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Kaspi.kz, a Kazakhstan-based financial technology company, has signed a deal to acquire Rabobank's Turkish unit. The company offers a variety of services, including online payments, e-commerce, and digital banking, catering to both retail and corporate clients through a comprehensive network of branches and ATMs.
Kaspi.kz has signed a share purchase agreement to acquire Rabobank Group's Turkish subsidiary, Rabobank A.Ş., which is a fully licensed bank in Turkiye without clients or a branch network. The transaction awaits regulatory approvals and customary closing conditions. Kaspi.kz aims to enhance lives through innovative mobile products and operates a dual Super App model for consumers and merchants, driving strong growth and profitability.
ING Group forecasts Kazakhstan's GDP to grow by 4.5% in 2025, with quarterly estimates of 5.4%, 4.5%, and 3.5%. The economy showed a strong start in early 2025, growing 5.4% in January-February, driven by industrial production and key sectors like manufacturing and construction. In 2024, GDP growth was 4.8%, bolstered by agriculture and trade.
The Development Bank of Kazakhstan (DBK) has secured a framework agreement with Banco Santander for up to €400 million (approximately $434 million) to finance infrastructure and energy projects involving international exporters. Over the past year, DBK has borrowed around $1.96 billion, initially relying on Chinese banks before shifting to European lenders, including recent agreements with German banks and Italian institutions.
Central Asia's startup ecosystem is thriving, with Kazakhstan leading in venture investments, attracting $71m in 2024, primarily from foreign investors. Uzbekistan saw a remarkable 2.7-fold increase in investments to $17.5m, while Kyrgyzstan and Tajikistan also reported growth in their respective markets. Key sectors driving this momentum include artificial intelligence, fintech, and educational technologies, indicating a robust potential for future development and global integration.
Dubai's FIX chocolate has become a viral sensation, significantly boosting tourist spending, particularly through Deliveroo. Transaction data reveals peaks at 2:00 PM and 5:00 PM, coinciding with the chocolate's limited releases, leading to doubled average spending during these times.International tourists, especially from the U.K., U.S., and Kazakhstan, are driving this trend, with even typically lower-spending visitors from Singapore and South Korea showing increased transactions. This phenomenon underscores the role of unique local products in enhancing tourism and economic activity in Dubai.
Dr Reddy's Laboratories has been penalized Rs 28.7 lakh by the Kazakhstan revenue authority for disallowing certain expense claims for the calendar year 2021. The penalty, amounting to KZT 17,597,212, was imposed by the Department of State Revenue in Almaty. The company stated that this will not materially impact its financials or operations.
Kazakhstan has raised its benchmark interest rate to 15.25% from 14.25%, marking the first increase since 2022. This decision comes amid concerns that a declining national currency could lead to a further rise in inflation, despite economists' expectations for no change.
Kazakhstan's central bank is intervening in the market to address the tenge's decline, which has reached its lowest point since March 2022. Officials aim to prevent destabilizing fluctuations, ensure a stable foreign-currency supply, and restore a fair exchange rate. The National Bank is prepared to continue these interventions to maintain normal currency market operations.
Kazakh fintech giant Kaspi.kz is expanding its proprietary payment system to customers of other banks, including Home Credit Bank and Altyn Bank, to enhance its market position ahead of a competing platform from the central bank. The system, popular for quick payments via QR code scanning, is widely used across retailers and restaurants in Kazakhstan.
Kazakhstani Tenge
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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