Latest news with #digitalecosystem
Yahoo
23-05-2025
- Business
- Yahoo
Halyk Bank of Kazakhstan JSC (STU:H4L1) Q1 2025 Earnings Call Highlights: Strong Net Interest ...
Release Date: May 20, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Halyk Bank of Kazakhstan JSC (STU:H4L1) reported a 30% year-on-year increase in net interest income for Q1 2025. The bank's digital ecosystem, particularly the Helix Superra app, saw significant growth with a 30% increase in transaction volume and 7.7 million monthly active users. Halyk Bank holds a strong market position with a 28.8% market share in deposits and a 20% market share in retail loans in Kazakhstan. The B2B segment showed robust performance with a 22.4% growth in the corporate loan book and a 29% increase in the number of payments processed. The bank's net interest margin improved to 7.5% in Q1 2025, up from 7% in Q1 2024, indicating efficient interest income management. There was a slight increase in non-performing loans (NPLs), which rose from 6.3% to 6.8% due to a moratorium on selling problem retail loans to collection agencies. The bank faces potential impacts from a new tax code, including a proposed 10% tax on excess profits, which could affect future earnings. Operating expenses increased by 22.2% year-on-year, driven by salary indexation and employee benefits, impacting the cost-to-income ratio. Retail loan growth was slower in Q1 2025 compared to previous years, partly due to economic challenges and inflationary pressures. The bank's ability to manage retail NPLs is constrained by regulatory restrictions, potentially affecting the NPL ratio and cost of risk. Warning! GuruFocus has detected 5 Warning Signs with STU:H4L1. Q: Can you give us a sense of the impact of the new tax code on your SME loan book growth and quality? A: The new tax code discussions are ongoing, with some changes potentially affecting 2025 results, but most changes will impact from 2026. A proposed 10% tax on excess profits, including state securities and repo transactions, is being discussed. The exact impact is unclear, but it's expected to be immaterial in the context of overall bank results. (Unidentified_4) Q: Do you see a need to revise your guidance for this year given the changes to the tax regime? A: We typically update guidance after publishing six-month results. Current tax code discussions are ongoing, and without final wording, updating guidance is premature. Broader tax code changes will be implemented from January 1, 2026, affecting operations from 2026, not 2025. (Unidentified_4) Q: Why did the regulator impose a ban on selling retail NPLs to collection agencies, and how does it affect your NPL ratio and cost of risk? A: The moratorium was implemented on April 1, 2024, lasting until April 1, 2026, complicating NPL management by delaying cash flow realization. This has impacted the NPL ratio, but we do not see deterioration in portfolio quality. We expect future retail loans to have higher quality due to tightened credit policies. (Unidentified_9) Q: Are you experiencing more competition for retail deposits compared to a year ago? A: Yes, competition for retail deposits has increased, leading to interest rate hikes by several banks. Despite this, our retail deposits have performed well, with minor reductions attributed to currency appreciation. (Unidentified_4) Q: What is the impact of the excess profit tax on state securities, and how does it affect your effective tax rate? A: The excess profit tax on state securities and potentially repo transactions is expected to be relatively immaterial. The effective tax rate for this year is uncertain due to ongoing discussions and potential changes in regulation. (Unidentified_4) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Trade Arabia
17-05-2025
- Business
- Trade Arabia
Astra Tech, 7X in deal to advance digital financial services
Astra Tech, the leading consumer technology holding group behind Botim, has announced a strategic partnership with 7X, the investment holding group in trade, transport, and logistics. The agreement, formalized during the Dubai FinTech Summit (DFS), sets the stage for an integrated digital ecosystem that combines financial services, logistics, and last-mile delivery, advancing the UAE's vision for a connected, inclusive, and innovation-driven economy. The collaboration will enhance access to secure, compliant, and customer-centric services by embedding remittance capabilities, salary processing via both Wages Protection System (WPS) solutions through the innovative Botim Salary Card, and digital payment tools into everyday platforms, said the statement from Astra Tech. It also catalyzes future enhancements, including AI-powered address verification, last-mile delivery integration, and expanded payment acceptance points. Astra Tech's WPS solution, the Botim Salary Card, will be rolled out to FINTX's (the fintech arm of 7X) extensive customer base, marking a significant expansion in salary disbursement capabilities across businesses' clientele through a trusted and compliant delivery network. FINTX plays a central role in this collaboration, reinforcing its mandate as a trusted financial enabler and expanding the reach of UAE-born fintech capabilities across all