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Kaspi.kz is a Kazakhstan-based company operating a two-sided Super App business model that integrates services for consumers and merchants. The company provides a wide range of digital services, including payments, e-commerce, and financial solutions, through its consumer and merchant-focused Super Apps. Kaspi.kz's offerings include payment processing, online shopping, travel booking, and financing products, making it a leader in Kazakhstan's digital economy.
- Fintech - Provides consumer and merchant financing solutions, including Buy Now, Pay Later (BNPL) products, and generates revenue from interest on loans and banking service fees. Merchant & Micro Finance is a key growth area.
- Payments - Processes payments for household needs, online and in-store purchases, debit card transactions, and money transfers. Includes QR-based payments and membership fees for payment services.
- Marketplace - Facilitates e-commerce, m-commerce, and e-grocery transactions, with merchants paying seller fees. Includes Kaspi Travel for booking travel and holidays, and recently expanded into car sales and services through Kolesa.kz.
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Considering that the Hepsiburada acquisition is an all-cash deal, wouldn't it have been more strategic to keep the existing owners involved to leverage their local market expertise as you enter a new and highly competitive market like Turkey?
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Given the acquisition of Hepsiburada and the potential capital requirements for growth in Turkey, how will this impact your dividend payout ratio in the medium term, and should shareholders expect a reduction in dividends to fund this transaction?
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With strong competitors already established in the Turkish e-commerce market, how do you plan to differentiate Hepsiburada and improve its profitability to match Kaspi's levels, and can you provide specific strategies you will implement to achieve this in such a competitive environment?
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In light of the allegations around former shareholders, what reassurances can you provide regarding Kaspi's KYC processes and compliance measures to ensure full adherence to local and international regulations and mitigate any reputational risks?
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As you expand into new markets like Turkey and potentially Uzbekistan, how do you plan to allocate management time and resources without detracting from your core operations in Kazakhstan, and what measures are in place to maintain growth and focus across all markets?