Update on the privatisation of Humo payments system in Uzbekistan
Kaspi.kz has announced its decision to withdraw from the privatisation process of Humo, the National Interbank Processing Center in Uzbekistan. The company had previously submitted a non-binding letter of interest to Uzbekistan's State Assets Management Agency (SAMA) in August 2024. Despite this withdrawal, Kaspi.kz expressed continued interest in Uzbekistan's growing economy and digital transformation opportunities.
Kaspi.kz ha annunciato la sua decisione di ritirarsi dal processo di privatizzazione di Humo, il Centro Nazionale di Elaborazione Interbancaria in Uzbekistan. L'azienda aveva precedentemente inviato una lettera d'interesse non vincolante all'Agenzia per la Gestione dei Beni Statali dell'Uzbekistan (SAMA) nell'agosto 2024. Nonostante questo ritiro, Kaspi.kz ha espresso un continuo interesse per l'economia in crescita dell'Uzbekistan e le opportunità di trasformazione digitale.
Kaspi.kz ha anunciado su decisión de retirarse del proceso de privatización de Humo, el Centro Nacional de Procesamiento Interbancario en Uzbekistán. La empresa había presentado anteriormente una carta de interés no vinculante a la Agencia de Gestión de Activos del Estado de Uzbekistán (SAMA) en agosto de 2024. A pesar de este retiro, Kaspi.kz expresó su continuo interés en la economía en crecimiento de Uzbekistán y las oportunidades de transformación digital.
Kaspi.kz는 우즈베키스탄의 국가 인터뱅크 처리 센터인 Humo의 민영화 과정에서 철수하기로 결정했다고 발표했습니다. 이 회사는 2024년 8월에 우즈베키스탄 국가 자산 관리 기관(SAMA)에 비구속적 관심 서한을 제출한 바 있습니다. 철수에도 불구하고, Kaspi.kz는 우즈베키스탄의 성장하는 경제와 디지털 전환 기회에 대한 지속적인 관심을 표명했습니다.
Kaspi.kz a annoncé sa décision de se retirer du processus de privatisation de Humo, le Centre National de Traitement Interbancaire en Ouzbékistan. L'entreprise avait précédemment soumis une lettre d'intérêt non contraignante à l'Agence de Gestion des Actifs de l'État d'Ouzbékistan (SAMA) en août 2024. Malgré ce retrait, Kaspi.kz a exprimé un intérêt continu pour l'économie en croissance de l'Ouzbékistan et les opportunités de transformation numérique.
Kaspi.kz hat seine Entscheidung angekündigt, sich aus dem Privatisierungsprozess von Humo, dem Nationalen Interbankbearbeitungszentrum in Usbekistan, zurückzuziehen. Das Unternehmen hatte zuvor im August 2024 ein unverbindliches Interessenschreiben an die Staatsvermögensverwaltung Usbekistans (SAMA) abgegeben. Trotz dieses Rückzugs äußerte Kaspi.kz weiterhin Interesse an der wachsenden Wirtschaft Usbekistans und den Möglichkeiten der digitalen Transformation.
- None.
- Withdrawal from strategic acquisition opportunity of Humo payments system
- Loss of potential market expansion into Uzbekistan's growing economy
Insights
The decision to withdraw from the Humo privatization process signals a strategic shift in Kaspi.kz's expansion plans in Uzbekistan. While the withdrawal might appear cautious, it's worth noting that Humo's acquisition wasn't critical for Kaspi's market entry strategy. The company maintains interest in Uzbekistan's digital transformation, suggesting alternative growth paths may be under consideration.
The initial interest in August reflected Kaspi's ambition to expand its successful super-app ecosystem beyond Kazakhstan. Uzbekistan's 180 million+ population and rapidly growing digital economy present significant opportunities, even without the Humo acquisition. The company's proven track record in digital payments and fintech services positions it well for organic growth or alternative strategic partnerships in the market.
ALMATY, Kazakhstan, Nov. 15, 2024 (GLOBE NEWSWIRE) -- In August 2024 we (“Kaspi.kz”) submitted a non-binding letter of interest to Uzbekistan’s State Assets Management Agency (“SAMA”), indicating our interest in participating in the privatisation of the National Interbank Processing Center (“Humo”). At this time, we are not proceeding further in the process.
Uzbekistan’s economy is growing fast and its government is pursuing an attractive reform agenda. Kaspi.kz’s innovative digital products improve the everyday lives of consumers and merchants and we will continue to look for opportunities to play a part in Uzbekistan’s exciting digital transformation.
Contacts
David Ferguson
david.ferguson@kaspi.kz
+44 7427 751 275
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 – Kaspi.kz Super App for consumers and 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.
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
Why did Kaspi.kz (KSPI) withdraw from Humo privatisation in November 2024?
When did Kaspi.kz (KSPI) initially express interest in Humo privatisation?
What was the potential acquisition target for Kaspi.kz (KSPI) in Uzbekistan?
