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Partner Interview
Published October 13, 2025

Kaspi: Chinese Competition, Cross-Border Logistics & Temu

Executive Bio

Former Executive at KazPost

Summary

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Interview Transcript

Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.

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So that's 2023. If you had to estimate, I don't know if you have data for the first half of 2025. Do you have an estimate of how those have changed?

No, actually, we will have that data perhaps by September, but I don't think it has changed dramatically. We did our estimations on the model and forecasts. We believe that by 2029, the cross-border share, which includes marketplaces from China, will grow to around 20%.

This is a snippet of the transcript.to get full access.

So that's 2023. If you had to estimate, I don't know if you have data for the first half of 2025. Do you have an estimate of how those have changed?

It is growing fast because, in terms of price, the prices on the Chinese marketplaces, we calculate, are two and a half to three and a half times lower than in the local marketplaces, even compared to the Russian marketplaces. So that will be the main driver behind the increase in their market shares.

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