Good afternoon, everybody. For those of you who don't know me, I'm David Ferguson from Kaspi. Thank you for joining us today for our second quarter results call. As usual, I have the full team with me. Mikhail Lomtadze, our CEO and co-founder. Yuri Didenko, Deputy CEO, and Tengiz Mosidze, Deputy CEO also. Mikhail will run you through the first part of the presentation, strategic updates, and I'll run you through the second part, the financials, and that should leave plenty of time for Q&A. On that note, I'll hand over to Mikhail to begin the presentation. Thanks, Mikhail. Hello, everyone. I think we have exciting news to share. I will disconnect video from that moment. The internet connection is not stable. Just wanted to make sure that's me, that's not the artificial intelligence technology of Kaspi that is doing the presentation. David, let's go straight to the next slide. Here we see quite a strong momentum across all our platforms. Our team did incredible job in the second quarter, executing pretty much in every direction. Our super app MAU is up 30%, reaching 10.2 million monthly active users. As we always said, our priority is to grow monthly users. Over time you would also see as a daily engagement is increasing as we add new services. Our daily active users increased a remarkable 67%, now reaching 6 million users. The payments business is showing extremely strong growth of 155% year-over-year on TPV. As we also said before, the revenue generating TPV will be catching up with the TPV as we add more merchants and give more reasons for our consumers to transact and merchants to accept payments. As a result, the revenue generating TPV have grown 135% year-over-year. Net income of the payments business grown 128% year-over-year, which is again, driven by operating leverage network effect, but also the growth of our proprietary network. The marketplace GMV have grown a remarkable 253% on the back of adding more merchants, increasing the SKUs, the retail opening. As a result, e-commerce has grown 171% year-over-year, and mobile commerce has grown 457% year-over-year. The net income 574%. The fintech, as we also discussed before, is catching up now, so remarkable 456% year-over-year origination growth of TFE. The average portfolio is growing 29%, and the net income 37% year-over-year. Consolidated net income growing remarkably 94%. We're happy to also announce that our board of directors have recommended a dividend of around KZT 80 billion for the second quarter. We're really excited about this quarter, but there are some strategic developments beyond our results. First of all, this is the first time when we are 50% non-fintech business. That has been our strategic priority, and now we are officially more than just a fintech or a financial services company, and the payments at the marketplace are growing faster and higher margin businesses. They now take 50% of our bottom line. Next slide. Here, you would see the MAU. MAU growing again to 10.2 million monthly users. DAU is now catching up as we add more services. What is even more remarkable, that daily users now out of monthly users coming to our Super App is 59%, which is one of the world's best engagement KPIs from all other mobile apps in many other countries. We have a priority to drive transactions. Transactions have reached a remarkable 39.3 transactions per month per consumer. Again, this is an extremely important metric for us because that tells you, first of all, how engaged our consumers are. At the same time, when transaction actually happens, this is what we monetize, right? We monetize transaction either on the merchant side or on the user side. That's a remarkable achievement, and one of the highest ratios of the transactions per consumer in the world to many other comparable companies. Actually, some other companies have this number for the year close to that, like PayPal, for example. In our case, we have close to 40 transactions per month per active consumer. Here, this is the number which we also wanted to share with you. Again, we have multiple avenues of growth, right? We're driving monthly users, we're driving their daily engagements. We're adding more merchants, we're adding more services, and therefore, those are really a diverse range of the growth opportunities. At the same time, we do have core of our Kaspi.kz Super App on the consumer side is our consumers that pay, shop, and manage their finance through our app. We have 38% of our consumers using all three platforms, the payments marketplace and fintech. This is up from 33%, 12 months earlier, at the same time, it just gives you a perspective, how much growth we have with our consumers that love our products and getting engaged more and more. We also constantly adding the new services. Next slide. This is the same, is about the merchants. We have actually really started to work with the merchant services last year. As you can see, basically starting from the fourth quarter of last year, we started to scale dramatically. Now we have reached 138,000 merchants in the second quarter. That's a 340% increase from second quarter of 2020. What is also important that as we onboard the payments merchants, the payments merchants then getting onboarded to the marketplace. At the moment, only 40% of merchants is shared, and we're growing extremely rapidly on the payment side. If you think on the longer-term perspective, that's also a significant opportunity as we continuously add the new services for the merchants. Just to take a step back again, our strategy for the merchant suite of products is a super app for merchants. Kaspi.kz is a super app for consumers, and the Kaspi Pay, which we launched last year, will be a super app for merchants with the services that help them to grow and manage their business. Next slide. This is just to remind you some of the services that we launched last year or devices. Those are devices which are sort of smart POS for supermarket or high-intensity environment transactions basically for the large retail chains. Mobile POS is for small and micro businesses that can download Kaspi Pay mobile app and basically within 5 minutes can start accepting payments. QR checkout is our proprietary device which we've designed, developed as well in order to enable more user-friendly interaction with the QR technology. All those devices are powered by our technology, and all those devices are powered by the QR technology. The smart POS can also accept any other type of payments including from Visa and MasterCard