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Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan

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Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan Overview of Fintech Development in Central Asia Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan Bolat Mynbayev, Head of Strategy and Operations Konstantin Aushev, Head of IT and Digital Advisory — November, 2020 FinTech market in Central Asia In Central Asia, Kazakhstan is the most prominent FinTech destination. FinTech in the rest of the CA region remains underdeveloped. FinTech institution E-commerce market size, mln USD Potential market, mln people 2 143.4 Kazakhstan 643.9 Uzbekistan 38.55 30 162.8 Kyrgyzstan Possible solution for the realization of fintech potential of Central Asia 54.7 Tajikistan Internet users Potential market Factors accelerating FinTech development Factors delaying FinTech development Financial inclusion Regulatory issues Internet penetration Average mobile in 2020 access Fintech anchors Innovations (e-wallets, KZ cards, etc.) Demand and supporting Volume of e-commerce 79% 60% infrastructure KG – 47% UZ – 55% Sources: iclg.com, KPMG analysis TJ – 26% © 2020 KPMG Tax and Advisory LLC, a company incorporated under the Laws of the Republic of Kazakhstan and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Demand for Fintech development: Fintech market in Kazakhstan Level of Fintech development: Evolving Digital Readiness Rating: Moderate Global Innovation Index: Regulation AIFC Regulatory 77th NBK Regulatory Sandbox Sandbox Kazakhstan in the World Bank’s Payment market development Launch of remote Start of stock markets Legalization of cryptoassets rank in Ease of Doing Business: strategy (2017), developed jointly interbank identification (allowing banks to (as a property in e-form, not a 25th with KPMG, where remote (2019) provide online financial instrument) identification and architecture of Financial market brokerage services in according to amendments to Key subsectors: payments, fast cross-platform payments digitalization strategy all markets of the the Law of the RK "On accounting, lending, were initiated (2019) world) Informatization" marketplaces Financial Facilities for Private Equity and Venture Funds Number of fintech startups Regulatory support of crowdfunding and ICO 53 inclusion Tax incentives for effective capital raising E-commerce market volume Acceleration / Incubation programs 3.7% Newly emerged local VC firms and an increase of angel investor’s activity 82% Digital literacy Drivers Fintech Lab programs 79% Internet penetration Eurasian Union Sandbox initiation Startup boom and increase of e-commerce penetration Mobile connections Pro-fintech government and regulations 136% Private E-currencies, crypto-exchanges, digital assets, Initial Coin Offerings (ICOs) Volume of retail trade via Internet, mln KZT NBK’s work on Open API standards creation Prominent FinTech service providers (B2B / B2P / P2P / 206,254 P2B): +39% 144,606 106,918 78,501 Sources: Digital 2020 Kazakhstan, AIFC, Doing Business, World Bank, National Bank of Kazakhstan, KPMG analysis 41,263 50,920 © 2020 KPMG Tax and Advisory LLC, a company incorporated under the Laws of the Republic of Kazakhstan and a member firm of the KPMG 28,046 global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 2013 2014 2015 2016 2017 2018 2019 Successful case in Kazakhstan Kaspi Bank’s transformation into the largest ecosystem of innovative services in KZ - 2014 – Kaspi online-shop - 2016-2017 – Kaspi Red (payments by instalments), Kaspi Gold and Kaspi.kz App - 2019 – made 515 mln USD profit (369 mln USD by fintech platform) - 2020 – over 6 mln users of Kaspi.kz 96.6% Share of retail loan portfolio Kaspi's main figures showed steady growth after investments of Baring Vostok since 2006 1st Bank rating according to Capital (bn KZT) Assets (bn KZT) Profit (bn KZT) Forbes Kazakhstan +693% +754% +1,750% st 214 1,700 111 1 In terms of retail loan portfolio 1,286 Mln customers in Kaspi App 6 134 составляет доля розничного портфеля Bn USD - Market capitalization after IPO. 6.5 Kaspi.kz shares are trading on LSE and AIX. 42 361 Kaspi.kz estimate was more than double the market 27 199 15 capitalization of the largest Kazakh bank – Halyk 6 2 Bank, which is $3.18 bn USD 2006 2010 2015 2018 2006 2010 2015 2018 2006 2010 2015 2018 © 2020 KPMG Tax and Advisory LLC, a company incorporated under the Laws of the Republic of Kazakhstan and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Demand for Fintech development: Fintech market in Tajikistan Level of Fintech development: