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Fintech as a Community: Growth Through Partnership,
Not Just Product

Author: Anara Zhumash Co-founder of ioka group. Director of Online Payments Ecosystem ioka fintech

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Held on April 19 in Tashkent, the 2025 Central Asian University Business Summit gathered entrepreneurs, investors, and industry leaders to explore the theme “Economy and Leadership: A Look into the Future.” Among the invited speakers were Steve Forbes, Chairman of Forbes USA, Armanzhan Baitassov, Founder of Forbes Kazakhstan, as well as representatives of BI Group, Hilton Tashkent, and other companies actively shaping the business environment in Central Asia.

At the summit, I presented the ioka fintech case in the session “Financial Technologies: Sustainability, Partnership, Growth,” highlighting how business growth can be driven not only by technology, but by fostering a culture of shared growth.

Where the Journey Begins

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Before launching ioka, Magzhan and I worked across various industries: logistics, edtech, consulting, and fintech. We tried different directions – and each project, whether successful or not, showed us that real breakthroughs happen where not just the mind, but also genuine interest is involved. That’s how our principle was born: build a business that truly resonates with you.

We knew we wanted to create something of our own in IT – not just launch a business, but build a product that embodied our values, mindset, and vision. In 2019, Magzhan and I traveled to the U.S., then the epicenter of technological innovation, to explore ideas and gain inspiration. We visited New York and Washington D.C., studied the market, absorbed the atmosphere, and searched for ideas that would spark something inside us. We were inspired by scooter-sharing services like Bird, Lime, Uber – convenient, scalable, with excellent user experience. We thought: what if we launched something like that in Almaty?

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When we returned, we began working on the business model but quickly ran into a systemic issue: Kazakhstan lacked the payment infrastructure to support such a service. In the U.S., Stripe is the #1 choice for online payments – reliable, transparent, developer-friendly, and scalable. But when we looked into their roadmap, we realized that Central Asia wasn’t even remotely in focus. In Kazakhstan at that time, even the best acquiring service could be unavailable up to 60 times a month, with outages ranging from 5 to 30 minutes. The customers don’t see the acquirer, they just see that “the app isn’t working” which prompts them to leave. That’s when we realized: to create next-generation digital services, we first need to build trustworthy infrastructure.

That’s how ioka fintech began – with the idea of creating a reliable, flexible, tech-driven payment platform focused on customer service.

Growth Through Partnership

Case 1

A High-Load, High-Traffic Service

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In my presentation, I shared cases where we didn’t just connect a product – we became an extension of the client’s team, helping solve key challenges at the intersection of technology, operations, and user experience.

When we began working together, this was one of the most intense digital services in the country: delivery, bonus programs, online shopping – everything in a single mobile app.

With such a workload, even minor payment disruptions could mean losing customers.

We proposed a multi-acquiring architecture where a transaction automatically switches to a backup payment partner if the primary one fails. This ensured uninterrupted service even during peak hours.

We also integrated Masterpass – a Mastercard solution that enables one-click purchases without repeatedly entering card details.

Result: higher resilience, increased payment completion rates, stabilized acquiring fees, and marketing integrations with international payment systems.

Case 2

An Online Store Focused on Convenience and Speed

The team already had a strong digital platform and in-house logistics. The goal was to embed payment solutions that enhanced rather than complicated the user journey.

We implemented Apple Pay and Google Pay, and enabled partial payments and refunds, so users could pay in parts and get money back when returning part of an order.

We also set up a robust split-payment system between the platform and suppliers, ensuring automatic settlements.

To integrate seamlessly with their existing system, we passed technical certifications with Apple and Google and made the payment flow feel like a natural, intuitive part of the interface – no external redirects.

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Result: increased payment completions, enhanced user convenience, automated internal settlements, and full compliance with regulatory requirements in the Republic of Kazakhstan.

Case 3

Online Payments in the Auto Dealership Segment

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Before implementing our solution, customers paid for cars, accessories, and services either in cash, through POS terminals, or at bank branches. This wasn’t always convenient or aligned with the premium service the business aimed to offer.

We introduced QR payments tailored to dealership needs. Now customers could make large payments by card – quickly, securely, and online. No need to visit a bank or withdraw cash.

We integrated the solution into the CRM system, POS software, and internal accounting, coordinated with banks to avoid blocks on large transactions, and processed our first online payments.

Result: a transparent and convenient payment system that is integrated into the full customer journey from car selection to post-sale services.

We’ve deliberately chosen a “clean” portfolio meaning we don’t work with gambling, tobacco, alcohol, or betting companies. This allows us to build partnerships with businesses that create sustainable value from online retail to logistics and service platforms.

From Acquiring to an Ecosystem

Today, ioka fintech is no longer just a payments company – it’s an online payments ecosystem. We help businesses accept one-click payments via Apple Pay, Google Pay, or saved cards, receive money via links or QR codes, offer installment payments right in the payment form, and make payouts to couriers, drivers, or suppliers directly to their cards. All of this integrates easily with 1C, CRM, and accounting systems.

Growing Through Philosophy Not Just Product

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Across all our cases, our approach was the same: don’t build ‘for’ the client, build with them. Don’t just plug in a solution, embed it into the logic of the business – deeply, flexibly, in partnership.

Once fintech matured in Kazakhstan, we asked ourselves: where else can our approach make a difference? The answer was clear – Uzbekistan, especially its fast-growing travel sector. That’s how ioka’s travel-tech direction was born. We didn’t just launch a new product – we brought the philosophy we started with: to be a co-creator of growth, not just a contractor.

More on this direction — in Magzhan’s talk during a panel at the same summit.

We believe:

We believe that a product can be copied but a partnership can only be grown. Fintech, to us, is not just about milliseconds of transactions. It’s about trust, depth, and purpose. It’s about a community of people and businesses building something great together.

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