AIFC Tech Hub conducted a report on the market of fintech startups in Kazakhstan, during which a questionnaire was conducted and data on the market, investments attracted and relations with other players were collected. Based on the data, a portrait of the founder and the fintech team of a startup in Kazakhstan was compiled, as well as problems that startups face in the development of their business were identified, and the relations of entrepreneurs with financial institutions were analyzed.
According to the report, the average Kazakh fintech startup was launched one to three years ago. A third of startups are at the stage of prototype and first sales, 40% of companies are at the stage of revenue growth, 16% of companies are scaling into new markets. At the earliest stage, 9% of projects are in progress.
Although there is a stereotype that startups are projects of young people and former students, in fact, the report showed that the average founder is from 25 to 40 years old. He has a bachelor degree in IT or business administration. The share of founders 18-25 years old is only 11%. Most of the founders of startups are from Nur-Sultan and Almaty. Mainly men decided to launch their own projects. There are very few women among the founders of startups – only 18%.
Read more about popular directions in fintech, trends and top 15 promising startups in the report at the link: https://fintech.aifc.kz/reports/
Reference:
Astana International Financial Centre (AIFC) created by the initiative of the First President of the Republic of Kazakhstan, Nursultan Nazarbayev. The constitutional law on the establishment of the AIFC signed on December 7, 2015. The purpose of AIFC is the formation of a leading centre of financial services on the international level. AIFC’s tasks are to assist in attracting investments to the country’s economy by creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets. www.aifc.kz
AIFC Fintech Hub is the meeting point for global start-ups, entrepreneurs, corporations, investors, experts, and specialists in the field of innovation. The development of fintech at the AIFC includes programs for start-up support, corporative innovations, the venture capital market, specially developed rules, and regulators that allow testing products and solutions in the field of fintech. http://www.fintech.aifc.kz/, http://www.fintechstars.aifc.kz/
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