25 Years in FinTech: Key Initiatives of Colvir Software Solutions in Kazakhstan in 2025

Colvir Software Solutions is an international FinTech company that has been serving clients in Kazakhstan for 25 years. Over this period, the vendor’s solutions have become an integral part of the IT infrastructure of many banks in the country, and the company itself has become a key player in the financial sector automation market.

The milestone year for Colvir highlighted how closely the company’s history is intertwined with Kazakhstan: essentially, the entire journey—from initial projects to large-scale transformation initiatives—has been undertaken alongside the country’s banks. Over 25 years of collaboration, a stable professional ecosystem of vendor and client teams has formed, in which technology, expertise, and trust drive the development of the entire industry. In this context, it is particularly interesting to trace how 2025 became for Colvir in Kazakhstan.

Colvir Treasury Brunch: Professional Dialogue and a Look into the Future of Treasury Technologies

In April, the Colvir Treasury Brunch took place in Almaty, a business event that brought together approximately 60 treasury, accounting, and automation specialists from leading banks and microfinance organizations in the country. The brunch served as a platform for discussing the evolution of Colvir Treasury’s automation solution, global automation trends, as well as practices for accounting for precious metals, IRS/CIRS, and integration with AIX.

The event’s atmosphere created a space for productive knowledge exchange and discussion of client needs. Colleagues from various organizations shared implementation cases, ideas for product development, and assessed the dynamics of changes that Colvir Treasury has undergone in recent years.

The event confirmed the importance of direct dialogue between banks and the vendor: treasury automation solutions develop faster and more accurately when created in close collaboration among all industry participants.

Projects for Transition to the New International Financial Messaging Format ISO 20022

The year 2025 began for Kazakhstan’s financial industry with a significant event—the transition of banks’ information systems and national payment platforms to the modern global standard for electronic financial data exchange. Colvir developed a solution for converting national currency payments to the new format. As a result of joint efforts by the regulator, banks, and the developer, Kazakhstan’s banking system began operating under unified global financial communication rules, strengthening integration into global payment chains and setting a new level of maturity for the FinTech market.

Currently, the next project is underway to transition Kazakh banks, Colvir clients, to the global international ISO 20022 format. This project has become one of the most large-scale and technologically complex in the banking sector: it requires maximum concentration, high coordination, and significant resources from all participants. Both the vendor and banking teams inevitably face objective difficulties, need to find solutions in real-time, and simultaneously enhance the maturity of internal processes.

However, high motivation, the developer’s growing expertise, and the banking professionals’ drive for professional development—not only from IT but also from the business side—form a solid foundation for successful project completion. The project is in its final stretch, with many banks already having transitioned or planning to transition to ISO 20022 within the coming months.

BNK Commercial Bank: Kazakhstan’s First New Bank in Many Years and the Fastest Colvir Core Banking System Launch

The year 2025 was marked by a historic event: for the first time in many years, a new participant appeared in Kazakhstan’s banking sector—BNK Commercial Bank. The former microfinance organization BNK Finance Kazakhstan received a banking license and fully transitioned to the Colvir Core Banking System in less than five months, marking the fastest launch of a Colvir banking system in the company’s history.

The project ran parallel to the licensing process and included data migration, regulation configuration, integrations, and the launch of full banking functionality. BNK Commercial Bank chose the Colvir system due to its reliability, flexibility, and industry maturity.

Transformation: From MFO to Bank—A New Stage of Development for KMF

The country’s largest microfinance organization, KMF, also obtained banking status. Having operated in the market for over 28 years and serving 1.3 million clients, the organization underwent a large-scale transformation that led to receiving a banking license in August 2025.

The transition to a banking model allowed KMF to expand its product line, providing clients with access to modern banking services, digital products, and omnichannel channels. The target architecture of the new bank includes a data-driven approach, a developed IT team, proprietary enterprise solutions, and active implementation of artificial intelligence in scoring, analytics, and internal processes.

For the Kazakh market, KMF’s transformation became one of the most notable examples of how a large MFO can evolve into a full-fledged bank while retaining its social mission and strengthening its technological ambitions. Colvir was chosen by the new bank as a partner for key automation processes.

Education and Employment: Tripartite Memorandum Between Colvir, NurBank, and Caspian University

In September, Colvir, NurBank, and Caspian University signed a strategic memorandum of cooperation aimed at strengthening Kazakhstan’s educational ecosystem. The document unites business, finance, and academia, allowing students to acquire practical knowledge in demand by the industry today.

Colvir provides the university with access to educational materials and digital resources, supports faculty and students, while NurBank opens opportunities for internships, traineeships, and employment. The initiative is directly linked to the growing industry demand for qualified specialists: the market is actively expanding, banks are accelerating the implementation of digital solutions, and more than half of the country’s banks use Colvir’s technologies.

The memorandum is a step that not only strengthens the long-standing cooperation between the companies but also forms a personnel foundation for the development of Kazakhstan’s FinTech sector for years to come.

First Industry Brunch for MFOs: New Standards for Market Interaction

In the summer of 2025, Colvir hosted the first specialized brunch for microfinance organizations in Kazakhstan. The format became a new industry platform where segment leaders discussed regulation, business model transformation, customer scenarios, and technologies that enable MFOs to compete at the level of full-fledged financial institutions.

Participants appreciated the transparency of the dialogue, the opportunity to ask developers questions directly, and to familiarize themselves with Colvir’s product roadmap. The event demonstrated that the MFO segment is rapidly maturing—requirements for automation, analytics, and customer service quality are growing. For the company, the brunch became a starting point for more systematic work with this sector and the preparation of new offerings for the market.

International Colvir Conference and Creation of a Closed Professional Community

The culmination of the year was Colvir’s international anniversary event, held from October 31 to November 3 at the Gloria Golf Resort in Turkey. The forum brought together more than 170 participants—bank executives, FinTech companies, regulators, and partners from nine countries.

The program included a global conference “Behind the Scenes of Banking Technologies,” a closed premiere of Colvir’s microservices platform, a series of roundtables on key market development topics, sports tournaments, and a “Partnership Recognition” ceremony.

The event became the largest professional dialogue platform of the year and outlined Colvir’s development vector for the next 25 years—a combination of customer focus, technological leadership, and honest partnership.

A separate outcome of the event was the creation of a closed professional community representing Kazakhstan’s banking sector and Central Asia’s FinTech industry. The new platform will allow participants to continue discussions, exchange experience, discuss technologies, and jointly shape future solutions.