Almaty – Kazakhstan’s leading financial institution, Halyk Bank, has officially announced its acquisition of a 49% stake in Uzbekistan’s digital payments company Click for $176.4 million, in what is set to become one of the largest cross-border financial investments in Central Asia’s history.
The transaction values Click at approximately $360 million, reflecting the growing significance of digital finance across the region’s rapidly evolving economy. With over 20 million users, Click stands as one of the most widely used payment platforms in Uzbekistan.
As part of the deal, Click will also acquire a 49% stake in Tenge Bank, Halyk’s Uzbek subsidiary, for $60.76 million. This reciprocal investment structure aims to foster deeper operational integration and shared technological infrastructure between the two institutions – a step forward in achieving greater regional financial harmonisation.
“This is a historic milestone for Click. Our partnership with Halyk Bank and the opportunity to expand through Tenge Bank is a major leap in delivering world-class digital financial services to millions,” said Ulugbek Rustamov, CEO of Click. “At the same time, the deal structure ensures Click maintains its independence, shapes its strategic path, and remains a proud national brand.”
A strategic push toward regional integration
The partnership comes as Kazakhstan and Uzbekistan push forward with initiatives to modernise their financial sectors and facilitate cross-border payments. Bilateral trade between the two countries continues to grow, reaching $4.22 billion in 2024, up from $2.9 billion in 2020.
With a 29% market share and more than 10.9 million active retail clients, Halyk Bank dominates Kazakhstan’s banking sector and sees this investment as a strategic move to tap into Uzbekistan’s fast-growing digital economy. For Click, the acquisition offers regulatory access through Tenge Bank, as well as technological support and capital-raising potential via Halyk’s public listing on the London Stock Exchange.
Uzbekistan’s economy, which grew by 7.2% in the first half of 2025, continues to welcome foreign investment in its financial sector – a core element of President Shavkat Mirziyoyev’s ongoing reform agenda.
A shift in regional strategy
This deal also represents a strategic pivot for Halyk Bank. In recent years, the bank exited its operations in Kyrgyzstan and Tajikistan – selling its Kyrgyz subsidiary entirely to businessman Aidan Karibzhanov in 2024, and liquidating its Tajik entity in 2022. The Click acquisition signals a renewed focus on Uzbekistan as a key external growth market.
This shift comes as Halyk solidifies its dominance at home, controlling nearly one-third of Kazakhstan’s banking assets and processing 90% of retail loans through digital platforms, including the popular Halyk Super-App.
The future of Central Asian banking
Click’s central role in Uzbekistan’s digital economy, now combined with Halyk’s financial infrastructure, positions the partnership to lead the development of a regional payments ecosystem – an initiative long held back by fragmented systems and protectionist policies.
The transaction is subject to regulatory approval in both countries and is expected to close by the end of 2025. Joint product rollouts and integrated financial platforms are already in discussion.
This is a developing story…