user segments and geographies. In addition, the agreement also explores new avenues to expand Botim's international remittance services through FINTX's global financial network, connecting users to agent locations worldwide. By embedding this infrastructure into the Botim app, users will be able to send and receive cross-border remittances quickly and securely from within the platform they already use every day. This expansion positions Botim as a comprehensive financial services platform meeting the everyday needs of both domestic and international users. The collaboration also lays the groundwork for a broader range of fintech and logistics innovations. These include wallet top-ups and eKYC services at FINTX's Wall Street Exchange branches, enabling Botim Wallet payments at 7X retail locations, deploying point-of-sale systems to support SME digitization, and improving last-mile delivery logistics. Other areas under exploration include address verification powered by the WAYN platform, UAE's Digital P.O. Box, to support verified deliveries and secure digital identities. WAYN's integration will enable more secure, reliable communication and transactions across Botim's user base, contributing to the national digital infrastructure. It will also explore corporate payment integrations via WASLAH, the comprehensive logistics platform by 7X. On the deal, COO Ahmed Mourad said the partnership with 7X represents a major leap forward in Astra Tech's mission to redefine access to digital finance across the region. He noted that embedding financial tools into everyday digital experiences is not only about convenience but about building a sustainable infrastructure for long-term financial empowerment. Tariq Al Wahedi, Acting Group CEO of 7X, said: "This partnership reflects our unwavering commitment to shaping a future where finance, logistics, and technology converge to serve people better. By joining forces with Astra Tech, we are advancing our shared commitment to supporting national priorities in digital transformation and empowering communities through accessible, integrated, and secure financial and last-mile services." "This collaboration is a pivotal milestone in our roadmap to position 7X as a regional force in digital finance and smart trade infrastructure. We will be unlocking new opportunities to simplify how people move money, goods, and services, laying the foundation for a seamless, customer-centric ecosystem that is built for scale, inclusion, and innovation," he added.- TradeArabia News Service
Arabian Business
14-05-2025
- Business
- Arabian Business
Dubai free zone launches 60-minute business licence service
A free zone in Dubai is offering entrepreneurs an express business licence service to get up and running in one hour. Meydan Free Zone officially launched Fawri, a new service that enables entrepreneurs to obtain a complete business licence in just 60 minutes. Meydan Free Zone says the platform redefines the speed and simplicity of company formation in Dubai, empowering founders to launch their businesses with unprecedented efficiency. Dubai free zone licence Fawri is a fully digital, all-in-one licensing solution designed specifically for solo entrepreneurs. With a seamless application process, eligible individuals can receive all core legal documents in an hour, including Business licence Certificate of formation Share register Memorandum and articles of association Lease agreement Mohammad Bin Humaidan Al Falasi, Strategic Director of Free Zone Licensing at Meydan Free Zone, said: 'Fawri is more than a product — it's a statement of intent. It reflects our deep belief that the entrepreneurial journey should begin with clarity, speed, and confidence. 'With Fawri, we are setting a new benchmark for business setup in the UAE — one that is digital, founder-first, and globally competitive. Upon issuance of licence under 60 minutes, entrepreneurs can immediately begin the visa application and corporate bank account setup process through Meydan Free Zone's integrated digital ecosystem. 'Fawri ensures that business owners are not just licensed but operational within the same day.' Available for more than 1,800 approved business activities across diverse sectors such as e-commerce, consulting, trading, education, and fintech, Fawri provides unmatched flexibility. Entrepreneurs can combine up to three activity groups under one licence, with the freedom to operate across different industries. Built for speed, simplicity, and security, Fawri includes automatic eligibility checks and a transparent pricing model with no hidden fees. Priced at AED15,000 ($4,100), the license includes one complimentary amendment in the first year, giving entrepreneurs room to evolve as their business grows. Fawri also offers 100 per cent foreign ownership, zero paid-up capital requirements, full repatriation of capital and profits, and freedom to lease office space anywhere in Dubai with DET approval. Meydan Free Zone's offers excellent service and a time-bound money-back guarantee — a first in the region. The launch of Fawri reinforces Meydan Free Zone's commitment to driving digital transformation, enabling founder-led businesses, and making Dubai the destination of choice for global entrepreneurship.
