Kaspi.kz is Kazakhstan’s most exciting technology company, its most ambitious bank and perhaps its next international export, but rivals think they have figured out its secrets.

The government has big ambitions when it comes to the financial sector, but a second stock exchange, launched as part of a bold plan to turn the country into a Dubai on the Steppes, is a big ask when it comes to developing the nation’s capital markets.

Bailed out by the IMF to the tune of $5.5 billion, the country hopes to break free of the programme in 2020, but flaws in its financial sector mean that going it alone will be risky.

Anar Chinbaatar is wreaking havoc: local banks are running scared of LendMN, a digital payday lender that has disbursed 600,000 loans in just 18 months. The serial tech entrepreneur now plans to transform LendMN into a real digital bank – and take on Asia. Few would bet against him.

Mongolia began 2017 facing yet another credit crisis. It ended the year clutching a massive IMF-led bailout to reform the central bank, eradicate related-party lending and create a thriving modern banking sector. So much for the theory – now the hard work starts.