Explore digital innovation in Kazakhstan in this episode of What Matters Most, in which we spotlight Kaspi’s compelling super app ecosystem, which boasts nearly 70% of the country’s adult population as daily active users. Sands Capital Research Analyst Brian Crofton guides us through Kaspi’s growth into the country’s premier digital financial services company. Uncover the distinct challenges and prospects of operating and investing in Kazakhstan, a geopolitically intriguing emerging market, and learn how Kaspi is revolutionizing the financial sector, boosting consumer interaction as it cleverly layers its platform, and hoping to accelerate the future of digital finance.
Episode Transcript Available Here.
- (02:18) What is a fintech, really? And the story of Kaspi’s super app transformation
- (04:26) An overview of the three main business lines and a strong business model
- (09:00) “Now let’s plop it [the business model] into Kazakhstan.”
- (18:03) Synergies across the network and Brian’s favorite insight into Kaspi
- (20:08) Mechanics of the business: An initial public offering (twice) and the Baring Vostok connection
- (25:38) Brian breaks down Kaspi’s relationship with Kazakhstan and Kazakhstan’s relationship with the elephant in the room.
- (32:23) Investing in businesses domiciled in Kazakhstan comes with some additional research.
- (35:48) Growth opportunities for Kaspi and the potential to reach maximum penetration
- (40:27) Careful not to understate the potential value of layering new services on an existing platform
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