Kaspi.kz's Interest in Investing in Uzbekistan's Humo System
Kaspi.kz Expresses Interest in Humo Payments System Privatization
Joint Stock Company Kaspi.kz (“Kaspi.kz”) has sent a formal letter of interest to Uzbekistan’s State Assets Management Agency (“SAMA”), indicating its interest in participating in the upcoming privatization of the National Interbank Processing Center (“Humo”). This move aligns with Kaspi.kz’s strategic initiatives to expand its footprint in rapidly growing markets.
Overview of Humo Payments System
SAMA has unveiled plans to privatize a 100% stake in the Humo payment system via a public negotiation process. Humo is one of the primary payment systems in Uzbekistan, facilitating various aspects of the payments process for banks and other payment providers. With over 23 million issued Humo cards, more than 200,000 points of sale integrated, and approximately 6,000 ATMs installed, Humo plays a crucial role in the financial infrastructure of Uzbekistan.
Comments from Kaspi.kz Leadership
Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, articulated the company's vision regarding the privatization:
“Uzbekistan’s economy is growing fast, and I believe the country is taking all the right steps to increase its attractiveness to investors and companies like Kaspi.kz. The reforms carried out so far demonstrate a strong commitment to an open and competitive market economy, and will further boost economic growth.”
The Role of Investors
Lomtadze emphasized the significance of their shareholders, which include renowned investment firms such as Fidelity, Blackrock, Capital International, and Baillie Gifford. These entities are among the world’s most respected investors in technology companies. Through its active participation in the privatization of Humo, Kaspi.kz aims to showcase the vibrant transformation occurring in Uzbekistan.
Innovation Driven by Commitment
Kaspi.kz is dedicated to designing innovative digital products that significantly improve the daily lives of consumers. With a total of 18 years of collective experience, the team possesses extensive knowledge of digital payments. They have witnessed the profound impact that payment innovations can have on both the economy and society.
Focus on Digital Payments
Kaspi.kz continues to prioritize innovation as it leads the way in the digital payment sector. The company expresses a keen interest in playing a pivotal role in Uzbekistan’s evolving digital payments landscape, anticipating further discussions regarding the privatization of Humo.
Privatization Procedure of Humo
The privatization is set to unfold in three stages: expression of interest, collection of non-binding proposals, and collection of binding proposals. Prospective bidders will be required to submit a guarantee payment consisting of at least 1% of their proposed binding price offer during the final stage. This structured approach aims to ensure a transparent and competitive privatization process.
About Kaspi.kz
Kaspi.kz aims to enhance people's lives by developing innovative mobile products and services. The company operates a unique two-sided Super App model – the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants. These platforms encompass leading Payments, Marketplace, and Fintech services.
The strategic combination of a large, engaged consumer and merchant base, coupled with highly relevant digital products and a capex-lite approach, drives Kaspi.kz’s growth trajectory and enables sustained innovation.
Kaspi.kz has garnered recognition, with Harvard Business School producing two case studies about the company, which continue to be part of their MBA curriculum. The company has been publicly traded on Nasdaq since January 2024, further solidifying its presence in the financial markets.
Contact Information
For further inquiries, please reach out to:
David Ferguson
david.ferguson@kaspi.kz
+44 7427 751 275
Frequently Asked Questions
What is the background of the Humo payments system?
The Humo payments system serves as a primary financial processing platform in Uzbekistan, enabling seamless transactions for banks and consumers.
How does Kaspi.kz intend to participate in the privatization process?
Kaspi.kz has expressed formal interest in acquiring a stake in the Humo payments system, aiming to further its commitment to innovation in digital payments.
What are the stages of the privatization process for Humo?
The privatization process will unfold in three stages: expression of interest, collection of non-binding proposals, and collection of binding proposals.
How does Kaspi.kz contribute to the digital economy?
Kaspi.kz provides innovative digital solutions through its Super Apps, improving financial transactions for both consumers and merchants.
What notable recognition has Kaspi.kz received?
Kaspi.kz has been analyzed in case studies at Harvard Business School, showcasing its successful business model and impact on the digital finance sector.
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