Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is a partner in KT Capital Group and the Chinese shareholder representative of a large, listed P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Kaspi.kz is the local super-app in Kazakhstan, with payments, marketplace, and Fintech as its three main business segments.</li>
<li>The company has achieved strong topline and bottom line growth since listing with a RoAE &gt;70% over the years and its share price having gone up ~3x.</li>
<li>Key concerns arise from its political ties and future growth potential, given the country's relatively low population/user size.</li>
</ul>


Kaspi.kz is the local super-app in Kazakhstan, with payments, marketplace, and Fintech as its three main business segments.
The company has achieved strong topline and bottom line growth since listing with a RoAE &gt;70% over the years and its share price having gone up ~3x.
Key concerns arise from its political ties and future growth potential, given the country's relatively low population/user size.


Kaspi.KZ

Kaspi.kz: The Super-App of Kazakhstan