Kaspi.kz (NASDAQ:KSPI) reported its second-quarter results, with net income remaining flat due to higher funding costs, National Bank reserve requirements, and investments in Türkiye. E-commerce was a key growth driver, with marketplace GMV increasing 15% year-over-year. The company also launched its AI shopping assistant, Kasper, in Kazakhstan and plans to expand its capabilities. Kaspi.kz is preparing for its Türkiye expansion, having completed the acquisition of Rabobank A.Ş. and planning to invest approximately $300 million ahead of launching consumer and merchant financial products in 2027. Management reiterated its full-year targets, including roughly 20% GMV growth, 15% TPV and loan-portfolio growth, and 15% adjusted EBITDA growth.