bring new levels of transparency and efficiency. Despite active pilots in many countries, CBDCs still account for only a small share of money in circulation, demonstrating that they complement rather than replace traditional banking.

For Kazakhstan, CBDCs hold particular promise in areas such as government procurement and foreign trade, where trust and compliance are critical. Mr Ayupov concluded that cash, bank deposits, and digital currency will continue to coexist, with CBDCs opening new horizons for financial innovation and deeper integration into the global financial system.

As a participant of Astana Finance Days 2025, Valor Capital reaffirmed its commitment to fostering financial innovation, supporting Kazakhstan’s integration into the global investment community, and delivering forward-looking solutions for its clients.