A commercial bank based in Kazakhstan, supported by China Citic Bank, is looking to partner with financial organizations and investors from Hong Kong to establish innovative funding avenues for the Central Asian nation via Hong Kong's growing offshore RMB market.
Murat Baisynov, head of Altyn Bank, stated to the South China Morning Post that three customers from the bank based in Almaty are now considering issuing dim sum bonds in Hong Kong, a movement he anticipates will persist.
"Hong Kong continues to be the global leader in offshore yuan liquidity, connecting the biggest group of investors, banks, and systems involved in issuing yuan-denominated bonds," he stated.
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In Central Asia, this creates broader chances to draw in lasting investment for infrastructure, transportation, energy, and environmentally friendly development initiatives.
He mentioned that the bank, which is part of China Citic Bank, seeks to form strategic alliances with investment companies and institutional investors in Hong Kong in order to open up fresh funding avenues for the area via the offshore yuan market.
Since 2018, Altyn Bank has been under the control of China Citic Bank Corporation, following the acquisition of a 50.1 percent share from Kazakhstan's leading financial entity, Halyk Bank.
Baisynov emphasized the potential of Hong Kong under the leadership of the Chief Executive John Lee Ka-chiu Led a top-tier team to Kazakhstan and Uzbekistan recently to investigate fresh commercial opportunities against the backdrop of political instability.
A seasoned banker anticipates a significant increase in RMB-based transactions as economic and commercial relations between Kazakhstan and China, along with Hong Kong, grow stronger over the next few years.
He referenced the Development Bank of Kazakhstan’s first issue of a 2 billion yuan (US$280.8 million) dim sum bond in Hong Kong last September as proof of increasing enthusiasm for the currency.
"With increasing two-way trade with China, there is an rising need for financial transactions and payments carried out in [Chinese yuan]. For numerous companies, this method aids in lowering operational expenses and enables better handling of exchange rate fluctuations," he stated.
Enhancing the application of the Chinese yuan involves improving market liquidity and risk management tools—especially for the Yuan-Tenge exchange rate—as well as drawing in a wider range of global investors to collaborate with Central Asian entities.
He mentioned that Hong Kong, serving as a funding hub and entry point to the global financial network, plays an important part in enhancing these links.
Baisynov further mentioned that there is an increasing interest from Kazakhstan-based investors in spreading their assets across overseas markets, making global investments, and utilizing personal banking solutions.
He stated that Hong Kong has all the essential qualities required to address these changing demands.
He highlighted the significant opportunities for cooperation between Hong Kong, a global financial center, and Kazakhstan, a major economic and transportation hub in Central Asia.
Hong Kong signed 96 agreements worth $1.65 billion for Kazakhstan and Uzbekistan during Lee's five-day trip to Central Asia last week, spanning areas such as finance, technology, commerce, and media.
Cathay Pacific Airways The city's national airline has revealed intentions to start services to Almaty in the coming year. At the same time, the Hong Kong authorities have signed a deal with Uzbekistan, opening the door for carriers from both regions to establish a fresh non-stop connection.
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The article was first published on the South China Morning Post (www.scmp.com), a top-tier news outlet covering stories about China and Asia.
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