Fintech group Solva is changing its strategy: instead of traditional lending, the company will focus on creating an AI-based IT platform for small and medium-sized businesses. In this regard, there has been a change of shareholders and a new management team is being formed, reports the website infohub.kz.
The company's founders, Alexander Dunaev and Boris Batin, are selling their 49% stake and leaving Solva's capital to pursue international projects. The buyer is AG Holding Ltd, registered in the Astana International Financial Centre (AIFC). Consolidating the stake through the financial centre's structure will allow the localization of the business to be completed. The deal is expected to close by the end of the year after obtaining all necessary approvals.
Solva's largest strategic investor, with a 40% stake, remains Neo Crystal Holdings Ltd, behind which is the Sawiris family - owners of an international conglomerate with assets in precious metals mining, telecommunications, real estate, and investments worldwide.
To implement the new strategy, an updated team has been formed. Galim Khusainov has become Chairman of the Board of Directors of Solva Group Ltd, Timur Ishmuratov has been appointed CEO, and Pavel Kravchenko has headed the board of JSC "MFO OnlineKazFinance".
The new management faces the task of technologically restructuring the business to quickly launch digital B2B services. The company will have to transform internal processes to move from a classic financial model to product-oriented IT solutions.