cards or the NFC transactions. The majority of our payments are actually coming from Kaspi QR. If we go to the next slide. This is what we have been growing really fast on the network. Our team is really strong in execution. As you can see, just took us 12 months to increase the market share in the devices network from just 9% in June 2020 to 51% in June 2021. Now we have almost 180,000 devices which are sort of creating our network of acquiring, and merchants of all industries, of all scales from micro to large retail chains to international brands are actually signing up for our acquiring business. We've increased the number of POS devices 11 times starting from June of last year during the last 12 months. As we roll out our devices, we obviously are increasing the share of our own acquiring. I remember the discussions that we had last year, how much we either depend on interchange and this is sort of a traditional banking business. Our business is nothing but traditional banking business. We're disrupting any sort of regular way of financial services or payments or shopping. Here what you see is that 68% now of all our volumes of Kaspi Gold, which is the most popular payment card as well as virtual card in the country, 68% now is going through our own acquiring network and is growing extremely fast. If 12 months ago, 93% was done through third-party acquiring networks, in June 2021, only 32% was done through third-party acquiring. Our network continuously growing really fast. We'll have a very nice sort of trends to show the second half of this year as well. As we scale our network and devices, there is another remarkable transformation that happened in Kazakhstan, which is quite unique. This is a QR code technology and how quickly QR code penetration increased and became basically the part of the daily transactions for both merchants and consumers. 80% of all our transactions now through our acquiring network is done through Kaspi QR technology, and only 16% is done with a plastic Kaspi Gold Card, and 4% other cards of the banks in the country. That had been growing dramatically, 26 times increase in the transactions, 156 million transactions in the second quarter. Again, it's not just the fact that we have achieved such a remarkable result. I think it's basically the fact that of it changing the country's landscape in acquiring and introducing the QR code and achieving such a remarkable penetration in just 12 months. This again just talks about how well our team can execute and how much merchants love our services, but also consumers are embracing our services, which we'll launch in our super app. All the QR transactions are done through Kaspi.kz super app and accepted on the merchant side from Kaspi POS terminals, which are also powered by Kaspi QR technology. Another slide of super app strategy, which we sort of can't communicate it before and now we can see it in action together with you, is the travel business, which we've launched last year. To be more specific, we actually launched the airline ticket sales in December of last year. We acquired a small company in August. We redesigned the user experience using Kaspi.kz technology and design expertise, but also taking the best what was there from the Santa Fe. We launched that service almost as a standalone app within our app. Now it's a section, Kaspi Travel, and we have achieved 26% market share as of June of 2021. We have sold over half a million tickets, airline tickets in second quarter, and the growth continues. It's a large market. We like it, and we have incredible feedback from our users and actually airlines, with whom we partner to help them develop this business, especially in these challenging times for them. Next slide. As we launched the Kaspi Travel, we also said the Kaspi Travel, from the name of it, is basically digitalizing the travel experience for our users. We will start with airlines, but then we will launch other services. We'll launch railway ticket sales in June through Kaspi Travel section of our super app. Just to show you some of the screens, it's just a remarkable product where you can select a destination, you can search ticket, you can actually select seat in our super app, then you can pay with a Kaspi Gold account or buy now, pay later product. We've launched this in June. It was operational for last three weeks of June, and we already sold 55,000 tickets. The total size of the market, we estimate around 17 million railway tickets annually. We're very excited about this vertical. Another service which we've launched last year is GovTech, the government services in our app. We work with the government hand on hand helping to deliver the government services to citizens in extremely convenient and seamless way. This is the section which now is one of the very popular sections. Almost third of our users, 3.4 million users visited this section in June 2021. It's almost four times up from last year. In this section, what citizens can actually do, they can check the COVID status, for example, which is highly important during these days. It's both merchants that enable users to, sort of consumers to come in if they are tested negative, but also for peace of mind of the users themselves. We've launched Receive pension on Kaspi Gold just recently, where you can pay for state services with a QR code in the service centers of the government, and you can also pay taxes, you can register a car, you can register a business. We're working with various government agencies and with the state, again, just to help to bring the products to the end users and make their life better and more convenient. We are also pushing the delivery. This is something which was underestimated, and again, this is another example of our execution capabilities. The deliveries have been scaled dramatically. We have delivered 205% more items in the second quarter of this year than second quarter of last year, 2.3 million. Out of the delivery, what is even more remarkable that we're delivering more than half of those items in less than two days. You can imagine the size of the country as well, which is quite important KPI for us. It's now free for consumers. 