Sands Capital - What Matters Most

Kaspi: The Super App Reshaping Kazakhstan’s Financial Landscape

Mar 29, 2024

Research Analyst Brian Crofton discusses Kaspi's evolution into Kazakhstan's premier digital financial services company, highlighting its super app ecosystem and unique challenges. Topics include fintech, business model overview, IPOs, Kazakhstan's geopolitical landscape, growth opportunities, and the future of digital finance.

44:44

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Episode guests

Brian Crofton

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Quick takeaways

Kaspi's super app ecosystem engages 70% of Kazakhstan's adult population daily.

Caspi has successfully transitioned from a traditional bank to a digital financial institution offering diverse services.

Deep dives

Caspi: Leading Digital Financial Services Company in Kazakhstan

Caspi is a prominent digital financial services company in Kazakhstan, operating the largest consumer finance business, payments provider, and e-commerce platform. Similar to a super app, Caspi offers interrelated services driving engagement and cross-selling. It evolved from a traditional commercial bank to a purely digital institution offering services like payments, e-commerce, and a comprehensive super app.

Intro

4min

Digital Banking and Kaspi's Three Main Business Lines

16min

Listed on US Exchange for Liquidity Boost & Investment Growth

9min

Analyzing the Relationship Between Kazakhstan and Russia Post-Independence

3min

Comparative Analysis of Research Processes in Fintech Sector

2min

Expanding Opportunities: The Future of Caspi in Central Asia

10min

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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Sands Capital - What Matters Most

Kaspi: The Super App Reshaping Kazakhstan’s Financial Landscape

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Caspi: Leading Digital Financial Services Company in Kazakhstan

Evolution of Caspi: From Traditional to Digital Banking

Caspi's Business Segments and Competitors

Geopolitical Considerations and Expansion Plans

Remember Everything You Learn from Podcasts