China’s Tencent Invests in Kazakhstan Fintech Company Kaspi.kz

Chinese technology giant Tencent Holdings Ltd. made its debut investment into Kazakhstan’s fintech sector with the acquisition of a stake in Kaspi.kz JSC.

Tencent, along with Kaspi.kz’s management and long-term investors, completed the purchase of six million American depositary receipts from Baring Fintech Venture Funds, Kaspi.kz said in a statement Monday. That represents a 3.2% stake with a market value of about $518 million based on Friday trading. Morgan Stanley advised on the transaction.

For Hong Kong-listed Tencent, the investment in Kaspi.kz is its first in Kazakhstan and its second in Central Asia. Last year, it led an equity ...