Tencent Holdings acquired a 3.2% stake in Kaspi.kz, marking its first investment
in Kazakhstan’s fintech sector. The stake, worth about $518 million, was
purchased alongside Kaspi.kz management and long-term investors via six million
ADRs from Baring Fintech Venture Funds, according to the company. The deal
represents Tencent’s first investment in Kazakhstan and second in Central Asia.