Basic Digital Readiness Rating: Very low Global Innovation Index: Regulation 109rd No regulatory sandbox Not technically ready for the implementation of new digital technologies. Tajikistan in the World Bank’s rank in Ease of Doing Business: Financial Putting effort into modernizing payment system’s laws and expanding financial inclusion with the assistance 106th of the World Bank and the United Nations Development Programme (UNDP). inclusion Key subsectors: payments, The country has made several attempts to employ blockchain in money transfer; accounting, lending, Introduction of e-money and agency banking; marketplaces Introduction of remote account opening and digital onboarding rules; Measures to promote e-governance; Support for creation of technological hubs. 53 Number of fintech startups There is one neobank Alif with following services (similar to Kaspi 26% Internet penetration Bank in Kazakhstan): - Alif Pay – online payments system Mobile connections - Alif Mobi – mobile e-wallet; 107% - Alif Shop - first online shop in Tajikistan; - Alif Tech – fintech company Number of payments cards in circulation, units, 2015-2019 +13% 2,483,861 2,640,799 Drivers No Fintech hubs / incubators / accelerators 1,817,458 1,446,138 1,620,334 1,694,157 Prominent FinTech service providers (B2B/B2P/ P2P/ P2B): 2015 2016 2017 2018 2019 2Q2020 Number of transactions, th. units, 2015-2019 +36% 54,464 Sources: Digital 2020 Tajikistan, AIFC, Doing Business, World Bank, National Bank of Tajikistan, KPMG analysis 21,096 © 2020 KPMG Tax and Advisory LLC, a company incorporated under the Laws of the Republic of Kazakhstan and a member firm of the KPMG 15,695 16,778 17,644 global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 2015 2016 2017 2018 2019 Demand for Fintech development: Fintech market in Kyrgyzstan Level of Fintech development: Basic Digital Readiness Rating: Low Global Innovation Index: Regulation 94th National Bank Published on 4 Feb, 2020: “The Concept for the Development of Regulatory Sandbox Digital Payment Technologies in the Kyrgyz Republic for 2020-2022” Kyrgyzstan in the World Bank’s rank in Ease of Doing Business: 80th Financial Number of e-wallets, th. units, 2015-2019 Volume of transactions w/ e-wallets, bn som, 2018-2019 inclusion +53% Key subsectors: e-wallets, 1,960.3 44.9 Replenishment of transfers +63% E-wallet 29.4 45.0% 1,209.0 Cashing E-money 683.0 45.9% Payment for Number of fintech startups 31.6% goods / services N/A 276.6 374.0 31.0% 13.1% 14.6% Money transfer 8.5% 10.2% 40% Banking penetration 2015 2016 2017 2018 2019 2018 2019 86% Mobile penetration Drivers Major FinTech hubs/ incubators/ accelerators: 47% Internet penetration Prominent FinTech service providers (B2B / B2P / P2P / 150% Mobile connections P2B): Other supporting policies: Remote account opening; Promotion of e-signature usage; Measures to promote e-governance (TUNDUK); Digital transformation of banking services; Rules on use of QR codes; Common standards for data exchange Sources: Digital 2020 Kyrgyzstan, AIFC, Doing Business, World Bank, National Bank of Kyrgyzstan, KPMG analysis (Application Programming Interface); © 2020 KPMG Tax and Advisory LLC, a company incorporated under the Laws of the Republic of Kazakhstan and a member firm of the KPMG Licensing mechanisms and regulating activities global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. related to the circulation of digital (virtual) assets (cryptocurrencies). Demand for Fintech development: Fintech market in Uzbekistan Level of Fintech development: Basic Digital Readiness Rating: Very low Global Innovation Index: rd Regulation Regulatory sandbox is Enabled the creation of: 93 on formation stage 1) National Mining Pool Uzbekistan in the World Bank’s 2) Regulatory sandbox “Uzbekistan Blockchain rank in Ease of Doing Business: Valley” with National Agency of Project 69th Management Financial Fintech ecosystem of Uzbekistan is represented by: Key subsectors: transfers, - 2 payment processing services, Humo & Uzcard; payments, micro-lending inclusion - More than 10 payment companies (2 owned by telecom companies); - More than 28 mobile banking applications; 45 Number of fintech startups - 1 digital bank. The key players are Uzcard and Humo as card providers, and E-commerce market volume CLICK, Payme and PAYNET among non-banking payment 0.7% providers. 96% Mobile penetration Drivers Major FinTech hubs / incubators / accelerators: FinTech lab 55% Internet penetration Prominent FinTech service providers (B2B / B2P / P2P / P2B: 76% Mobile connections Number of remote
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