South Korean company Dunamu has signed a Memorandum of Understanding (MOU) with the Alatau City Administration and Alatau City Bank to develop digital financial infrastructure in Central Asia. The agreement, formalized in Seoul on September 15-16, 2026, aims to establish key digital financial services, including real-world asset tokenization, security token offerings (STOs), stablecoins, and digital payment solutions.
This partnership is a significant component of the broader Alatau City megaproject, which has an estimated total investment target of $6 billion. Dunamu, known for operating South Korea’s largest cryptocurrency exchange, Upbit, will contribute its technical expertise to the initiative. The Alatau City Administration is expected to handle regulatory coordination and local institutional connections, with Alatau City Bank serving as the operational center for the project.
As part of the agreement, Alatau City Bank is targeting up to $60 million in tokenization pilots focused on real estate and logistics projects. These programs are slated to launch before the end of 2026, leveraging the infrastructure of the Kazakhstan Stock Exchange. This initiative positions Alatau City as a potential hub for digital finance in Kazakhstan.
Alatau City Bank has already demonstrated progress in digital payments, having integrated Binance Pay across more than 5,000 point-of-sale terminals. The megaproject has also attracted partnerships with Halyk Bank and Solana for payment integrations, underscoring a broader effort to build a comprehensive digital finance ecosystem.
While the MOU outlines ambitious goals, several uncertainties remain. The exact nature and success of the pilot programs are yet to be determined, as is the specific regulatory framework that may govern these proposed digital financial services in Kazakhstan. The extent of Dunamu’s technical contribution beyond its established experience and the precise roles of other partners like Halyk Bank, Solana, and Binance in the broader project also require further clarity.
The signing of the MOU coincided with Kazakh President Kassym-Jomart Tokayev’s state visit to Seoul, suggesting a deliberate diplomatic effort to foster technology partnerships within Kazakhstan’s emerging fintech sector. The success of the tokenization pilots by the end of 2026 could serve as a key indicator of Alatau City’s progress towards its digital finance hub ambitions.
Broader Context
Source materials place the factual news in this context: Dunamu is the company behind South Korea’s largest crypto exchange Upbit.
Why This Matters
This partnership signifies a significant move towards establishing digital financial infrastructure in Central Asia, with potential implications for tokenization, stablecoins, and payment solutions. The agreement between Dunamu, Alatau City Administration, and Alatau City Bank aims to develop these services, with specific targets for tokenization pilots by 2026. However, the full success and regulatory landscape remain to be seen, highlighting the developing nature of this story.
