Deal at a Glance
Kazakhstan’s Halyk Bank is set to acquire a 49% stake in Click, Uzbekistan’s leading digital payment platform, for $176.4 million. The move values Click at roughly $360 million and marks one of the most significant cross-border banking investments in Central Asia.
Reciprocal Ownership: Building Bridges
In parallel, Click will buy a 49% share in Tenge Bank, Halyk’s Uzbek subsidiary, for $60.76 million.
This mirrored structure is not a simple financial swap. It is a deliberate integration strategy, aligning their operations, tech platforms, and financial muscle across two countries.
Regional Integration Strategy
This is more than just a deal. It underscores a broader drive toward regional integration. Kazakhstan and Uzbekistan are pushing modernization of their financial systems and facilitating cross-border transactions. Bilateral trade reached $4.22 billion in 2024, up from $2.9 billion in 2020.
For Halyk, which controls 29% of Kazakhstan’s retail banking market and serves over 10.9 million customers, it is a calculated expansion strategy into Uzbekistan’s fast-growing digital finance space.
Click’s Position and Growth
Click already commands over 20 million users in Uzbekistan. It is known as a SuperApp, handling everything from payments and insurance to delivery and even government services.
In 2024 alone, it reported a 35.3% revenue surge and saw net profit increase by 37.5%.
With Halyk’s partnership, Click gains regulatory legitimacy via Tenge Bank and access to the bank’s tech stack and publicly listed capital channels.
Complementing Strengths
Ulugbek Rustamov, Click’s CEO, described the alliance as historic, pointing to deeper collaboration and the opportunity to offer world-class digital finance while preserving Click’s identity as a national brand.
Halyk brings financial scale, regulatory credibility, and international backing. Its shares are traded on the London Stock Exchange and held by investors from the US, UK, Europe, and Asia.
Meanwhile, Click brings deep local market access and strong consumer trust.
Strategic Shift for Halyk
This deal signals a strategic shift for Halyk. It has been exiting other Central Asian markets, offloading its Kyrgyz business in 2024 and liquidating its Tajik unit in 2022. Now, the bank is focusing on Uzbekistan as its top external growth market.
With total assets over $37.5 billion and around $1.5 billion already invested in Uzbekistan as of early July 2025, Halyk is stepping in with a strong hand.
Behind the Scenes: Power Dynamics
Some view the deal as more than business. Halyk’s ownership ties to Kazakhstan’s elite, specifically Timur Kulibayev and his wife, daughter of former President Nazarbayev, might have raised eyebrows in Uzbekistan. But the deal’s acceptance suggests a regional consensus among economic and political power brokers.
What It Means Going Forward
Once regulators in both countries sign off, expected by end-2025, the two companies plan to launch joint products, share infrastructure, and possibly build a unified cross-border financial ecosystem.
This could be a blueprint for Central Asia’s financial future, an upgraded, integrated payments network that aligns with ongoing regional cooperation like the C5+1 framework and common border agreements.
Bottom Line
This collaboration is more than capital. It is a trailblazing fintech alliance that blends scale, technology, and shared regional ambition. If executed well, it could rewire how people and businesses pay across borders in Central Asia while establishing Uzbekistan as a rising hub in the digital finance world.
