Global demand for gold investment has surged in recent years, fuelled by inflationary pressure, geopolitical uncertainty and the universal search for financial stability. As institutional investors and central banks strengthen their gold reserves, retail investors around the world are looking for smarter and more convenient ways to take part.
In Kazakhstan, this growing demand sparked the creation of the Gold Coin – a visionary joint project between the National Bank of Kazakhstan (NBK) and Astana International Exchange (AIX). Gold Coin reimagines the timeless value of gold for the digital age, turning it into a fractionally accessible, fintech-powered investment. It is where trust meets innovation, proving that tradition and technology can not only coexist but also elevate each other.
What makes Gold Coin truly remarkable is not just what it stands for – stability, security and trust – but how it brings these values to life in a digital, intuitive and inclusive way. The concept is simple yet transformative: to make gold ownership digital, affordable and secure.
On 18 March 2025, trading officially launched on AIX, opening the door for investors to own a fraction of a troy ounce of gold with no vaults, no bank visits – just seamless digital access to one of the world’s oldest and most trusted assets.
Each digital unit represents one-twentieth of a troy ounce, with its price linked to quotations from the London Precious Metals Market Association (LBMA).
Lowering the Barrier to Gold Investment
What makes the Gold Coin design truly stand out is its fractional nature. Each coin is divided into 20 digital units, lowering the barrier to entry and opening the market to a much broader community – from first-time savers taking their initial steps into investing, to seasoned investors seeking a safe, stable asset.
Once an investor accumulates 20 units, they can choose to redeem them for a physical ÚKI Gold Coin at NBK branches, or simply continue holding their investment in digital form. Each physical ÚKI Gold Coin is crafted by the Kazakhstan Mint from locally sourced, high-grade gold, representing not only value but also national craftsmanship and quality.
This innovative ‘phygital’ model blends the reliability of central-bank-backed gold with the flexibility of digital finance, giving people freedom of choice while linking the tangible and virtual worlds.
The name ÚKI, meaning owl in Kazakh, symbolises wisdom, foresight and protection – the same qualities the project brings to modern savings. This tangible convertibility preserves the emotional and historical appeal of gold ownership while introducing the speed and simplicity of fintech.
Within six months of trading, turnover exceeded 20 billion tenge (around USD 38 million), with more than 5,500 transactions and over USD 6 million worth of gold held in the registrar. For a market where traditional savings still dominate, these results reflect not only commercial success but also a cultural shift towards digital investing.
Technology and Trust
The success of Gold Coin is closely tied to Tabys, a mobile investment app initially developed by AIX in 2020 to promote financial literacy. What began as an educational project evolved into a fully operational fintech platform that connects retail investors directly to regulated markets.
Through Tabys, users can buy digital gold, monitor live prices and manage their portfolios via a simple, intuitive interface. Built-in tutorials and guides make investing accessible even for beginners. In 2025, AIX transferred the app to a licensed brokerage, expanding investment options and strengthening its infrastructure.
Tabys now represents the fintech gateway that made Gold Coin possible – the retail access point linking citizens to the exchange and, ultimately, to the National Bank’s reserves. It illustrates how inclusive design and education can transform financial participation.
Redefining Market Infrastructure
Gold Coin demonstrates how market infrastructure can evolve through collaboration between a central bank, an exchange and fintech. NBK serves as guarantor; AIX provides the trading infrastructure; and Tabys delivers user access – together forming a transparent ecosystem that connects national reserves with individual investors.
This integration strengthens trust across all levels of the market. Digitalisation here is not a disruption but an enhancement – built on governance, transparency and regulation. The project shows how emerging markets can innovate responsibly, combining cutting-edge technology with strong institutional oversight.
For Kazakhstan, the initiative also marks a new approach to public engagement. Central banks traditionally operate at the macroeconomic level, but through Gold Coin, the NBK has extended its reach to individual citizens – not through regulation, but through empowerment. Gold, once a strategic reserve asset, has become a personal savings tool, linking state stability with individual opportunity.
Ethical, Inclusive and Scalable
Gold Coin’s design, based on direct ownership of gold in both physical and digital form, naturally aligns with the principles of Islamic finance. Interestingly, this was not the original intention behind its creation; this organic compatibility adds a new dimension to its inclusivity and global potential. The model could be replicated in other markets with similar values, offering a transparent, asset-backed alternative that combines digital accessibility with ethical investment standards.
The system is built on the Astana International Financial Centre’s (AIFC) infrastructure, operating under English common law. This ensures international standards of transparency, custody and investor protection – essential for confidence both domestically and globally. Combined with AIX’s market systems and Tabys’s intuitive interface, it creates a comprehensive and trustworthy market environment.
Beyond gold, Gold Coin offers proof of concept for tokenising real-world assets safely and inclusively. The same model can be applied to silver, platinum or carbon credits, enabling broader participation in commodity-based investment through regulated exchanges. By leveraging central-bank credibility and exchange infrastructure, Kazakhstan has created a blueprint for asset tokenisation rooted in real value and public trust.