25.02.2020

Kaspi.kz founders met with the President of Kazakhstan

On Friday (21 February) Kaspi.kz's Chairman of the Board of Directors Vyacheslav Kim and CEO Mikhail Lomtadze met with the President of Kazakhstan, Kassym-Jomart Tokayev.

During the meeting, the founders and President discussed Kaspi.kz's contribution to the development of fintech, e-commerce and digital payments and how the company is enabling Kazakhstan's rapid transition from cash to a cashless economy. Kaspi.kz's strategy to support the growth of SME's with new financing and payments products was also in focus.

"During the meeting we discussed our transformation from a leading retail bank into the country's largest technology platform and mobile ecosystem" commented Vyacheslav Kim, Chairman of the Board of Directors of Kaspi.kz. "We shared our vision on how Kaspi.kz's innovative and technologically advanced products and services can improve people's living standards and support economic growth. Driven by Kaspi.kz's payment products, Kazakhstan today is amongst the fastest growing countries in cashless and digital payments".

"Our mission is to develop innovative services that improve people's lives" added Mikhail Lomtadze, CEO of Kaspi.kz. "During the meeting we shared how our team is revolutionizing the way people pay, shop and manage their personal finances with our hugely popular Kaspi.kz Mobile App, which currently has over 6 million users and has become an integral part of their daily lives".

The importance of developing small and medium enterprises was also discussed during the meeting. Kaspi.kz founders shared the company's plans to continue growing services around its partners, which include over 12 000 companies across various sectors of economy. At the end of 2019, Kaspi.kz rolled out modern payments infrastructure, including 20 000 POS Terminals and plans to increase this to 35 000 in 2020. In addition, Kaspi.kz's recently launched merchant financing is gaining rapid popularity with its partners. Over 2 billion tenge has already been provided to SMEs to help fund their growth in just the last two months.

Kaspi.kz founders expressed gratitude to the President on behalf of entrepreneurs for providing a 3-year income tax holiday for micro and small businesses. This decision is an important investment that will further support the growth of cashless payments and will provide another important foundation for development of small businesses in Kazakhstan. Such business will be important for continuous long term economic growth of the country.

The founders of Kaspi.kz also updated the President on Kaspi.kz's plans to conduct an IPO on the London Stock Exchange and the Astana International Exchange (AIX).

The President noted the importance to the country of the technological innovations continually being pioneered by Kaspi.kz.

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