Kaspi: The Super App Revolution
Subject to change : But the first edition of this newsletter will have 2 sections, similar to James Clear’s 3-2-1 newsletter. Every newsletter will have 1 original idea and 2 short thoughts/questions I have. If you think of a section I should add, let me know!
The most recent write up: Kaspi.Kz
Kaspi is the leading payments, marketplace, and fintech company in Kazakhstan, with plans to expand their Super App throughout Central Asia. The Super App serves as a single entry point into a variety of services (banking, P2P payments, shopping), that people use on a daily basis. The apps work together, creating a powerful business model that is tough to compete against.
I have been sitting on this write up for a while, and saw the opportunity to post due to a competition (which I unfortunately did not win. If you want to see the finalists, here is a link to their pitches). Kaspi is set to report earnings on 7/26/2021, so some of the most recent data may be a bit stale when you read this. (Q2 Update is…pretty good).
Two Thoughts:
Why does social media have such horrible search features?
Using the in app search feature for many social media sites…suck. The best way to search for a specific post on Facebook, Twitter, or Reddit all seems to be just using Google. Why is that? All of the above companies have great tech teams and deep pockets, but they cannot seem to get search right!
Why doesn’t the West use Super Apps?
There are Super Apps throughout Asia, most notably in Kazachstan (Kaspi), Russia (Tinkoff), China (WeChat & Alipay), and Southeast Asia (Grab & Go-Jek). Out of 4.6 billion people in Asia, there are about 2.26 billion monthly active users using the above Super Apps.
We have nothing equivalent to that in the US or EU. Blackberry tried to make a Super App, but that did not work out. Facebook has tried something similar and will try again this decade, but there is so much regulatory scrutiny that it will be tough for them.
Website Update
Recently I was able to update my website to make it a bit more streamlined. I have reduced the number of pages that are available, and increased the usability of some of the pages. I will continue to make changes, and will probably continue to make posts (I have an upcoming update on Crossroads Systems).
I am coming up on having the website for one year, and I am glad that it has been received so well. Expect more updates soon!
Thanks for reading this first post. If you have any thoughts on the above, you can always comment on this post or send me an email (mylesmarino1@gmail.com). I am always open for feedback, and if there is something you think I should add to this writing style, let me know!
Myles