98%, basically 100% of our deliveries are free from consumers, and this is driving our e-commerce. However, there was always a question, what stands behind our delivery? We would like to share with you what actually our delivery strategy and the platform is. If we go to the next slide. Here, basically to simplify, we have sort of two type of deliveries just for simplicity of our presentation. We have local delivery when the delivery can be done basically within the city after the order is placed from merchants to the buyer, either directly or through the courier, and then the countrywide delivery. The countrywide delivery is a huge country. We took a challenge of organizing technology platform which puts together every part of the value chain of a delivery. There is a merchant, there is a delivery station, which is sort of what we call mid-mile between the warehouse or the hub. There is a couriers, then there is a hub in one city. There is a line- haul courier companies that deliver the parcels by trucks, trains, or airlines. We actually work with three airlines for example. Then we have delivery station in a city where the parcel being delivered. What is our strategy around the delivery is, again, you don't really have to own. Hello? David, can I be heard? Yeah, we can still hear you, Mikhail. Carry on. Okay, great. The strategy that we have is you don't really have to own the manufacturing company for production of iPhones. You don't have to own the taxi and the drivers in order to provide the taxi services, and so on and so forth. We basically took on the challenge that technology is the most important aspect. We have organized the platform which coordinates all those value participants of this entire value chain. If you take the country David, can you go back? I just wanted to make one point. The technology, even though it's the broad sense, I wanted to specify a couple of specific things about our logistics platform. First of all, it's labeling. The entire value chain is standardized to our label. If you imagine in some other countries, when you get the deliveries, you would have your label over label, so it's like every courier company puts their own label. It's not inconvenient for you, but that's actually quite inconvenient for the entire value chain. In our case, we introduced the standard, so everyone operates on a single standard of Kaspi e-label, which means that items can be tracked easily and items can be also routed easily, because then I'm going to the second point, which is routing and sorting. Routing means that we are actually forecasting as we manage 1,500 delivery routes in the country. Our technology enables us to prioritize routings in a way that we deliver to our consumers in the promised time. Then app for couriers, which enables couriers to basically provide the last-mile service. As we put this together around the logistics platforms, we're actually quite optimistic about the different type of services that we can develop in the future around the logistics and the delivery. However, at the moment, we're focused on the scale. If you go back to the next slide. Here is basically just to reinforce the scale of our logistics platform. For example we have 20 companies that employ 1,000 couriers, and those are the first-mile, the last-mile couriers that actually work both ways. We have regional sorting hubs done by the warehousing companies. There are four hubs exclusively working for us at the moment. Delivery stations, this is sort of middle point where you actually get the small parcels accumulated. We have 14 delivery stations. I mentioned that we have line- haul companies doing all this trucking around the country. We have 11 companies like that. They work, for example, with three airlines. We are delivering 98% for free, 98% of deliveries. 54% is delivered in less than two days. As we continue scaling this infrastructure, that delivers enormous value both for users and the buyers as well as the merchants. Next slide. We discussed many times that we have a presence in Azerbaijan. We're growing our business there nicely. It's just not material from sort of KZT 1 billion kind of net profit perspective at the moment. We are also looking at Ukraine. We mentioned this before. Now, just to give you a brief sort of update that we've signed an agreement with the payment company in Ukraine. This is the market of 42 million people. It clicks all our criterias for entering the market, which is sort of the cash economy, low penetration of digital payments, low e-commerce penetration, low consumer leverage, but also very importantly, high smartphone penetration. All those metrics Ukraine ticks the box. 44, almost half is cash withdrawals, e-commerce just 8% of retail trade, and the consumer lending only below 5% of GDP, and above 70% of population have smartphones. We're buying the company, which again, as I mentioned, with the Santa Fe or travel business. We're buying a company which has a solid business, 100+ people working in the company. It has licenses from National Bank of Ukraine, but also accreditation and certification from Visa and MasterCard. They have business relationship with the merchants and different service providers like utility companies, very similar to the bill payment business which we have in Kazakhstan. We're excited to acquire this company subject to approvals in fourth quarter of 2021. As a result of that, we will be looking to enter the Ukrainian market and work with both merchants and the banks to develop the services which will digitalize the country's payments landscape. We don't expect any material financial impact on Kaspi.kz itself. It's a great entry point for us, and we're very excited about going into Ukraine, over 40 million people country. David, I guess you can take this forward from me. Yeah. Thanks, Mikhail. I'll run you all through the financial performance for the second quarter, starting with the payments platform. As well as being important from a financial perspective, our payments platform is indicative of the health of the broader ecosystem. What you see in the second quarter is, despite also being our largest platform from a user perspective, still very, very robust growth in terms of new consumers, up 34% year-on-year. As Mikhail talked about, and as we've communicated to investors over the last 6 months, the strategic priority for this year is to add new merchants. New merchants will drive consumer engagement, will drive transactions, and ultimately will drive monetization. What you see in the second quarter is growth in new merchants increased just short of 450% to 135,000 merchants, principally as a result of the rollout of Kaspi Pay. That's a phenomenal result. To give some perspective on the momentum in the business, that equivalent number was around 270% year-on-year growth in the first quarter. You can