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Kaspi.kz submits a formal letter of interest to participate in the privatization of the Humo payments system in Uzbekistan

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Kaspi.kz, a leading fintech company, has expressed formal interest in participating in the privatization of Humo, Uzbekistan's national payment system. The State Assets Management Agency (SAMA) plans to privatize 100% of Humo through a public negotiation process. Humo is one of two payment systems in Uzbekistan, with over 23 million cards issued, 200,000 points of sale, and 6,000 ATMs.

Mikheil Lomtadze, CEO of Kaspi.kz, emphasized Uzbekistan's growing economy and its attractiveness to investors. Kaspi.kz, known for its innovative digital products, aims to contribute to Uzbekistan's digital payments journey. The privatization process will involve three stages: expression of interest, non-binding proposals, and binding proposals with a 1% guarantee payment.

Kaspi.kz, un'importante azienda fintech, ha espresso un interesse formale a partecipare alla privatizzazione di Humo, il sistema di pagamento nazionale dell'Uzbekistan. L'Agenzia per la Gestione dei Beni Statali (SAMA) prevede di privatizzare il 100% di Humo attraverso un processo di negoziazione pubblica. Humo è uno dei due sistemi di pagamento in Uzbekistan, con oltre 23 milioni di carte emesse, 200.000 punti vendita e 6.000 sportelli automatici.

Mikheil Lomtadze, CEO di Kaspi.kz, ha sottolineato la crescita dell'economia uzbeka e la sua attrattiva per gli investitori. Kaspi.kz, conosciuta per i suoi prodotti digitali innovativi, mira a contribuire al percorso dei pagamenti digitali in Uzbekistan. Il processo di privatizzazione coinvolgerà tre fasi: espressione di interesse, proposte non vincolanti e proposte vincolanti con un pagamento di garanzia dell'1%.

Kaspi.kz, una empresa fintech líder, ha expresado su interés formal en participar en la privatización de Humo, el sistema de pago nacional de Uzbekistán. La Agencia de Gestión de Activos del Estado (SAMA) planea privatizar el 100% de Humo a través de un proceso de negociación pública. Humo es uno de los dos sistemas de pago en Uzbekistán, con más de 23 millones de tarjetas emitidas, 200,000 puntos de venta y 6,000 cajeros automáticos.

Mikheil Lomtadze, CEO de Kaspi.kz, enfatizó el crecimiento de la economía uzbeka y su atractivo para los inversores. Kaspi.kz, conocida por sus productos digitales innovadores, tiene como objetivo contribuir al viaje hacia los pagos digitales en Uzbekistán. El proceso de privatización implicará tres etapas: declaración de interés, propuestas no vinculantes y propuestas vinculantes con un pago de garantía del 1%.

Kaspi.kz는 우즈베키스탄의 국가 결제 시스템인 Humo의 사기업화에 정식으로 참여하겠다는 의사를 표명한 선도적인 핀테크 기업입니다. 국가자산관리청(SAMA)은 공개 협상 과정을 통해 Humo의 100%를 사기업화할 계획입니다. Humo는 우즈베키스탄에 두 개의 결제 시스템 중 하나로, 2300만 장 이상의 카드가 발행되었고, 200,000개의 판매 지점6,000개의 ATM이 있습니다.

미킬 로므타제, Kaspi.kz의 CEO는 우즈베키스탄 경제의 성장과 투자자에게 매력이 있음을 강조했습니다. 혁신적인 디지털 제품으로 알려진 Kaspi.kz는 우즈베키스탄의 디지털 결제 여정에 기여하는 것을 목표로 하고 있습니다. 사기업화 과정은 세 단계로 구성될 것입니다: 관심 표현, 비구속적 제안, 1% 보증금을 포함한 구속력 있는 제안.

Kaspi.kz, une entreprise fintech de premier plan, a exprimé un intérêt formel à participer à la privatisation de Humo, le système de paiement national d'Ouzbékistan. L'Agence de Gestion des Actifs de l'État (SAMA) prévoit de privatiser 100% de Humo par le biais d'un processus de négociation publique. Humo est l'un des deux systèmes de paiement en Ouzbékistan, avec plus de 23 millions de cartes émises, 200.000 points de vente et 6.000 DAB.

Mikheil Lomtadze, PDG de Kaspi.kz, a souligné la croissance de l'économie ouzbèke et son attrait pour les investisseurs. Kaspi.kz, connue pour ses produits numériques innovants, vise à contribuer au parcours de paiements numériques de l'Ouzbékistan. Le processus de privatisation comportera trois étapes : expression d'intérêt, propositions non contraignantes et propositions contraignantes avec un paiement de garantie de 1%.

