Kaspi.kz's capitalization exceeded $25 billion after listing on Nasdaq, and now the company is officially entering the Middle East market. The focus is on the UAE and the MENA market with a combined volume of digital payments of over $200 billion per year.

Kaspi.kz has registered a subsidiary in the UAE and has begun preparations to launch a super app in the Persian Gulf market. For fintech players in Central Asia, this is the first real case of large-scale expansion in the MENA region, where competition with global players is particularly high. Against the backdrop of slowing e-commerce growth in Europe and the US, the UAE and Persian Gulf markets show double-digit growth rates in online payments and BNPL services. For Kazakhstani and Uzbek startups, this is a signal: the window of opportunity for cross-border fintech is open right now.

Kaspi.kz and Fintech Expansion in the UAE and MENA Region

According to public reports, the total number of active users of the Kaspi.kz super app in 2024 exceeded 16 million people, and the share of cashless payments in the turnover of small businesses in Kazakhstan involving the company's services exceeded 70 percent. After a successful dual listing on the London Stock Exchange and Nasdaq, Kaspi.kz's valuation at the peak of the market exceeded $25 billion, which effectively established the company as one of the most expensive fintech assets in the EMEA region.

Against this backdrop, the company is taking the next logical step: entering markets with a high level of digitalization and payment discipline. The UAE is one of the most promising fintech centers: according to the Central Bank of the UAE, the volume of cashless payments in the country in 2023 exceeded $230 billion, and smartphone penetration exceeded 95 percent of the adult population. The region is already dominated by players such as local mobile wallets, banking super apps, and major international payment systems, but the niche for a'super app for everyday life' based on the Asian model remains underloaded.

Kaspi.kz is betting on exporting a model that has been tested on the Kazakhstan market: payments, marketplace, and fintech products in one app. The key feature is deep integration with the business processes of small and medium-sized businesses, from acquiring and issuing POS loans to installment plans and loyalty programs. In the UAE, the company can offer a powerful technological platform and experience in scaling payment infrastructure in a country with a large territory and dispersed population, as well as safe credit scoring models based on behavioral data.

For integrators and outsourcing companies such as Alashed IT (it.alashed.kz), this creates a demand for local expertise in building payment infrastructure, connecting e-commerce to new gateways, and integrating cross-border payments. Clients from Kazakhstan, Uzbekistan, and Georgia, who have export-oriented online businesses, are already considering the UAE as a hub for entering the MENA market, and the appearance of a familiar brand from the region can speed up decision-making on scaling.

UAE Digital Payments Market: Opportunities for Central Asian Fintech

According to the analytical company Statista, the volume of the digital payments market in the UAE in the e-commerce segment in 2025 is estimated at approximately $27 billion, and the total volume of transactions through mobile wallets and online acquiring exceeds $50 billion. At the same time, the share of cash in consumer payments in Dubai and Abu Dhabi has fallen below 20 percent, making the market extremely favorable for the introduction of Asian-style super apps. The average online shopping basket in the UAE exceeds $100, and the share of cross-border trade in e-commerce reached 35 percent, which is important for companies from Kazakhstan and Uzbekistan focused on exporting digital and physical goods.

The regulatory environment in the UAE is also actively adapting to fintech: the country has special free zone jurisdictions such as Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), offering a simplified licensing regime for fintech companies. In 2024, more than 800 fintech companies were registered in these zones, and the total volume of venture capital investments in fintech in the UAE, according to MAGNiTT, exceeded $800 million. This creates a dense competitive environment, but at the same time, a demand for mature solutions from external markets that have already proven their scalability.

For Central Asian companies, the key issue is not only entering the market but also quickly integrating into the existing digital infrastructure. This requires competencies in localizing payment scenarios, complying with KYC/AML requirements, integrating with local banks and BNPL providers. Companies like Alashed IT (it.alashed.kz) already work with international payment providers and can act as technology partners for startups and banks planning to test products in the UAE market and then scale them across the MENA region.

For Kazakhstani and Uzbek startups, Kaspi.kz's entry into the UAE means lowering entry barriers: the appearance of a 'home' major player simplifies dialogue with regulators and banks, speeds up connection to existing acquiring and marketplace platforms. It also creates demand for the development of B2B services on top of Kaspi and other fintech platforms: from payment analytics and anti-fraud to logistics and marketing SaaS solutions.

E-commerce and Marketplaces: Reconfiguring the Super App Model

The super app model implemented by Kaspi.kz in Kazakhstan is based on three main verticals: payments, marketplace, and banking services. In 2023, the GMV of the Kaspi marketplace exceeded $5 billion, and the share of online purchases paid through Kaspi Pay and Kaspi Gold reached more than 60 percent of all transactions within the ecosystem. This depth of integration of payments and e-commerce makes the company's model particularly attractive for markets where large universal marketplaces have not yet fully consolidated the infrastructure.