see that merchant sign-ups are continuing to accelerate. Another way of looking at the health of the ecosystem is funds flow in TPV. Here what you see is a very, very consistent performance in the second quarter, up 155% year-on-year. Very comparable with the first quarter and therefore, first half of the year. That's despite the fact that the P2P platform is one of our most mature product propositions. The whole logic for the rollout of Kaspi Pay is to increase the proportion of commercial monetized transactions or RTPV. Here too you see a very, very strong trend, up 135% year-on-year. To put some perspective on that, the equivalent number was 98% year-over-year growth in the first quarter. Momentum accelerating, and today we upgrade RTPV full year guidance from around 95% to around 100% year-over-year. Although the focus is on merchants and monetization, it's fundamentally important that P2P remains an important source of funds into the ecosystem. Here you see a very, very consistent, a very, very solid trend in terms of the importance of P2P and bill payments for that matter to TPV. In terms of RTPV, however, what you do see is that Kaspi QR and card transactions are growing in share within the mix. Another way of looking at all of this is average interest-free balances, funds consumers keep with us on wallet. Consumers transfer funds to Kaspi to transact. That's the basis of the strategy. Here too you see very, very strong growth, up 58% in the second quarter year-on-year. Again, we upgrade guidance for full year 2021 to around 60% growth year-on-year. Previously, the guidance was around 50% year-on-year. Strong RTPV growth. Take rate consistent with our guidance, around 1.2%, translates into revenue growth in excess of RTPV growth, RTPV growth up 92% year-on-year. As we move the proportion of transactions that are processed on our own network and away from Visa or MasterCard, we're scaling our own internal cost base, we're scaling our own network. The benefit of that gearing is clearly dropping through to the bottom line with 128% bottom line growth versus 92% top line growth, a material margin upside or margin progression in both the second quarter and the first half of the year. To remind you, as Mikhail said, 12 months ago, 93% of Kaspi Gold transactions were running through Visa or MasterCard. Today, 68% of transactions are running through our own network. Moving on to Marketplace. The focus on adding merchants isn't just about payments. Strategically, Kaspi Pay is a product for onboarding merchants. Once a merchant is onboarded to Pay, we aim to upsell the merchant onto first m-commerce and then e-commerce. You see evidence that this is now starting to play out. 130% growth in Marketplace merchant growth in the second quarter. That number was around 52% in the first quarter. Clearly Pay is now starting to drive Marketplace merchants and higher merchants. A wider number of SKUs on the Marketplace drives consumer growth, up 35% in the second quarter. That number was around up 20% in the first quarter. Here too you see an acceleration. This translates into GMV growth, very, very strong GMV growth, 253% in the quarter. Take rate 8.5%, so continuing to move up year-on-year, 6.3% in the second quarter of 2020. There's a number of factors behind that. Principally, it's mix effect, higher take rate categories growing the GMV at a faster rate than average. Increased success of marketing campaigns where merchants pay a higher take rate to participate in. To a lesser extent, initial monetization of Kaspi Marketing, advertising, and Kaspi Logistics. The latter two points are not material in the context of the take rate increase this year, but have the potential to play their part in 2022 and thereafter. Breaking down GMV trends by platform, you see that e-commerce, GMV accelerated again in the second quarter. That's despite a relatively tough comp versus Q2 2020, when countries globally went into lockdown and e-commerce, because companies were beneficiaries of that. Then on m-commerce, our marketplace solution for street merchants, offline merchants, you see a substantial acceleration in growth, 457% year-on-year. It also reflects what I talked about, that's the addition of merchants, the translation of pay merchants now moving, upgrading to m-commerce, and they're doing that through the Kaspi Pay app. M-commerce is now around 58% of GMV, just short of 60%. E-commerce is just over 40%. You see the mix change back in favor of m-commerce, and that just reflects the second quarter of 2020 was disproportionately weighted to e-commerce for COVID-related reasons. I mentioned earlier that the reason for the take rate increase, number 1, is principally a result of mix. Here you see increasing disclosure around that high margin or high take rate categories like home, garden, and furniture, like beauty and personal care, are growing above average, and that is very helpful, although it's not the only factor for the take rate increase that you're seeing in the marketplace platform. The combination of accelerating GMV trends in the second quarter, take rate moving up substantially year-on-year, resulted in 343% revenue growth year-on-year. The nature of this marketplace platform, namely asset light, you see that that is translating into, again, operational gearing with material earnings growth 574% year-on-year in the quarter, and a substantial increase in profitability, 67% versus 44% at this time 12 months ago. 67% margin is consistent with where we guided for Marketplace at the beginning of the year, namely a margin around high 60s. That remains unchanged to date. Moving on finally to the Fintech Platform. TFE growth of 456% year-on-year. Base effect is playing its part here. In the second quarter of 2020, country moves into lockdown. We, like most other lenders, applied a more cautious approach to new origination. Today, where we are is origination trends have largely normalized. That's one factor. What you also see, which is important, is the increase in the conversion rate from 1.5 times 12 months ago to 2 times. What this means is that, A, this is a function of the product. Number one, small ticket. Number two, consumers can take exactly the amount they need when they need it, often integrated into the point of purchase. They can repay at any point interest-free and without penalties. That drives high-frequency turnover conversion of the balance sheet. It drives transactions across the ecosystem, and the small ticket short duration nature of the