Money Service Operator License in AIFC, Kazakhstan — Scope, Capital, and Setup

Apply for AIFC Financial Licensing with Zitadelle AG

Kazakhstan’s Astana International Financial Centre (AIFC) is rapidly becoming a gateway for financial and fintech firms seeking regulated access to Central Asia, CIS, and global markets. With its common-law framework, independent regulator (AFSA), and zero-tax regime, AIFC offers an attractive base for payment companies, EMIs, and money service operators.

Zitadelle AG specializes in helping fintech companies secure licenses in emerging jurisdictions, including the AIFC. This guide outlines the key requirements for the Money Service Operator license, including business scope, capital needs, tax benefits, and licensing process.

What Is a Money Service Operator in AIFC?

Under Rule 21 of the AIFC General Rules for Authorised Firms, “Providing Money Services” includes:

• (a) Currency exchange

• (b) Selling or issuing payment instruments

• (c) Selling or issuing stored value

• (d) Execution of payment transactions, including:

  • Transfers via settlement or bank accounts

  • Direct debits and one-off direct debits

  • Payments via card or similar devices

• (e) Execution of transactions backed by a credit line

• (f) Money remittance

• (g) Transactions initiated through telecommunication, digital, or IT systems

This license authorizes the transfer of funds abroad, including royalty payments, merchant settlements, and client remittances — making it suitable for cross-border payment platforms.

Examples of licensed payment operators under AIFC include:

• McPay – A Kazakhstan-based digital wallet and remittance platform.

• S1lkPay – A modern payment gateway offering card and QR-based payment services across Central Asia.

AIFC Licensing Framework Overview

The Astana Financial Services Authority (AFSA) regulates a wide array of financial and fintech businesses through dedicated license categories, such as:

• Money Services Operator

• Payment Institution / EMI

• Digital Asset Trading Facility (Crypto Exchange)

• Investment Firm (Broker-Dealer / Asset Manager)

• Islamic Finance Provider

• Crowdfunding Platform

• Representative Office (for pre-license market entry)

All licenses are governed under English common law principles, providing a stable, internationally recognized legal environment.

Capital Requirements for Money Service Operators

According to Rule 4.10, AIFC-authorised firms operating as Money Service Operators must maintain a minimum base capital of USD 200,000.

Additionally, the AFSA expects a capital buffer to be included in financial forecasts to mitigate credit, market, and operational risks, particularly for firms handling third-party client funds.

Local Management & Staffing Requirement

AFSA places emphasis on local accountability. For successful licensing, AIFC generally expects:

• At least one executive director, and

• One qualified Compliance/AML Officer
  to be resident in Kazakhstan.

Based on Zitadelle AG’s HR market research for AIFC-regulated entities (e.g., broker-dealers), qualified professionals typically command USD 3,500–6,500/month in salary. This cost should be budgeted within your operational planning. We can assist with the search of candidates via our sister company - HRFinEase.

AIFC Tax Benefits – 0% Corporate and Withholding Tax

AIFC participants benefit from one of the most favorable tax regimes in the region. The key incentives include:

• 0% Corporate Income Tax (CIT)

• 0% Withholding Tax on dividends, interest, and capital gains

• 0% VAT on financial services

• No capital gains tax for non-resident shareholders

These tax benefits are guaranteed until January 1, 2066, under Kazakhstan’s AIFC Law.

To qualify, the company must be registered as an AIFC Participant and conduct income-generating activities from within the AIFC framework.

How Zitadelle AG Can Assist

Zitadelle AG provides full-service support for fintech licensing in the AIFC, including:

• Feasibility assessment and legal structuring

• Preparation of the regulatory business plan and financial projections

• HR recruitment for local compliance and director roles

• Submission of application to AFSA and post-licensing support

Whether you operate a payment gateway, digital wallet, or remittance platform, we help you establish a fully licensed entity within the AIFC — ready to serve both domestic and international clients.

Start Your AIFC Application with Zitadelle AG

If you're considering expanding into Central Asia, AIFC provides the regulatory clarity, tax advantages, and infrastructure to scale your fintech business.

📞 Contact us today to start your application for the Money Services Operator license in AIFC.