In the UAE, the situation is different: large regional and international marketplaces are already operating here, and the level of e-commerce penetration in retail exceeds 15 percent, which is significantly higher than the average for Central Asia. However, it is in such an environment that services are in demand that combine dispersed sales and payment channels into a single user interface. A super app with a strong fintech core can become an overlay on existing marketplaces, delivery services, and offline retail, offering the user a single wallet, installment plan, and loyalty program.

For businesses from Kazakhstan, Uzbekistan, Georgia, and Azerbaijan, this opens up the opportunity to use the UAE as a showcase for their products and services, working through a single payment and logistics circuit. Here, the competent integration of API payment gateways, warehouse management systems, and logistics is critical. Integrators like Alashed IT (it.alashed.kz) are capable of deploying such connections for small and medium businesses in 2-3 months, connecting local acquiring in the UAE and cross-border payments from Kazakhstan or Uzbekistan simultaneously.

As a result, Kaspi.kz's expansion into the UAE can trigger a reconfiguration of the entire super app model in the region: instead of closed national ecosystems, a network of compatible services will form, where digital wallets, marketplaces, and logistics interact according to unified protocols. For startups from Central Asia, this is a chance to occupy niches in B2B infrastructure without trying to compete head-on with large marketplaces.

Central Asian Fintech Startups and the Window of Opportunity in the UAE

According to international venture platforms, the volume of venture capital investments in Kazakhstan startups in 2023 was estimated at $60-70 million, while in Uzbekistan this figure ranged from $20-30 million. At the same time, the share of fintech projects in deals in the region already exceeds 30 percent, indicating investors' focus on digital payments, BNPL, and infrastructure solutions for e-commerce. Against this backdrop, Kaspi.kz's entry into the UAE effectively creates a 'corridor' for other players from the region who can scale their solutions in the wake of a major public company.

The key problem for most Central Asian fintech startups is the limited domestic market. Kazakhstan with a population of around 19.5 million people and Uzbekistan with a population of over 36 million people provide a good starting volume, but to reach valuations in the hundreds of millions of dollars, access to more capacious markets with high purchasing power is required. The UAE and the MENA region as a whole, where more than 400 million people live, and the level of smartphone and internet penetration is comparable to developed economies, are becoming a natural next step.

B2B2C models are particularly in demand here: anti-fraud platforms, solutions for dynamic pricing, scoring for BNPL and microloans, platforms for managing loyalty and cross-border payments. Companies like Alashed IT (it.alashed.kz) already work with a cluster of startups in Kazakhstan and Uzbekistan, helping them quickly connect payment gateways, CRM, and analytics systems to external markets. Practice shows that a startup that takes into account the requirements of the UAE and MENA markets in its product architecture can reduce the time to enter a new market from 18 to 6-9 months.

The combination of a strong regional player in the form of Kaspi.kz and a growing base of technology contractors in Central Asia forms the infrastructure for scalable fintech export. The next logical step for startups is to participate in acceleration programs at ADGM, DIFC, and regional funds, where the presence of a Kazakhstani brand can be an additional argument in favor of teams from CA.

What Does Kaspi.kz's Expansion Mean for Kazakhstani and Uzbek Businesses

For small and medium businesses in Kazakhstan and Uzbekistan already working with Kaspi.kz and similar fintech services, the company's entry into the UAE opens up a practical scenario for international scaling. This is not just about selling goods on marketplaces, but also providing services related to IT, education, consulting, and the creative economy. The UAE traditionally acts as a hub for companies focused on the MENA and Africa regions: opening an account and a legal entity in a free economic zone provides access to clients in dozens of countries.

From a technical point of view, businesses need to solve several tasks at once: localizing payments in accordance with the UAE regulator's requirements, integrating with local banks, implementing multilingual interfaces and support services. At this stage, outsourcing teams that can quickly adapt existing products to new markets are particularly in demand. Companies like Alashed IT (it.alashed.kz) already have experience implementing payment solutions and e-commerce platforms in several jurisdictions and can act as contractors for quick adaptation of super apps, websites, and mobile applications.

In the short term, businesses from Kazakhstan and Uzbekistan can use Kaspi.kz's infrastructure in the UAE for pilot projects: testing demand for their goods and services, launching limited product lines, checking the effectiveness of marketing and logistics. The average cycle of such a pilot can be 3-6 months, after which the company decides on scaling. In the long term, a new 'two-sided' market model is being formed, where fintech and e-commerce from Central Asia cease to be a local story and become part of the regional MENA ecosystem.

