Which companies in Central Asia are investing in startups

What is corporate venture capital

Corporate venture capital is a form of investment in which large companies invest in startups or acquire them to accelerate their own technological development. This approach allows businesses to quickly test new solutions, strengthen existing products, and build comprehensive digital ecosystems that combine finance, services, and technology.

Key market players

Today, corporate venture capital in the region is becoming one of the key growth tools: companies are moving away from the classic business model and transitioning to ecosystem development, where startups become part of their long-term strategy.

Freedom Holding Corp.
Freedom Holding Corp. is an international investment holding company that actively develops a digital ecosystem in the field of financial services and everyday life services. The company builds its strategy around combining various digital products into a single platform.

The company is strengthening its financial and everyday life services direction by integrating new products and platforms into its structure. Among its deals are the acquisition of Ticketon and Arbuz.kz, as well as the integration of Aviata and Chocotravel services through Choco assets, which strengthened the travel and e-commerce services segment.

Kaspi.kz
Kaspi.kz is the largest FinTech ecosystem in Kazakhstan, which combines payments, a marketplace, and banking services in one application. The company is actively expanding and strengthening its positions by entering new markets and making specific strategic deals.

Among Kaspi's largest deals are the acquisition of the Turkish marketplace Hepsiburada, as well as the development and integration of its own digital services, including Kaspi Travel. The company combines organic growth with targeted acquisitions, strengthening its ecosystem in the region.

AloqaBank
One of the most active institutional and venture players in the Uzbekistan market, which has transformed from a classic bank into a full-fledged digital financial ecosystem. Through its corporate venture fund AloqaVentures, the bank directly invests in early-stage startups and acts as the main partner of the largest IT hackathons.

The bank builds its strategy around supporting fintech, GovTech, and SaaS solutions, integrating them into its products. A bright example of an ecosystem approach was the acquisition and development of the payment application Zoomrad, which addresses lifestyle and financial needs of users within a single bank platform.

Halyk Bank
Halyk Bank is the largest bank in Kazakhstan, which actively develops digital financial services and is becoming a full-fledged digital ecosystem. The company's main focus is on developing fintech products for businesses and users.

In 2026, Halyk Bank strengthened its digital direction through the acquisition of the re:Kassa service, which helps small and medium-sized businesses automate payments and cash operations. The bank continues to develop its ecosystem through partnerships and the implementation of its own digital solutions.

Beeline Kazakhstan
Beeline Kazakhstan is a telecom operator within the VEON group, which develops digital services and is gradually transforming into a technological ecosystem. The company focuses on the development of cloud solutions, AI, and digital products for users and businesses.

In 2025-2026, Beeline Kazakhstan began developing infrastructure projects, including the construction of the Hyper Cloud data center in Almaty. The main growth is driven by its own digital services and technologies, without public deals for acquiring startups.

BI Group
BI Group is a large construction holding company in Kazakhstan that is developing its own digital ecosystem and working with technological solutions in the real estate and construction sectors. The company implements digital services for project management, client processes, and residential complexes, and is also developing the proptech segment.

BI Group works with startups in the fields of "smart housing," building materials, property management services, and architectural technologies. The company launched startup selection programs for joint projects, including BI Synergy Sprint, and collaborated with venture structures to find and test technological solutions.

TBC Bank Uzbekistan
TBC Bank Uzbekistan is a digital bank that is developing a FinTech ecosystem in Uzbekistan and strengthening its position in the market of digital financial services. The bank is part of the international TBC Bank Group and focuses on developing mobile and online services for individual clients.

In 2025, TBC Bank Uzbekistan acquired BILLZ — a cloud platform for automating retail trade, which helps entrepreneurs manage sales, inventory, and analytics in real time.

Alif
Alif is a FinTech company from Tajikistan that is actively developing a digital ecosystem around payments, BNPL, and financial services. The company operates not only as a product team but also as an investor and partner for technological solutions in the region.

Alif invests in the development of its own products and collaborates with startups in the fields of FinTech, e-commerce, and Islamic finance. The main focus is on creating accessible financial tools for users and scaling digital services to new Central Asian markets.

Yandex
Yandex is a technology company that is actively working in Central Asia and investing in the development of digital services and regional infrastructure. The company is building an ecosystem around search, taxi, delivery, e-commerce, and cloud solutions.

In the region, Yandex develops services by launching new products and making local investments. Key areas include Yandex Go, Yandex Market, and Yandex Cloud. The company also collaborates with startups and local teams, integrating technologies and strengthening its positions in the fields of AI and data-driven services.

«Eldik Bank»
«Eldik Bank» is one of the largest banks in Kyrgyzstan, which is actively participating in the transformation of the country's telecom and FinTech markets.

One of the key deals was the acquisition of the Sky Mobile operator, the Beeline Kyrgyzstan brand. This deal was an important step toward creating an integrated ecosystem that combines financial and telecom services. The bank is strengthening its position in digital services by developing new products at the intersection of FinTech and mobile communications.

Uzcard
The leading national payment system of Uzbekistan, which has outgrown the boundaries of payment processing and is forming its own B2B and B2C ecosystem. Through the corporate fund Uzcard VC, the company systematically tracks projects at hackathons, offering startups not just investments, but access to its vast infrastructure.