lending drives lower cost of risk. If we look at the mix, again, here you see a similar point to the point on our marketplace. As things are now normalized, we are more confident about making general purpose loans. Last year, there was a strategic bias towards buy now, pay later in the context of a heightened risk in environment. You've seen general purpose, which is also higher yield, grow back within the mix to a more normalized level in the second quarter of this year. The reason for the difference in 456% TFE growth and balance sheet growth of 29% is the point I made earlier about increased frequency of conversion. Yield of around 30%, consistent with the full year guidance of around 30%. Here, too, another sort of lead indicator as a health of the ecosystem, ongoing strong growth in deposits, up just short of 40% year-on-year. It's deposits that will fund origination. The loans to deposit ratio has moved up to 69%, from a low of 63% in the third quarter of last year, and potentially can move up further going forward. Number of consumers, up 32% year-on-year. Deposit consumers and loan consumers up 22% year-on-year. Again, you would expect that number to increase as given what I've talked about in terms of stabilization in the macroeconomic environment. Finally, that translates into an improvement in revenue growth, up 23% year-on-year. Faster origination takes time to feed into the P&L, so you will see that that 23% accelerates again in the third quarter. The 23% is dropping through to the bottom line, and the main reason for the bottom line drop-through is cost of risk, which at 1.5% is coming in better than we initially guided for at the beginning of the year. That just reflects as the entire ecosystem scales, our data capture scales, and our ability to originate, the quality of our origination improves 1.5% cost of risk. As a result, we move our TFE origination guidance up for the year to above 110%. Previously, it was around 100%, and we lower our cost of risk guidance for the second time this year to around 2%. Previously, it was below 2.5%. To wrap things up, here are the consolidated numbers for the group revenue growth of 54%, material drop-through to the bottom line, 94% bottom-line growth, a net income adjusted margin a touch below 50% and a material increase year on year with all platforms playing their part. As I've run through the respective sections, I've highlighted the guidance changes. Namely, that's to payments, RTPV growth and average balances, and to fintech, TPV growth, cost of risk, and also profitability. We previously guided for mid 30% net income margin. Now we're looking for a high 30% margin. Marketplace continues to perform broadly in line with our plan and is delivering the very strong numbers we expected. Where does this leave us? Consolidated net income guidance around KZT 425 billion for 2021. Previous guidance was above KZT 410 billion. We provided that guidance at our Q1 numbers in April, and at that point, that was also an upgrade on the numbers we communicated in March. Maybe on that note, I'll wrap things up. This is just a summary of the guidance for all divisions. I won't run through it. We can open up the call now for Q&A, Sam, if you're ready. Thank you. If you'd like to ask a question, please press the raise hand icon on your screen if you have joined via Zoom, or if you have joined us on the phone, please press star followed by one on your telephone keypad now. When preparing to ask your question, please ensure your line is unmuted locally. We have a question from Andres Stefan. Please state your company name and proceed with your question. Hi, it's Andre from HSBC. Thank you for the call. I have a couple of questions, please. First, how does the acquisition in Ukraine fit into your international expansion strategy? This is not the big one we were waiting for, right? In general, do you think it makes no sense to start greenfield in other countries? Therefore, will it have to be partnerships or pure M&A rather than starting from scratch? My second question is on the marketplace business outlook. Given the seasonality of this segment, are you being too conservative on the full-year guidance? I mean, the GMV growth specifically. I understand the COVID impact last year, which might have distorted the growth in Q2, m-commerce in particular. Is there something else happening with regards to the second half outlook that could make those growth rates different from what we saw in the first half? Thank you. Okay. Thanks, Andre. Maybe I'll take the second question on guidance and guidance for marketplace, and then Mikhail can take the question on international expansion. Whether it be for marketplace payments or fintech, you should take the guidance as real guidance. On the one hand, across all platforms, momentum is clearly very strong. On the other hand, there are still risks related to COVID, and that in particular could, in the event of tighter restrictions on retail, that could impact m-commerce. There's nothing to suggest that that will happen today, but it's possible. That's something you should just bear in mind. Overall, I would just take the view that the guidance is realistic. As we go into the final quarter of the year, we had a good end to last year, the comp will be more difficult. Let's see how we do. Great. On the international expansion, we always describe the way we look at it. We're very realistic, and we look at different ways to enter the markets. On the one hand, I would say nothing is impossible, means either greenfields or the larger acquisitions if they fit our strategy. However, that specific acquisition, we are having several actual facts why we did it. First of all, the company is licensed by the National Bank of Ukraine. The company has been certified by Visa and MasterCard. The company has 100 employees and also has a relationship with thousands of merchant service providers as well as Ukrainian banks. If you put all that together, basically what we're doing with this small acquisition in our context is we're buying time to market. The same thing we've done with the travel business in Kazakhstan. We're acquiring all those components in order to launch our products faster than would be doing greenfield. That's basically the whole justification for this acquisition, and we're very excited about the country opportunity for the scale of it and also the way that, again, the cashless penetration is underpenetrated digital payments, the e-commerce, and the financial services. We do see