Cautionary response to the unrest in Kazakhstan | FAQ
Kazakhstan is currently in a state of emergency as protests and clashes of people with authority forces enter into its fifth day. We evaluated that the social unrest and lending companies’ ability to make and receive payments at this moment are a reason for Mintos to react proactively to this situation.
To protect our investors from exposure to loans from geography with heightened market risk, we are:
- Removing all loans from Kazakhstan from the Primary Market
- Removing all companies that issue loans in Kazakhstan from the Mintos strategies
- Pausing placement of new loans from Kazakhstan on the Mintos platform until the situation stabilizes and banks re-open
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Great news today.
Internet connections in Kazakhstan have been restored, and the restrictions on international payments were lifted. We received proof of payment from all our lending companies from Kazakhstan. As a result, we’ve removed the cautionary measures, and loans issued in Kazakhstan by GFM, IDF Eurasia, Jet Finance, LF TECH, and Sun Finance Kazakhstan are now fully available again and included in the Mintos strategies.
SAMUEL FROMMENWILER thank you for your feedback.
Allow us to elaborate on the actions we took before taking the precautionary steps mentioned above.
As the situation escalated in Kazakstan, the first thing our team took proactive measures and gathered all the possible information about the developments in the country, including reaching out to the Lending Companies to gain insights about their perspective on the situation and how it might affect their loan issuance, borrower repayments and ability to repay to the Mintos investors.
As soon as, there was sufficient information gathered that the situation in Kazakstan might not be resolved in the current week's time we took a step to limit investments in the loans issued by Kazakstan operating Lending Companies.0
Dear Undis (Mintos),
When do you expect banks in Kazakhstan to re-open and lending companies to start listing loans on Mintos platform?
Hello Mario Kasabov,
As per our knowledge banks have started to work in Kazakstan, however, there is limited internet access at specific timeslots each day. Also, international payments and currency exchange is limited currently. At this moment it is too early to say when companies will again start listing loans on the Mintos platform. We will continue monitoring the situation and act accordingly to it. If the situation will normalize and the repayment flow will be resolved, companies might start listing loans again.0
Is there any update on bank/payment operations in Kazakhstan?
Have you received any payments from LOs yet?
Hi Rodrigo Valle Teixeira,
Yes, there is good news.
Yesterday we sent out an email about it, here is the text of it:
Hi, Internet connections in Kazakhstan have been restored, and the restrictions on international payments were lifted. We received proof of payment from all our lending companies from Kazakhstan. As a result, we’ve removed the cautionary measures, and loans issued in Kazakhstan by GFM, IDF Eurasia, Jet Finance, LF TECH, and Sun Finance Kazakhstan are now fully available again and included in the Mintos strategies.0
Thank you Annija, very good to know.
And thank you for all the communication in this forum, it is really appreciated.
Some things in Mintos still need work (like the relation between currency risk and LO risk score, such as Wowwoo), but the regular communication is very good and quite different from other similar platforms.
Rodrigo Valle Teixeira0
Have you started receiving actual loan payments from Kazakhstan LOs, and paying back to investors?
Rodrigo Valle Teixeira0
Hi Rodrigo Valle Teixeira,
There has been a delay with the bank payments for some companies, however, we have received Proof of Payments confirmation. We expect to receive the funds in the upcoming days, however, if there will be still Pending Payments we will provide an explanation for the delay on our weekly Pending Payments update.0
I'm starting to get worried this is another Wowwo.... It's been 10 days since you told us you received "proof of payment" from Kazakhstan LOs. But I still see all payments from IDF Eurasia and other LOs as Late.
What's going on? How can LOs issue "proof of payment" and no money is received?0
Hello Rodrigo Valle Teixeira,
Pending payments from Kazakhstan that accumulated when we limited exposure to these loans during social unrest in that country are all covered, and so are the pending payments from IDF Eurasia and Jet Finance that we shared in the previous update - all received and distributed to investors. The latest information about Pending payments will be published tomorrow, per usual schedule.0
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