Behind the new "Alma Finance Bank" in Kyrgyzstan stands a Chinese business conglomerate

A new financial institution has been registered in Bishkek — CJSC “Alma Finance Bank.” The National Bank has already granted permission for its establishment, but the bank still needs to obtain a license from the regulator before entering the market. At first glance, it seems like a routine expansion of the banking sector. However, the list of founders indicates that this is a much larger project — a financial arm of a Chinese business conglomerate is being set up in the country.

CJSC “Alma Finance Bank” was officially registered on July 30, 2025. The Ministry of Justice documents state that the institution was established with foreign capital, which, as it turned out, originates from China.

Wang Xin has been appointed as the head of the bank. Among the founders are three Chinese nationals: Wang Quangang, Kang Jianlin, and Liu Wenzhong. The other three founders are legal entities: the microfinance company Alma Credit, the construction firm Baden Service, and the industrial enterprise Kyrgyz Temir Group.

The bank’s founders also have other business interests. For instance, Wang Quangang is linked to at least five companies in Kyrgyzstan.

1. LLC “Let’s Go Drinks.” The company was registered in August this year with foreign capital. Its declared activity is the production of other non-alcoholic beverages. The founders are: Liu Yongqian, Xu Cuanwei, Yang Baolin, and Gong Min.
2. LLC “MONARCH Style.” The company was initially registered back in 2001. However, its current records date from March this year. It was also established with foreign capital, with its primary activity being the construction of residential and non-residential buildings. The founders are: Bakyt Aidarov, Guo Shiwei, and Li Chongming.
3. LLC “Bishtao.” Founded in 2013, the company has operated in its current form since 2018. It specializes in retail distance sales (by mail and online). Its founders are Ekaterina Son and Akesh uulu Islan.
4. LLC “Bai Service Development.” A foreign-capital company engaged in the construction of residential and non-residential buildings. It was registered in 2017 and re-registered in 2024. The founders are Wu Yazun and Marat Askerov.
5. LLC “RBD.” Operating since 2021, the company is active in the restaurant business and provides mobile catering services. Its founders are Liu Yazhun, Wu Yazun, Yu Ciqiao, and Chu Fengyun.

Another founder, Kang Jianlin, is a co-owner of the travel agency TopVisa. Along with him, the founders include Bakyt Aidarov and Arseniy Van. He is also a co-founder, together with Lin Hai, of LLC Industrial Company “Sun Lin.” Established in March 2024, the company is engaged in the production of other transport equipment and machinery not classified elsewhere.

The legal entities also own several companies. The construction company Baden Service is likewise listed as a founder:

1. LLC Sand. 100% domestic capital. Engaged in gravel and sand extraction. Another founder is Bayastan Esenbekov.
2. LLC UPB-BS. With foreign capital participation. Engaged in the production of construction metal structures. Another founder is Lichtenberg Waldemar.
3. LLC Asman Partners. 100% domestic capital. Engaged in gravel and sand extraction. Another founder is Erzhan Abdyzhalilov.
4. LLC SMU-3-BS. With foreign capital participation. Engaged in the construction of residential and non-residential buildings. Another founder is Lichtenberg Waldemar.
5. LLC Baden Project. With foreign capital participation. Engaged in construction project development. Another founder is Dai Xueyu.
6. Association of Legal Entities Association of Kyrgyz-Chinese Trade and Economic Cooperation.
7. Association of Legal Entities Kyrgyz-Chinese Trade and Investment Chamber.

The founder of Baden Service is Liu Wenzhong. He is also the sole founder of Kyrgyz Temir Group, a company engaged in the production of other fabricated metal products.

Another founder of the bank, the microfinance company Alma Credit, was also established with foreign capital. It entered the market in 2013. The company lists seven individuals among its founders, however their names have not been disclosed.

The consolidated structure demonstrates diversification across construction, industry, finance, trade and services, tourism, and catering. Essentially, Alma Finance Bank is expected to become the financial core, capable of connecting and servicing this multi-faceted business.

In fact, what is emerging on the market is not just a new bank, but a financial instrument of a major Chinese business conglomerate that has already established itself in Kyrgyzstan’s economy. Obtaining a license from the National Bank will allow Alma Finance Bank to act as a connecting link between industrial, trade, and construction projects, further strengthening China’s financial presence in the country.