Long money, tokenization and a single market – KASE's view
Chairman of the Management Board of Kazakhstan Stock Exchange (KASE) Adil Mukhamejanov participated in CFO SUMMIT KAZAKHSTAN 2026. He spoke on the panel discussion "Long money, short cycle and expensive capital" along with representatives of banks and development institutions.
The participants discussed sources of long money in the domestic market, the role of pension assets, and why banks are hesitant to issue debt securities. The speakers also explored the potential of digital financial instruments to expand the investor base and reduce the transaction costs.
Adil Mukhamejanov noted that pension funds currently play a key role in the long-term investment market. To attract more investors to long-term bonds and other debt instruments, it is important that they trust borrowers and can count on market stability. At that, he noted that technology can help expand the market opportunities and attract new participants.
"Technology alone won't make the money long or cheap, but it can create new opportunities for new players and expand the market. Digital financial instruments and tokenization offer three key advantages: automated operations, reduced barriers for retail investors and rapid entry of instruments to the market", noted the Head of KASE.
According to him, the exchange's current goal is to ensure integration of traditional and digital infrastructure without dividing the market into separate parts, so that all instruments are available in a single space, and investors have a simple and clear window of access to them.