opportunities in the country across the board, but we have this possibility to shorten our time to market through the payments platform, which is a core of our ecosystem in any other markets will be also important component of scaling. That's the whole justification for this acquisition. Okay. If I may follow up on this, we've talked about Uzbekistan at one point. That is not off the cards. You're still looking around in the neighborhood, so to speak. Yes, of course. Uzbekistan is a large country. Again, just to reinforce our strategy and the team mentality that we have at Kaspi, none of the services were launched were first individually products. If you take individual products, we have not been first on the market with individual products. We have been first on the market with the super app strategy, with the technology, user experience design. Our products just are much more beautiful than many other products that you would see with other players on the market. Again, we have taken the market share and we disrupted the value chain and traditional players just because we were technology-driven and innovative and super focused on execution. Right? From that perspective, any country which is larger than Kazakhstan is definitely on our radar, but we're not rushing into the country. We just need to make sure we have the right strategy and we have the right platform to enter. Yes, Uzbekistan is one of the countries we look at. Ukraine is the one when we make actual move as we speak, if the transaction gets approved by regulatory bodies. Understand. Thank you very much. Our next question comes from Gabor Kemeny. Please state your company name and proceed with your question. Hi, this is Gabor from Autonomous Research. A few questions from me, please. First one is on the marketplace, where you are still guiding for an 8% take rate and the trends seem to be pointing in the right directions. You mentioned the business mix is moving towards higher margin stuff and potentially value-added services could start adding to your take rate. Why the 8% guidance on the take rate for this year? A little more color on this would be useful. Second question, can you confirm that you don't expect the Ukrainian acquisition to impact your dividends? Just on the dividend topic, are you switching to or are you planning to do quarterly dividend payments from now on? Just a final question on the logistics where it seems that you are operating and with a large number of partners. Are you expecting any potential significant CapEx or OpEx to improve the logistic platforms, like delivery stations or sorting hubs? Thank you. Okay, Gabor. Maybe I'll start with those and then maybe Mikhail will jump in. On the Ukraine transaction today, although financials aren't disclosed, I can say that it's not material in the context of Kaspi. You see today that the board of directors proposed a dividend for the second quarter of the year. It's had no impact on that. More generally, cash flow generation capacity of the business remains as strong as ever. That's number 1. Secondly, on marketplace. The first half of the year, the take rate was 8.3%. I'm not sure that's inconsistent with the guidance of around 8%. Depends how you want to interpret the word around, but to me, those two numbers are not unreasonable. I suppose you could take the view that it's unlikely that the take rate will finish the year below 8%, but around 8% isn't inconsistent with what we're seeing currently. That's probably as much as we can say on that. On CapEx for logistics, the simple answer to you is we've described a CapEx-light strategy that leverages our volumes and technology. The answer to your question is no. Nothing has changed in terms of our capital allocation, particularly with regard to logistics. Very useful. Thank you. Just a quick follow-up. Are you planning to pay dividends on a quarterly basis? The dividend announced today is for the second quarter of 2021. Yes, we are moving to quarterly dividends going forward. Understood. Thank you. Our next question comes from Simon Nellis. Please state your company name and proceed with your question. Hi. Thanks, David, Mikhail, for the call. I guess my first question would just be on the e-commerce business. You're showing that you have 63% market share. Can you tell us what the GMV is behind that calculation and what the competitive environment's like? Is Alibaba still the second largest? Are you worried at all, I think Ozon said that they're thinking of entering the market. Are you seeing any new entrants, and could that potentially impact your business at some point? Should we go one by one, or should I continue with some of my other questions? I'll take that one very quickly. Okay. On market share, it's based on our 2020 GMV. I don't have that number in front of me, but you can find it, but that's how you would calculate. In that case, it was PwC, their estimate for total market size. That's just the e-commerce part, not the m-commerce part, right? Yeah. Right. Okay. Yeah. That's sort of your first question. In terms of is the competitive environment changing? You can see that last year we took material market share in e-commerce. You can see the growth rates we're posting and what we're guiding for this year. Only time will tell if we increase or decrease market share, but our performance looks pretty solid. I think overall, I would say that we haven't seen any material change in the competitive environment. You should bear in mind that how we think about things is not just about e-commerce as a standalone entity. We think about a super app where we offer consumers multiple ways to live their lives, of which e-commerce is just a component, and we offer merchants multiple tools to sell, whether it be Kaspi Pay, whether it be Marketplace, whether it be Kaspi Merchant Financing, Kaspi Logistics, and so on, Kaspi Marketing Services. If you take this more sort of holistic solution, then it is not obvious that anyone coming along with just an element of that would have enough to dramatically change the market dynamic. Okay. Yeah. I would like to add. Yeah, please Just very quickly to what David said in terms of the competitive environment in general. When talking about competitive dynamics, I think it's important to talk about competitive advantages at the same time. From quarter- to- quarter, we have been building up our competitive advantages. Now Kaspi Logistics is our competitive advantage. Number of merchants is our competitive advantage. It provides a