Kaspi.kz, ein führendes Fintech-Unternehmen, hat formelles Interesse an der Teilnahme an der Privatisierung von Humo, dem nationalen Zahlungssystem Usbekistans, bekundet. Die staatliche Vermögensverwaltung (SAMA) plant die Privatisierung von 100% von Humo durch einen öffentlichen Verhandlungsprozess. Humo ist eines von zwei Zahlungssystemen in Usbekistan mit über 23 Millionen Karten, 200.000 Verkaufsstellen und 6.000 Geldautomaten.

Mikheil Lomtadze, CEO von Kaspi.kz, betonte das Wachstum der usbekischen Wirtschaft und deren Attraktivität für Investoren. Kaspi.kz, bekannt für seine innovativen digitalen Produkte, zielt darauf ab, zur digitalen Zahlungsreise Usbekistans beizutragen. Der Privatisierungsprozess wird drei Phasen umfassen: Interessenbekundung, unverbindliche Vorschläge und verbindliche Vorschläge mit einer Garantiezahlung von 1%.

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ALMATY, Kazakhstan, Aug. 27, 2024 (GLOBE NEWSWIRE) -- 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”).

SAMA has unveiled plans to privatize a 100% stake in the Humo payment system via a public negotiation process. Humo is one of two payment systems in Uzbekistan and enables all aspects of the payments process for banks and other payment providers. According to SAMA, it has issued over 23 million Humo cards, connected over 200,000 points of sale and installed around 6,000 ATMs.

Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, commented:

“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.

Our shareholders include the likes of Fidelity, Blackrock, Capital International and Baillie Gifford and are amongst the world’s most respected investors in technology companies. We want to give them a front row seat to Uzbekistan’s rapidly unfolding transformation.

At Kaspi.kz, we are laser focused on designing innovative digital products that improve the everyday lives of consumers. With 18 years’ collective experience, our team has deep knowledge of digital payments.

We have seen first-hand just how transformative innovation in payments can be for the economy and society. As we continue to lead through innovation, we would be humbled by the opportunity to play a part in Uzbekistan’s digital payments journey. We look forward to discussing the privatisation of Humo further.”

The privatization is expected to proceed in three stages: expression of interest, collection of non-binding proposals and collection of binding proposals. At the final stage, bidders must submit a guarantee payment amounting to at least 1% of their proposed binding price offer.

About Kaspi.kz:

Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants.

Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network.

The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.

Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.

Kaspi.kz has been listed on Nasdaq since January 2024.

Contacts

David Ferguson
david.ferguson@kaspi.kz
+44 7427 751 275

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws, which statements relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “upcoming”, “believe,” “will,” “expect,” “plan,” “opportunity” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, risks related to the following: the growth of the Uzbek economy; our ability to attract sufficient new customers, engage and retain our existing customers or sell additional functionality, products and services to them on our platforms; our ability to maintain and improve the network effects of our Super App business model; our ability to improve or maintain technology infrastructure; our ability to successfully execute the new business model and reach profitability of the e-Grocery operations; our ability to partner with sufficient new merchants or maintain relationships with our existing merchant partners; our ability to effectively manage the growth of our business and operations; developments affecting the financial services industry; our brand or trusted status of our platforms and Super Apps; our ability to retain and motivate our personnel and attract new talent, or to maintain our corporate culture; our ability to keep pace with rapid technological developments to provide innovative services; our ability to implement changes to our systems and operations necessary to capitalize on our future growth opportunities; changes in relationships with third-party providers, including software and hardware suppliers, delivery services, credit bureaus and debt collection agencies; our ability to compete successfully against existing or new competitors; our ability to integrate acquisitions, strategic alliances and investments; our ability to adequately obtain, maintain, enforce and protect our intellectual property and similar proprietary rights; evolving nature of Kazakhstan’s legislative and regulatory framework; our ability to obtain or retain certain licenses, permits and approvals in a timely manner; our ability to successfully remediate the existing material weaknesses in our internal control over financial reporting and our ability to establish and maintain an effective system of internal control over financial reporting; dependence on our subsidiaries for cash to fund our operations and expenses, including future dividend payments, if any; and risks related to other factors discussed under “Risk Factors” in the annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on 29 April 2024.

We operate in an evolving environment. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.


FAQ

What is Kaspi.kz's interest in the Humo payment system privatization?

Kaspi.kz (KSPI) has submitted a formal letter of interest to participate in the privatization of Humo, Uzbekistan's national payment system, aiming to contribute to the country's digital payments journey.

How many Humo cards have been issued in Uzbekistan?

According to the State Assets Management Agency (SAMA), over 23 million Humo cards have been issued in Uzbekistan.

What are the stages of the Humo privatization process?

The Humo privatization process involves three stages: expression of interest, collection of non-binding proposals, and collection of binding proposals with a 1% guarantee payment.

When did Kaspi.kz (KSPI) get listed on Nasdaq?

Kaspi.kz (KSPI) has been listed on Nasdaq since January 2024.

What is the mission of Kaspi.kz (KSPI)?

Kaspi.kz's mission is to improve people's lives by developing innovative mobile products and services through its Super App model for consumers and merchants.

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