BAKU, Azerbaijan, November 29. Mastercard is significantly reshaping its business strategy in Kazakhstan and Central Asia by establishing a strong local presence in Almaty, said Sanzhar Zhamalov, General Director of Mastercard in Kazakhstan and Central Asia, in an interview with Trend.
Zhamalov outlined the company’s plans to deepen its regional engagement and accelerate business development in the area.
"We have fundamentally changed our approach to business development in Kazakhstan and Central Asia by creating a hub in Almaty," said Zhamalov. "My appointment is closely tied to the localization of Mastercard’s business in Kazakhstan, and one of my key tasks is to build a local office that will help expand our business in the region. We are recruiting more local specialists who will play a pivotal role in maintaining Mastercard’s operations in Central Asia and the CIS from Almaty. The number of employees is steadily growing, and at the same time, we are undergoing a major transformation of our operational activities".
Zhamalov emphasized that Kazakhstan is a priority market for Mastercard, highlighting the country’s robust cashless payment infrastructure and its young, tech-savvy population. "Kazakhstan has a high proportion of young people who are particularly receptive to new technologies, and Almaty boasts high-quality human capital – a large pool of young professionals with international education and experience," he explained. "We also see the government’s strong desire to develop the digital economy, and this aligns perfectly with our goals. We are working together to realize this vision".
Looking back at the evolution of investment trends in the country, Zhamalov noted a significant shift in focus. "10-15 years ago, foreign investors were primarily interested in resource-based sectors like oil, gas, and metals. Now, we are in a new era of transformation, and investors are increasingly looking to non-resource companies. Kazakh fintech companies, for example, are gaining international attention and expanding into foreign exchanges. By creating a digital economy, Kazakhstan is building a new platform for business growth and attracting global investors. Mastercard’s global expertise in supporting and consulting local businesses is in high demand," Zhamalov said.
Mastercard is also setting its sights on expanding its efforts in environmental, social, and governance (ESG) initiatives. "We are focusing more on ESG in the region, as environmental protection and responsible consumption are key priorities for our company," said Zhamalov. "We will continue to implement programs like Digital First or Digital Only cards, which reduce the use of plastic. In Kazakhstan, we are already issuing eco-cards made from recycled plastic in collaboration with our partner, Eurasian Bank, which has also become the first Kazakhstani company to join Mastercard’s Priceless Planet Coalition".
The official added that Mastercard is also working on bringing more Kazakhstani banks into the Priceless Planet Coalition, a global initiative aimed at combating climate change through collaboration with the Conservation International Fund and the World Resources Institute. "We will soon announce that another Kazakhstani bank has joined the Priceless Planet Coalition. As we see the growing negative impact of climate change in our region, we believe it’s essential to focus on eco-friendly projects," he said.
Looking forward, he expressed confidence in Mastercard’s future in Central Asia. "Our payment, technology, and environmental initiatives are in great demand across Central Asia. There is excellent potential for Mastercard to operate and collaborate here, helping to develop the cashless economy and promoting these countries on the global stage. I am very optimistic about the future," Sanzhar Zhamalov concluded.