selection, it provides price competition, but also value for merchants and both merchants and users. The financing for merchants is building another layer of competitive advantage. Kaspi Pay Super App, it's not just payment services, it's actually the suite of the services for the merchants provides another layer of competitive advantage. If you put together all these competitive advantages, you need to benchmark this against the competition. What we're focused on, and what just David said we're focused on, we're a product company. We're focused on creating an incredible user experience and merchant experience, and that's why our Net Promoter Score is extremely high. We continue delivering on our services. We continue building up competitive advantages. That is a formula for our long-term success. Competition comes in, makes statements. As long as we run this company for so many years, there's always somebody making some statements. Understood. Okay. Yeah, just on Ukraine again. Maybe it's too early to ask this, but what are the plans to develop that business? What kind of CapEx do you think that will require? How rapidly can you scale it up and make it material to the P&L? We won't talk about financials, but maybe Mikhail can give more color on strategy, and maybe you can infer some things from that. Sure. Our strategy for Ukraine from today's perspective with that specific acquisition is to scale a bill payment and a payments business in general. The company is, even though it's sort of small from the people perspective, 100 people, but actually does have an access to the merchants and the service providers and utility companies. It's very similar business profile to our bill payment business and also our payments business actually in general, things like B2B, for example. Differently from Kazakhstan strategy, we would like actually to build the partnerships as much as we can, and partnerships are both on the bill payment side or on the bank side as well, local banks in Ukraine. We believe that by partnering with different participants, we can actually scale significantly in the medium term, but also with a reasonable investment. At the moment, when we think about the investment, it will be basically known our services to the users, known our services to the merchants, and launching our services through the mobile app. All of that together implies basically this will be mostly marketing expenses related to user acquisition. Got it. Just maybe one last technical question from me on the dividend. Was it not included in the equity, or is it excluded from equity? Same question for regulatory capital that you disclosed as of end Q2. Tengiz, do you want to take that question, please? Sure. It's already included in regulatory capital, so its regulatory capital is without dividends already, and the ratio that you see is already considering dividends, and the same for capital. It's the same for equity, okay. It'll actually be paid out in the third quarter, is that right? Yeah. For the bank, right. Yeah. For Kaspi.kz capital, it will be paid in August, so it is not considered yet. It's considered in bank capital ratios for Basel and for regulatory. Okay. For the group equity of. Yeah it's also deducted, right? Yeah. Okay. It will be deducted. It will be deducted after payment. Not yet. Oh, not yet. No. Okay. The reported 2Q equity still includes the dividend. Okay. Thank you. That's all from me. We now have a question on the telephone line from Andrew Keeley from Sberbank CIB. Andrew, your line is now open. Please go ahead. Hi. Good afternoon. Thank you for the call. Just another follow-up on Ukraine. I'm just wondering, is the plan basically to apply for a full banking license, which will allow you to do things like deposits and lending or at the moment, that's not the case? Maybe I'll take the questions one by one. David, I can take this one. In general, I would say working with us the way we would like to talk about our plans is really when they are happening. When we talk about our products, we launch them, or it's publicly available in a beta test with our users, the same is for Ukraine strategy. For Ukraine, again, we're starting with the payments and the specific acquisition. If there will be any other acquisitions coming in, we'll be communicating those for Ukraine or any other market. Regarding the plans to have the full-blown banking operation, again, as I mentioned before, we have an incredible technology behind our business. We actually generate assets on the banking side through this technology, both risk assessment or transaction controls and things like that under the licensed entity. In Ukraine, therefore, we will be looking forward to build the partnerships with the financial institutions in order to scale faster. We would rather leverage our technology. Do we need the banking license to do some operations as part of our ecosystem and product and services? Yes, there are some products and services that would enable us to do that. Again, we would be looking for partnering with the banks as well as we enter the Ukraine. That's as much as I can say now. Okay. No, that's very helpful. Thank you. A second question just on Kaspi Travel, which it's very impressive in terms of the kind of market share you've gained already and expanding out to rail tickets. I'm just wondering whether generally you see this kind of service as a source of monetization, or it's more about adding the range of useful lifestyle services for your customers to tie them in further into the super app? Would just be good to get your thoughts. Thank you. Well, again, the way we look at our business, we're making sure that we're building a profitable company. We don't like the services which others call lifestyle and there is nothing earned. Traditional banks are using these services in order to increase the sales of their credit. We look at the businesses as a standalone basis. As a result of that, and I've mentioned before, the travel business is already break-even, which is very unusual. On a standalone basis. We're building this business on a standalone basis, so it does both. We actually are having revenue stream, and we also have engagement on both sides. We don't do services just because it's nice to have them, and we brand them as a lifestyle for whatever reason. We are not branding our services lifestyle. We're branding our services which are important for consumers, but also deliver value for Kaspi and the partners as well. Kaspi Travel is a standalone business