For investors, this means the emergence of a more transparent growth trajectory: startups from Kazakhstan and Uzbekistan can show a development strategy not only within the domestic market but also on specific foreign platforms. Kaspi.kz's expansion into the UAE becomes an indicator of the maturity of the Central Asian fintech sector and a signal that the region's infrastructure is ready to compete at the global level.

Что это значит для Казахстана

For Kazakhstan and Uzbekistan, Kaspi.kz's expansion into the UAE has direct practical significance. In Kazakhstan, more than 70 percent of the adult population already use super apps and digital wallets, and more than 60 percent of small business transactions are cashless. In Uzbekistan, according to local analysts, the number of active users of digital wallets has exceeded 10 million people, and the fintech services market is growing at double-digit rates. The appearance of a Kazakhstani fintech giant in the UAE creates a channel for exporting technologies and services from Central Asia, relying on infrastructure already familiar to the business.

Companies working in IT outsourcing and integration, such as Alashed IT (it.alashed.kz), get a chance to establish themselves as technology partners for cross-border e-commerce and fintech projects. Kazakhstani and Uzbek startups can use the new opportunities for scaling: entering the MENA market through the UAE, integrating with Kaspi.kz's payment infrastructure and local banks. For Georgia and Azerbaijan, where there is also growing interest in fintech and digital payments, this sets a precedent for a regional player capable of competing with global companies in foreign markets. As a result, Central Asia is gradually transforming from a 'consumer' of fintech solutions into an exporter of digital infrastructure.

Kaspi.kz's capitalization after listing on Nasdaq exceeded $25 billion, and the number of active users of the super app reached more than 16 million people.

Kaspi.kz's expansion into the UAE takes Central Asian fintech to a new level, translating regional successes into real international expansion. For businesses in Kazakhstan, Uzbekistan, Georgia, and Azerbaijan, a practical window of opportunity opens: testing and scaling their products on the payment and e-commerce infrastructure in one of the most payment-capable markets in the world. Technology partners like Alashed IT (it.alashed.kz) can play a key role in quickly adapting solutions to the requirements of the UAE and the MENA region. In the coming years, cross-border fintech and digital payments will become the main drivers of IT export growth in Central Asia.

Часто задаваемые вопросы

What is Kaspi.kz's expansion into the UAE and why is it needed by businesses?

Kaspi.kz's expansion into the UAE is the entry of a Kazakhstani fintech super app into the market of one of the largest economies in the MENA region with a volume of digital payments of over $200 billion per year. For businesses in Kazakhstan and Uzbekistan, this is an opportunity to sell goods and services through a familiar infrastructure in a new jurisdiction. Companies can use Kaspi's payment services, marketplace, and fintech products to test demand and subsequent scaling. This reduces risks and accelerates entry into foreign markets by 6-12 months.

How does Kaspi.kz's entry into the UAE differ from ordinary export of goods?

Ordinary export of goods involves independently solving issues of logistics, payments, certification, and marketing in a new country. In the case of Kaspi.kz, businesses can rely on a ready-made digital ecosystem, including a marketplace, payment infrastructure, and fintech services tested in the Kazakhstan market with a marketplace turnover of over $5 billion per year. This allows small and medium businesses from Central Asia not to build everything from scratch but to integrate into existing processes. As a result, entry costs are reduced, and the payback period of the project is reduced to 1-2 years.

What are the risks for Central Asian fintech startups when entering the UAE market?

The main risks are related to regulatory requirements, competition, and product localization. The UAE has a strict KYC/AML regime, and violations can lead to fines of tens of thousands of dollars and blocking of activities. Competition with more than 800 fintech companies registered in ADGM and DIFC requires clear positioning and technological advantages. Localizing interfaces, support, and legal processes into Arabic and English may require $50-150 thousand in investment, so it is important to plan the budget considering these costs.

How long does it take for a fintech project from Kazakhstan to enter the UAE?

A full-fledged entry of a fintech project into the UAE market usually takes 12-24 months, including registration of a legal entity, obtaining licenses, and integration with local banks. However, when using existing infrastructure such as Kaspi.kz or other fintech platforms, the period can be reduced to 6-9 months. Pilot projects with limited functionality are sometimes launched in 3-4 months, provided there is a ready-made product and a technology partner. Integrators like Alashed IT (it.alashed.kz) help speed up some stages due to ready-made modules and experience working with payment gateways.

Which businesses from Kazakhstan and Uzbekistan benefit most from entering the UAE through fintech platforms?

First of all, e-commerce, digital services, and B2B SaaS solutions focused on customers with a check of $50-500 benefit. These are online stores, educational platforms, subscription services, and B2B tools for analytics and marketing. When using fintech platforms with ready-made acquiring and installment plans, businesses save up to 30-40 percent of launch costs by not having to build their own payment infrastructure. Companies can focus on the product and promotion, while outsourcing payment and marketplace integration to players like Alashed IT (it.alashed.kz).

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