Core Insights - Kaspi.kz is a prominent fintech company in Kazakhstan, integrating payments, e-commerce, and consumer finance into a super app ecosystem, covering approximately 70% of the country's population and demonstrating strong user engagement and market influence [3][4][5] - The company's success is attributed to its unique "flywheel" effect, where the payment platform drives high-frequency interactions, the e-commerce platform enhances user engagement through deep integration with payments and logistics, and consumer finance utilizes real-time data for precise credit management, leading to diversified revenue streams and reduced credit risk [3][10][14] - Despite strong performance, Kaspi.kz's valuation is significantly misaligned with its fundamentals, currently trading at a price-to-earnings (P/E) ratio of only 7, which is well below its growth potential, prompting investors to monitor its strategic international expansion, particularly in Turkey [3][24][30] Group 1: Business Model and Market Position - Kaspi.kz operates a vertically integrated, consumer-centric digital ecosystem, evolving from a traditional bank into a super app that integrates daily needs into a lightweight mobile application, breaking the boundaries between online and offline services [6][9] - The consumer super app serves a wide range of services, including QR payments, P2P transfers, bill payments, online shopping, personal loans, travel bookings, and government services, with an average monthly user base of approximately 14.7 million and a DAU/MAU ratio of 65% [9][10] - The merchant super app provides digital business tools to around 737,000 active merchants, including QR payment acceptance, e-commerce promotion, logistics, advertising, and government tax services [9][10] Group 2: Growth Drivers and Financial Performance - Kaspi.kz's growth is driven by three interrelated platforms: payments, e-commerce, and consumer finance, creating a robust "flywheel" effect that enhances user engagement and profitability [10][14][21] - The payment platform generates transaction fees (approximately 1.20%), while the e-commerce platform earns commissions (around 9.70%) and value-added services, contributing to a diversified revenue structure that reduces reliance on credit risk [10][12][14] - Financial data indicates healthy and gradual growth, with a projected EPS growth of 31.3%, a return on equity (ROE) of 67%, and a return on invested capital (ROIC) of 80%, showcasing strong capital efficiency [26][33] Group 3: International Expansion and Strategic Opportunities - Following its consolidation in Kazakhstan, Kaspi.kz is pursuing international expansion, notably through a strategic acquisition of a 65% stake in Turkish e-commerce company Hepsiburada for approximately $1.1 billion, aiming to replicate its super app success in Turkey [24][27] - The acquisition price is reasonable, valued at only 0.75 times Hepsiburada's annualized revenue, and includes $200 million in net cash, presenting a low-cost entry into a larger market [24][27] - Kaspi.kz's expansion into Turkey and Azerbaijan is seen as a critical step to increase its total addressable market (TAM), despite facing macroeconomic challenges in the region [27][34]

智通财经APP讯，联易融科技-W(09959)公布，2025年10月22日耗资747.075万港元回购243万股股份。 ...

Core Insights - The Hong Kong Fintech Week x StartmeupHK Festival 2025 will celebrate its 10th anniversary from November 3 to November 7, 2025, marking a decade of innovation in the fintech sector [1][4] - The event aims to reinforce Hong Kong's position as a leading international financial center and a vibrant startup hub, showcasing the city's commitment to driving the digital economy [2][5] Event Overview - The festival is expected to attract over 37,000 attendees, featuring more than 800 speakers and over 700 exhibitors from more than 100 economies, making it the largest event to date [4] - The main conference will take place at the Hong Kong Convention and Exhibition Centre on November 3-4, 2025 [4] Industry Growth - Hong Kong is home to over 1,100 fintech firms, with the sector projected to generate US$606 billion in revenue by 2032, growing at an annual rate of 28.5% [6] - The theme for 2025 is "Curating the New Fintech Era," emphasizing Hong Kong's role in shaping the future of global finance [6] Startup Ecosystem - The number of startups in Hong Kong has increased from approximately 1,600 a decade ago to around 4,700 last year, driven by government support and a favorable business environment [10] - Startups attending the festival will have access to resources and opportunities for funding, partnerships, and market entry [8][9] Conference Structure - The main conference will feature 11 targeted forums covering various topics, including policy, insurtech, health tech, and digital finance [11] - The event will also host the Global Fast Track programme, allowing innovators to pitch their solutions to a wide audience [14][15] Global Collaboration - The festival will welcome over 30 delegations from various regions, including leading tech hubs and emerging markets, highlighting Hong Kong's role as a gateway for global connections [12][13] - The participation of international delegations underscores confidence in Hong Kong as a hub for innovation [13] Technological Integration - The event will introduce "Samantha," an AI community host designed to enhance participant engagement and streamline networking opportunities [16][17] - Samantha will facilitate connections and personalized itineraries for attendees, supporting seamless interactions [17] Notable Speakers - The conference will feature prominent leaders from government, regulatory bodies, and the fintech industry, including the Chief Executive of Hong Kong and executives from major financial institutions [18][20]

