Moderating a Panel on the Transformation of Banks into Ecosystems

Opening Remarks

Good afternoon, distinguished forum participants!

The topic of today's panel session is "Beyond Banking: Ecosystems, Institutional Transformation and the Future of Finance."

First of all, let me introduce the participants in our discussion:

Barbara Pozdorovkina — Chief Growth Officer at LMAX Group

Lyazzat Satiyeva — Chairwoman of the Management Board, JSC Eurasian Bank

Talgat Ayupov — CEO, Valor Capital Ltd

Yerlan Soltanov — Head of Tabys.ltd

Today we are witnessing a revolutionary change in how we understand the role of banks. Classical banking is gradually losing its dominant position, and banks themselves are turning into ecosystems. Through banking apps, people can already do far more than transfer money: they can buy groceries, book holidays, pay for services or obtain official documents. Banking apps are becoming marketplaces and super-apps.

At the same time, Banking-as-a-Service (BaaS) is developing rapidly, with financial services being embedded in the ecosystems of traditional businesses. Meanwhile, competition from non-bank players — brokers, insurance companies and asset managers — is intensifying.

Two megatrends are layered on top of this process: the rapid adoption of artificial intelligence, and the emergence of an alternative global financial system built on cryptocurrencies and central bank digital currencies. These changes raise questions about regulation, competition and the future role of banks in the financial ecosystem.

Questions for the Panelists

For Barbara Pozdorovkina

Cryptocurrencies have been with us for more than ten years now: from denial and skepticism, we have come to acceptance and regulation. Many central banks are developing and issuing their own digital currencies. As a global business and a leading operator of trading venues in both traditional finance (FX) and digital assets, what key trends do you see in the financial industry, and how do you see it developing from here?

For Lyazzat Satiyeva

In Kazakhstan, we are seeing more room for cryptocurrencies: crypto exchanges operate at the AIFC, Alatau City plans to run a pilot with cryptocurrencies, and the National Bank has launched the digital tenge. How are banks approaching crypto markets and digital assets, which are gradually moving from a niche into everyday financial practice?

For Talgat Ayupov

If we already see cryptocurrencies as part of the ecosystem, artificial intelligence is still something of an "unknown beast." The latest updates from OpenAI, Google, Musk and Meta open up enormous opportunities, but they also carry risks. How do you see the role of artificial intelligence in the work of an investment company? What opportunities and what threats does it pose for business and for the financial sector as a whole?

For Yerlan Soltanov

In developed countries, people invest actively in the stock market, reducing the share of deposits in their savings. In Kazakhstan, by contrast, foreign currency deposits are capped at a 1% rate, and at the same time we see portfolio investment abroad growing. How can digitalization make capital markets more accessible to our citizens, and what threats might this create for the national financial system, where banks cannot offer market rates?

For Lyazzat Satiyeva

We have discussed competition from brokers and crypto exchanges. But banks are also moving into adjacent industries, from tourism to retail. At the same time, central bank digital currencies could cut banks out of the payment chain. How will digital currencies and the growth of alternative forms of financing transform the traditional banking model, from the role of cash to lending and the place of banks in the financial system of the future?

For Talgat Ayupov

More and more central banks are launching their own digital currencies, and within a few years we may see them in widespread use. Will the development of digital currencies be a challenge for financial market participants or, on the contrary, a new driver of growth?

For Barbara Pozdorovkina

Do you expect Kazakhstan's financial ecosystem to become part of the convergence of traditional and digital asset markets? How important is Kazakhstan to LMAX Group?

For Yerlan Soltanov

Kazakhstan's stock market is developing: the number of issuers is growing, two exchanges are operating, and integration into international markets is under way. Can our market become attractive to retail investors, both from Kazakhstan and from other countries, and what needs to be done to attract new participants?

Barbara Pozdorovkina

As a global business and a leading operator of trading venues in both traditional finance (FX) and digital assets, what key trends do you see in the financial industry, and how do you see it developing from here?

Do you expect Kazakhstan's financial ecosystem to become part of the convergence of traditional and digital asset markets? How important is Kazakhstan to LMAX Group?

Lyazzat Satiyeva

How are banks approaching crypto markets and digital assets, which are gradually moving from a niche into everyday financial practice?

How will digital currencies and the growth of alternative forms of financing transform the traditional banking model, from the role of cash to lending and the place of banks in the financial system of the future?

Talgat Ayupov

How do you see the role of artificial intelligence in the work of an investment company? What opportunities and what threats does it pose for business and for the financial sector as a whole?

Will the development of digital currencies be a challenge for financial market participants or, on the contrary, a new driver of growth?

Yerlan Soltanov

How can digitalization make capital markets more accessible to our citizens, and what threats might this create for the national financial system, where banks cannot offer market rates?

Can our market become attractive to retail investors, both from Kazakhstan and from other countries, and what needs to be done to attract new participants?