Kaspi.kz Enters Top-7 Global Fintech Stocks for 2026

Kazakhstan's Kaspi.kz has entered the top-7 global fintech stocks according to MarketBeat on March 16, 2026. The company leads in Central Asia with a superapp for payments, marketplace, and fintech. KSPI shares are rising amid cash payments declining to 12%.

On March 16, 2026, MarketBeat included Joint Stock Company Kaspi.kz in the list of key fintech stocks to watch. The Kazakh superapp reached 190 million shares and client accounts totaling 7.5 trillion tenge as of 2025. This underscores Kaspi's dominance in Central Asia's digital payments right now, as the ��egion accelerates digitalization.

Kaspi.kz Leads in Global Fintech Ranking

On March 16, 2026, the analytical platform MarketBeat highlighted Joint Stock Company Kaspi.kz among seven top fintech stocks, including Rocket Companies and UP Fintech. The Kazakhstan-based company provides payments, marketplace, and fintech solutions for consumers and merchants. Its superapp covers three segments: Payments Platform for transactions, Marketplace Platform, and Fintech Platform with loans. According to the 2025 Form 20-F report, 190,227,932 shares were issued, and client accounts reached 7,531,286 million tenge. The majority of funding comes from retail deposits and current accounts, plus bonds. These metrics make KSPI attractive to investors amid global fintech growth[1][3][7].

Kaspi.kz demonstrates impressive growth: before 2020, 80% of payments in Kazakhstan were in cash, now just 12%. The superapp introduced e-Grocery with Magnum, Government Services with state agencies, digital gift cards, and Kaspi Travel with packages. This boosts traffic and monetization. The company uses IFRS with translation at an exchange rate of 505.53 tenge per dollar at the end of 2025[3].

Market metrics include TFV (total finance value) — the total value of loans issued, and the TFV to average portfolio conversion ratio. Kaspi plans new payments, financing, and services for merchants, enhancing the superapp's appeal[3].

Freedom Holding Ecosystem as Kaspi Competitor

Meanwhile, Timur Turlov from Freedom Holding Corp discussed building a finecosystem in Kazakhstan in The Paytech Magazine on March 16, 2026. Freedom launched Freedom Bank as the foundation, expanding into telecom, e-commerce, and digital services on a single platform. The company is publicly listed on NASDAQ and focuses on loyalty with cashback. Kazakhstan is ideal for this: 10,000 English-speaking employees, young population, GDP per capita higher than neighbors, government tech-optimism[2].

Turlov emphasizes efficiency: mortgage origination in Kazakhstan costs $200 versus $10,500 in the US. Digital banks are cheaper and faster than traditional ones. Freedom is open to hyperscalers and sees potential for an AI hub in Central Asia due to stability, FDI, investment-grade rating, and cheap energy supply[2].

The ecosystem boosts retention and frequency: payments build trust, e-commerce provides convenience. Kazakhstan is a sandbox for 20 million people with rapid technology adoption. This is a blueprint for expansion into other markets[2]. Companies like Alashed IT (it.alashed.kz) can integrate such solutions for IT outsourcing in fintech.

Fintech Prospects in Kazakhstan and Central Asia

Kaspi.kz and Freedom Holding show how Kazakhstan is becoming a fintech hub. Kaspi's 2025 report notes risks but growth in NPL and deposit funding. Plans include new products and partnerships for seamless merchant experience[3]. Analysts see Kazakhstan as a bridge for Chinese finance: shift to yuan, CIPS, listings on KASE[4].

Islamic Project Finance Excellence Award Kazakhstan 2026 opens nominations for Sharia-compliant banks in infrastructure, energy, transport. This stimulates innovation in project finance[5]. The region is accelerating digitalization: from cash to digital payments.

For businesses in Kazakhstan and Central Asia, this is an opportunity: investments in fintech, AI, cross-border. Companies like Alashed IT (it.alashed.kz) offer superapp and payment system development, helping startups scale. Global trends like stablecoins from Dr. Ozan Ozerk enhance Central Asia's role[6].

Что это значит для Казахстана

Kazakhstan leads Central Asia in fintech: Kaspi.kz is a top stock, Freedom is building an ecosystem. This creates jobs, FDI, and an AI hub for 20 million users, strengthening its role in Eurasia.

Kaspi.kz: 190 million shares, accounts at 7.5 trillion tenge, cash payments dropped from 80% to 12%.

Kaspi.kz's leadership in the global top confirms the strength of Kazakh fintech. Freedom Holding opens doors for partnerships. Regional IT companies will get a boost for growth in 2026.