Core Points - Pro-crypto lawmakers are advocating for immediate action to prevent large banks from restricting access to digital asset platforms and financial services [1][2] - Senator Cynthia Lummis expressed strong support for the Consumer Financial Protection Bureau's (CFPB) open banking rule, urging its prompt finalization [1][2] - The open banking framework, finalized on October 22, 2024, allows consumers to securely share financial data with third-party applications, facilitating crypto adoption [3] Industry Concerns - Large banks have been accused of restricting access for political reasons, targeting various industries including digital assets, which could stifle innovation and drive entrepreneurs overseas [2] - The Bank Policy Institute and Kentucky Bankers Association filed a lawsuit against the CFPB's open banking rule, citing concerns over data sharing oversight and increased fraud risk [4] - A coalition of fintech and crypto trade groups has urged the CFPB to affirm that Americans own their financial data, opposing the influence of large banks [5]

Core Insights - Wuhan's Jianghan District has become a financial hub in Central China, focusing on serving the real economy and supporting technological innovation, aligning with national financial strategies [1][2][4] - The district hosts nearly 600 financial institutions, with significant growth in financial value added and tax revenue, indicating a robust financial ecosystem [1][4] - The introduction of customized services and support for enterprises has led to the successful establishment of major financial technology firms, such as Hang Seng Electronics [2][5] Financial Ecosystem Development - Jianghan District has attracted various financial institutions, including 93 headquarters of provincial and municipal financial organizations, contributing to a financial value added growth rate of approximately 5.3% in the first half of 2025 [1] - The district's financial tax revenue increased by 9.23% year-on-year from January to September 2025, outpacing the growth of financial value added [1] - Wuhan Financial Street Management Committee has implemented a "7×24 hours online" service model to facilitate the establishment of financial technology companies [2] Corporate Growth and Innovation - Hang Seng Electronics has established its second national headquarters in Wuhan, achieving over 300 million yuan in revenue and expanding its workforce to over 700 employees within a year [2] - The company aims to reach a total revenue of 500 million yuan and a workforce of 1,200 by 2026, positioning itself as a comprehensive financial technology hub [2] - Wuhan Jin控 has become the first municipal state-owned enterprise in the city to surpass 100 billion yuan in revenue, establishing multiple subsidiaries focused on various sectors, including artificial intelligence and new materials [4] Financial Services and Support - The district has developed a "1+2+3" technology financial service ecosystem, enhancing access to financing for technology enterprises through innovative assessment models and credit systems [7] - Over 4 billion yuan in financing has been facilitated for small and micro enterprises, with various financial products introduced to support their growth [7][8] - The establishment of the "Hubei Capital Market Cultivation Base" aims to support the incubation and financing of technology enterprises, enhancing collaboration between startups and investment institutions [10] Future Outlook - Jianghan District plans to continue enhancing its financial ecosystem by focusing on precise investment attraction, technological empowerment, and enterprise services [10] - The district aims to become a fertile ground for enterprise growth and a highland for business development, contributing significantly to Wuhan's financial strength [10]

巩固全球影响力：技术创新与国际认可 AUS GLOBAL（澳洲环球）一直秉承"创新驱动"的发展理念，致力于通过领先的金融科技解决方案和优质客户服 务为全球投资者提供差异化的交易体验。在国际市场上，公司凭借卓越的适应力和创新能力赢得了广泛认可，尤 其是在不断变化的金融环境中展现了强大的竞争力。 此次参与威廉王子慈善晚宴，不仅增强了 AUS GLOBAL（澳洲环球）的国际影响力，也进一步巩固了其在欧洲 市场的领先地位。未来，公司将继续引领金融科技创新，为全球客户提供量身定制的金融解决方案，满足其多元 化需求。 AUS GLOBAL（澳洲环球） 很荣幸宣布，公司 CEO Ms. NAIMA DAYF 于 2024 年 10 月 16 日出席了在伦敦大英 博物馆举行的英国威廉王子慈善晚宴。该盛会汇聚了来自全球金融、科技及商业领域的顶尖领袖。这不仅进一步 彰显了 AUS GLOBAL（澳洲环球）在全球金融领域的地位，也标志着公司深入拓展欧洲市场战略的正式启动。 推动欧洲市场战略布局：高层会谈 Ms. NAIMA DAYF 在此次晚宴上与英国威廉王子进行了深入的讨论，双方围绕全球金融科技的发展趋势以及如何 进一步提升全球 ...

