Mintos and IDF Eurasia continue to work towards a restructuring solution for the affected exposures. Following discussions with the management teams of Fintech Finance and Biznes Zaim, negotiations on the restructuring framework are progressing, and we expect to receive the formal restructuring proposal in the coming weeks.
At this stage, both parties are working towards a gradual repayment of the outstanding debt. Based on the discussions so far, the proposed repayment period is expected to be approximately 18–24 months, although the final timeline remains subject to ongoing negotiations.
Importantly, the companies continue to make payments during this period. Most recently, a payment of EUR 250,000 was received. While these payments do not yet cover the full settlement amounts, they demonstrate the companies' ongoing cooperation and commitment to the repayment process.
Key developments
- Negotiations with Fintech Finance and Biznes Zaim regarding the restructuring framework are ongoing.
- Mintos expects to receive the formal restructuring proposal in the coming weeks.
- The current discussions are focused on achieving a voluntary wind-down and gradual repayment of outstanding obligations.
- The companies continue to make payments while negotiations are underway.
- Mintos representatives recently met with the management teams in Almaty and continue to work closely with them on the implementation details.
Frequently asked questions
1. What is the current status of Fintech Finance and Biznes Zaim on Mintos?
Fintech Finance and Biznes Zaim have been removed from the Mintos Primary Market. The Mintos Score has also been withdrawn (SW – Score Withdrawn) for both entities. Investors can no longer invest in new Notes from these lending companies on the Primary Market. Existing Notes remain available for trading on the Secondary Market, subject to eligibility.
2. Is Mintos taking action to recover investor funds?
Yes. Mintos is actively negotiating a voluntary wind-down with the management of Fintech Finance and Biznes Zaim. The objective is to maximize recoveries for investors and achieve repayment within a shorter timeframe than alternative recovery routes may allow. The companies' management has been cooperative throughout the process, which is why Mintos is currently pursuing this approach.
3. When can investors expect pending payments to be resolved?
Based on the proposal currently under discussion, the repayment process could take approximately 18–24 months to complete. However, negotiations are still ongoing, and the final timeline has not yet been agreed.
4. Are payments currently being made?
Yes. The companies continue to make payments while restructuring discussions are ongoing. Most recently, a payment of EUR 250 000 was received.
5. Is additional interest being calculated on overdue payments?
Yes, additional interest is accrued on overdue payments.
In the case of Fintech Finance and Biznes Zaim, interest continues to accrue during the delay period (up to 60 days overdue) in accordance with the terms of the Lending Company agreement.
If the payment remains overdue for more than 60 days, the lending company's buyback obligation is triggered, and the investment moves to the Pending Payments status. During this period, Mintos-calculated Pending Payment Interest is accrued until the lending company settles the payment.
As a result, investors receive additional interest both during the borrower's delay period and during the Pending Payments period.
6. What happens if Fintech Finance and Biznes Zaim fail to comply with the restructuring terms?
Should the companies fail to meet the agreed terms, Mintos will assess all available recovery options. These may include enforcing available security, initiating insolvency proceedings, renegotiating repayment terms, selling the portfolio, or pursuing other recovery strategies. Mintos will select the option expected to provide the best possible outcome for investors under the circumstances.
7. Could bankruptcy proceedings be initiated?
Yes. Insolvency or bankruptcy proceedings remain available options. However, Mintos is not currently pursuing them because the companies' management has been cooperative, and the ongoing voluntary wind-down discussions are currently expected to result in a better outcome for investors.
8. Can investors sell their investments on the Secondary Market?
Yes, but only investments that are not currently in Pending Payments status can be listed for sale on the Secondary Market.
What happens next?
Mintos expects to receive the formal restructuring proposal in the coming weeks. Once the proposal has been reviewed and the key terms have been agreed, we will provide investors with a further update, including additional details on the repayment schedule and implementation plan.