Since Kazakhstan left the Soviet Union and embraced capitalism, its banks have been locked in a boom-bust cycle, but a banker who lamented the passing of Communism has emerged as the industry’s leader. Now Halyk Bank’s Umut Shayakhmetova faces what could be her biggest test yet.

Government officials and bankers see the Covid-19 crisis as an opportunity to overhaul energy policy and expand the range of financing options available for the country’s infrastructure needs.

The country’s government is talking a big game about opening up – but how likely is real change?

Home Credit proved to be one of Kazakhstan’s savviest and most agile banks during the pandemic, thanks to the digital transformation that it embarked on less than three years ago. Rivals have some doubts – but the shift to digital appears to be paying off.

The investment by Kazakhstan’s banks in their digital offerings had the first big test when Covid-19 struck; firms responded by rapidly rolling out online services to clients. Their transformation is remarkable, but it also raises an important question: where do they go from here?

At the first hint of crisis, Mongolia usually reaches out to the IMF for financial help. Not this time. Ulaanbaatar reacted swiftly to the Covid pandemic. It is set to emerge from a tough time with its reputation and its finances enhanced.

Uzbekistan’s state-owned banks dominate the local financial system; a mix of local, privately owned banks and eager foreign players are helping the country to open up, but it will not be easy.

Silk Capital is making a big bet on the liberalization of the country’s financial system – a crucial test case of international demand for the nation will be the boutique investment bank’s own offshore IPO.

For too long, Mongolia has depended heavily on the resources sector, but banks such as TransBank are making an important push to lend to small and medium-sized enterprises.