Group 1 - The China Securities Financial Technology Theme Index decreased by 0.60% as of October 22, 2025, with mixed performance among constituent stocks [3] - The Financial Technology ETF (516860) also fell by 0.60%, with the latest price at 1.48 yuan, while it has seen a cumulative increase of 3.84% over the past three months, ranking 3rd out of 6 comparable funds [3] - The Financial Technology ETF had a turnover rate of 1.87% during the trading session, with a transaction volume of 44.5643 million yuan, and an average daily transaction of 214 million yuan over the past month, ranking in the top 2 among comparable funds [3] Group 2 - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, reflecting a year-on-year growth of 5.5%, with the tertiary industry growing by 5.9% [4] - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan aimed at supplementing project capital, which is expected to drive total project investment of 2.8 trillion yuan [4] - As of October 17, 2025, the new policy financial tools have already been deployed with 1,893.5 billion yuan, while the agricultural development tools have supported 562 projects with an investment of 1,001.11 billion yuan, potentially driving over 1.26 trillion yuan in project investments [4] Group 3 - The new policy financial tools are seen as a significant measure to promote effective investment and provide broader opportunities for banking financial institutions [5] - The Financial Technology ETF has experienced a notable growth of 10.11 billion yuan in scale over the past three months, ranking 2nd out of 6 comparable funds [5] - The ETF has also seen an increase of 5 million shares in the last two weeks, again ranking 2nd out of 6 comparable funds [5] - The index closely tracks the performance of listed companies involved in the financial technology sector, with the top ten weighted stocks accounting for 55.55% of the index as of September 30, 2025 [5]

美股周二早盘，维萨卡公司（Visa，V）股价上涨1.2%。由该公司支持的金融科技公司Moniepoint在其C 轮融资中再次筹集了9000万美元，使总融资额达到2亿美元。这项投资凸显了Visa深化与非洲领先金融 科技公司参与的战略，Moniepoint公司计划借此扩展至英国和肯尼亚等新市场。 来源：环球市场播报 ...

港股回购 港股回购、公司回购、回购、股份回购、港股 日期 回购股数 （万港元） 2025.10.21 238.00 3.180 3.100 745.07 2025.10.20 245.00 3.070 2.970 743.93 2025.10.17 252.00 3.130 2.860 744.46 2025.10.16 239.00 3.150 3.080 747.51 2025.10.15 238.00 3.170 3.050 747.06 2025.10.14 240.00 3.270 3.040 745.34 2025.10.13 236.00 3.240 3.060 747.54 2025.10.10 226.00 3.500 3.230 745.92 2025.10.09 214.00 3.550 3.420 746.49 2025.10.08 215.00 3.520 3.420 745.98 2025.10.06 208.00 3.610 3.460 742.44 2025.10.03 165.30 3.570 3.490 589.00 2025.10.02 215.00 3.500 3.39 ...

Market Overview - Major stock index futures declined, with Dow futures down 0.20%, S&P 500 futures down 0.14%, and Nasdaq futures down 0.14% [1] - Most Chinese concept stocks fell, with Futu Holdings down nearly 1%, Li Auto down 0.7%, Baidu down 0.9%, JD.com and Alibaba down over 1%, and NIO down nearly 2% [3] Precious Metals - Gold and silver prices experienced a sharp decline, with silver dropping 4.99% to $49.67 per ounce and gold falling 2.05% to $4267.08 per ounce [1] - Analysts from Heraeus warned of strong caution signals in the precious metals market, indicating that both gold and silver are in a severely overbought state [1] - The report highlighted that silver's recent price surge deviated significantly from its 200-day moving average, suggesting extreme market conditions [1] Company Performance - Bilibili's stock rose over 6% following a report from China Merchants Securities, which projected Q3 revenue of 7.6 billion yuan, a 4% year-on-year increase, and an adjusted net profit of 650 million yuan, a 175% year-on-year increase [1] - XPeng Motors' stock increased by over 1.5% as the company showcased its new models at the 8th World Intelligent Connected Vehicles Conference [2] Economic Indicators - The White House chief economic advisor indicated that the government shutdown crisis is likely to be resolved within the week, although stronger measures may be taken if the deadlock continues [4] - Goldman Sachs reported that signs of a long-anticipated oversupply in the global oil market are beginning to emerge, with OECD inventories increasing by 340,000 barrels per day since the beginning of the year [4]