Over the past seven years, Kazakhstan has created an environment conducive to the development of technology and innovation
Back in 2006, few could have imagined that, twenty years later, Bank Caspian would evolve into Kaspi.kz, a fintech giant listed on NASDAQ and Kazakhstan’s largest private company.
The bank’s team envisioned the future — and built it. Yet the secret to its success was not simply bringing top professionals together in one room and giving them the freedom to work.
Alongside clear objectives and strong team chemistry, the right conditions and an environment conducive to innovation were essential. These gradually took shape, partly through the efforts of teams like those that were helping shape the future of Kaspi.kz at the time.
The transformation of the business environment and mindset, as well as the broader shift towards innovation, is also evident in the way Kazakhstani businesses engage with international partners. During the recent large-scale visit to South Korea, discussions focused not only — or even primarily — on resources.
Mechanical engineering, the low-altitude economy, the opening of a KAIST branch campus, and the agreement with KIND (Korea Overseas Infrastructure & Urban Development Corporation) on the joint development of Alatau City are just the tip of the iceberg. They represent the future Kazakhstan is striving towards — a future that is steadily becoming a reality.
Alatau City, an ambitious platform for collaboration and development, holds a special place in this vision of the future. In Seoul, it was a central topic of conversation, including during informal discussions and business dinners. People spoke about it as they might about a new bestseller by a renowned author or the latest film by a legendary director: “If you haven’t seen it, you’re hopelessly behind the times.”
Vyacheslav Kim, shareholder of United Group Alatau, describes his vision of Alatau City as follows:
“Alatau City is a dream of a bright future in which Kazakhstan’s brightest minds will work on ambitious ideas in collaboration with international partners and investors. In China, South Korea and the United States, people share a similar view, recognising the scale and ambition of the project: ‘You have chosen a difficult but correct path, and you are precisely the ones who can make this vision a reality.’
“I am convinced that Alatau City will succeed, largely because Kazakhstan has now created an environment that supports innovators and innovation. That is why I am delighted to be involved in bringing this inspiring project to life.”
The city’s innovative character is already evident in its earliest development stages.
A CIM (City Information Modeling) system — a digital twin of the city — is currently being developed.
Alatau City Bank, in partnership with Binance Kazakhstan, has launched cryptocurrency payments via QR codes and POS terminals. In Alatau City, such technologies are expected to become part of everyday life.
AAAG has undertaken extensive work to advance the low-altitude economy and urban mobility. Two test flights have been successfully completed. Green corridors for active mobility, autonomous transport and unmanned aerial vehicles (drones) have already been incorporated into the city’s long-term development plan.
Work is also underway to develop a Kazakhstan-specific PropTech concept, drawing on international best practices while adapting them to local conditions. The concept will cover the full property management lifecycle through the use of technology.
Read more: https://forbes.kz/articles/vyacheslav-kim-ob-alatau-city-eto-mechta-o-yarkom-budushem-e3c82a