that we manage for revenue and profits. Okay. That's clear. Thank you. Just a question on your onboarding of merchants. Went up 50,000 or so in the second quarter. How much higher do you think this can go? You've got 140,000 almost now. Is it now the focus is more about, as you've mentioned, converting merchants from the payment platform to the marketplace platform? You think there's just still quite a bit of growth potential in actually bringing merchants on board to begin with? Well, with the merchants, the strategy is first of all very similar that we had with the consumers again. Which means first we drive merchants, like in Kaspi.kz super app will drive users. Simultaneously, we're driving engagement, which means providing them different services from the payments to the m-commerce and e-commerce, and then delivery to e-commerce merchants and so on, so forth. Providing financing to help them grow. We're simultaneously executing on several fronts. That's what our team is capable of. We're not single-minded. We're working on all the fronts. At the moment, as you see the growth rates, we're growing across the board. We're growing from micro to the largest retail chains and to the largest petrol stations, to largest fast food companies, international brands. We're signing up the merchants across the board. We believe that we still have a significant growth in front of us on the merchants onboarding on the payment side, and there is no sign of the slowdown. At the same time, we'll be migrating them through different layers of services as well as they get engaged. It's highly likely that merchant in just a couple of months signs up for mobile commerce after they get traction with the payments business together with us, and they get the financing in another couple of months because they're growing fast and they need working capital to grow. The other hand, we are thinking about even though what you see today, the Kaspi Pay is sort of the kind of payments related services, the majority of the relationship with the merchants. In the future, Kaspi Pay will become a super app for merchants, and we're thinking about any other additional services that we give the merchants in order for them to manage the businesses. Kaspi Marketing is one of them. It doesn't matter where the merchant is. Everybody wants to promote their products on our super app. We believe that will be a significant source of monetization. As David mentioned, we're at the initial stage of monetizing it, but we have a very strong traction and even international brands are now signing up for marketing campaigns through our Kaspi app. Hopefully next year we'll have interesting data to share in the marketing activity and the marketing budgets. The market is a very interesting market for us. Okay. Thank you, Mikhail. Just quickly, finally, what are the plans for Kaspi Juma this year? Well, that's a great question. I think everybody is waiting. Consumers are asking, the merchants are asking. Again, we are extremely mindful of the still living in the COVID environment. What our management team has done is with the growth rates we're showing across the marketplace, we have compensated for this nationwide shopping event by continuously adding the merchants and actually marketing campaigns and the marketing services also helping with that. We don't really have any specific plans we can discuss. I can say one thing, that from the moment we decide that we can do Juma, and it will not be detrimental to the COVID environment in the country, and merchants and users will be comfortable, and the country will be comfortable, basically. It takes us maybe, I would say, one month, maybe plus couple of weeks to launch it. We constantly discuss our plans, but at the moment, I can't really specifically say what the situation will be in October. The dates for Juma is November and either June or July. Those are the dates. Summer Juma is out of the picture. Let's see what this pandemic will look like later in the year. This, everybody expects it. Everybody is asking for it. We're just mindful of the health of our users and the merchants in the country. That makes sense. Okay. Thank you very much. Thank you, Andrew. We now have a question from Ravi Vish. Ravi, your line is now open. Please go ahead. Thank you. Good afternoon. This is Ravi Vish from Limiar Capital. As Kaspi grows larger and bigger and faster, can you talk about any potential headwinds from the regulatory side? Mikhail- David, you want to take it or you will take it? I don't know. I can take it. Yeah, go ahead, Mikhail. We basically are a company which is extremely responsible in terms of its business and the high quality of products and the pricing our products. Just to give you a sense, Kaspi Pay POS network, which we have launched, and acquiring fees which we're having are the lowest acquiring fees on the market. We moved all the savings to the merchants. From that perspective, I think we are on one hand, our strategy implies that we're digitalizing the country, we're creating high-quality products. The users are happy. The merchants are happy. We're working with the government on its own digitalization agenda. That's why the government services and GovTech section in our app has now become the primary source of interaction for the government services. As with digitalized economy, everyone is benefiting. The economy is growing. The cash transactions are dramatically reducing one of the fastest growth cash transactions in the world. We are working closely on regulation or what things can be improved actually to give even more access to the users and the merchants on the digital side. Basically just providing as many online services as possible. There is a very productive, fruitful relationship, and we are a very responsible company. We do take our business seriously. The scale is not playing to our detriment, neither to quality of our services nor to the value we deliver for the country and for the merchants and users. Thank you. Unfortunately, we have run out of time to take any further questions. I'd like to hand over to your host for any closing remarks. Thanks a lot, Sam. Thanks, everyone, for participating in the call today. We are out of time, unfortunately, but please, if you have any follow-up questions, you're welcome to contact me directly. Thanks a lot again for everyone's time, and speak to you all soon. Thank you. Bye-bye. Thank you. Bye-bye. Thank you. This concludes today's webinar. You may now disconnect from the call. Thank you.