Entrepreneur
13-05-2025
- Business
- Entrepreneur
Billdesk's M N Srinivasu Elected IAMAI Chairman for 2025–2027
Joining him on the executive council are Harshil Mathur, CEO and Co-founder of Razorpay, as Vice Chairman, and Sameer Nigam, Founder and CEO of PhonePe, as Treasurer. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The Internet and Mobile Association of India (IAMAI) has announced the results of its biennial governing council elections. M N Srinivasu, Co-founder of Billdesk, has been elected the new Chairman, taking over from Harsh Jain, Co-founder and CEO of Dream Sports. Joining him on the executive council are Harshil Mathur, CEO and Co-founder of Razorpay, as Vice Chairman, and Sameer Nigam, Founder and CEO of PhonePe, as Treasurer. They succeed Rajesh Magow, Co-founder and Group CEO of MakeMyTrip, and Satyan Gajwani, Vice Chairman of Times Internet, respectively. The new executive leadership—Srinivasu, Mathur, and Nigam—will serve alongside IAMAI President Dr Subho Ray, who continues as the ex officio member. Together, they will lead the Association's 24-member governing council for the 2025–2027 term. The official handover will take place at IAMAI's upcoming annual general meeting. IAMAI, a not-for-profit industry body with over 600 members including major Indian and global digital firms, has played a key role in advancing India's digital ecosystem. It promotes fair competition, progressive regulation, startup growth, consumer safety, and digital trust. With its new leadership, the Association aims to further strengthen its efforts in policy advocacy, research, and industry collaboration to support India's evolving digital economy.
Associated Press
12-05-2025
- Business
- Associated Press
Minecore Unveils Global Strategy: Advancing the 'AI + Smartphone' Model to Build an intelligent Computing Power sharing Network
New York, United States, May 12, 2025 -- Minecore Technologies Inc. today announced the official launch of its global expansion strategy, aimed at integrating artificial intelligence (AI) and blockchain technologies to build a decentralized collaborative computing network. Centered around smartphones as the primary terminal, the initiative seeks to eliminate technical barriers and empower widespread public participation in the construction of a new digital ecosystem. Unlocking Dormant Potential: Turning Smart Devices into Digital Nodes Minecore highlights that there are over 7 billion smartphones worldwide, with most of their computational power remaining largely underutilized in everyday use. Through its innovative system, Minecore enables these devices to securely and privately participate in distributed computing, transforming each phone into an active digital node with real utility. The company's intelligent computing collaboration framework, powered by AI, is seamlessly integrated with mobile application experiences. It offers users an accessible, low-effort entry point into the ecosystem—allowing them to contribute to network operations by completing simple daily tasks in just a few minutes, without requiring any technical background. Building a User-Friendly Digital Platform Minecore has developed a multi-layered and open ecosystem around its core utility token, MCE. Through the 'Computing Power Package' feature, users can activate participation rights on their devices. MCE functions as the universal credential within the platform, enabling access to a range of future applications such as on-chain interactions, digital identity services, NFT utilities, blockchain gaming, and more. To further drive engagement, the platform incorporates a global incentive model, including a community-level progression system, ecosystem contribution rewards, and a global node partnership program. These initiatives are designed to foster collaborative growth, decentralized governance, and offer users increasing privileges and ecosystem influence. Five Key Technological Innovations Minecore's technical architecture boasts five standout features: Strategic Global Expansion Minecore's international rollout will initially focus on emerging Web3 markets in Southeast Asia, Latin America, and Europe. By leveraging community incentive programs, localized operational teams, and regional branding campaigns, the company aims to rapidly establish a robust user base and attract ecosystem contributors through its Node Partnership Initiative. In addition, Minecore plans to participate in key blockchain and Web3 summits throughout 2025. It will collaborate with leading platforms and media outlets to promote its cutting-edge 'AI + Smartphone' model and recruit global ambassadors to advocate for the ecosystem. Roadmap and Future Vision Minecore's strategic development timeline includes: Q4 2024: Global app launch, MCE token beta testing, initiation of global node recruitment. Q1–Q2 2025: Token exchange functionality goes live; decentralized exchange (DEX) testnet release. Q3 2025: Rollout of blockchain gaming and NFT interaction features. Q1 2026: Transition to DAO-based community governance, realizing true decentralized collaboration. Democratizing Computing Power Minecore's vision is to build an inclusive intelligent computing network that anyone can join. By converging digital assets, mobile technology, and the Web3 ecosystem, the platform redefines participation in the digital age. In this innovative model, every individual—using the world's most familiar device, the smartphone—can contribute to shaping a more open, inclusive, and sustainable digital future. Contact Info: Name: GARYALAN RUGGLES Email: Send Email Organization: MINECORETECHNOLOGIES INC Website: Disclaimer: This press release is for informational purposes only. Information verification has been done to the best of our ability. Still, due to the speculative nature of the blockchain (cryptocurrency, NFT, mining, etc.) sector as a whole, complete accuracy cannot always be guaranteed. You are advised to conduct your own research and exercise caution. Investments in these fields are inherently risky and should be approached with due diligence. 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