Kazakhstan’s S1lkPay Fintech Startup Receives US Patent

ASTANA – Kazakhstan-based fintech startup S1lkPay has secured a patent in the United States on Aug. 8 for its innovative method and system for distributed payment processing using a centralized payment-processing platform, reported the company’s press service.

S1lkPay team. Photo credit: S1lkPay.

S1lkPay is a peer-to-peer prepaid card exchange platform where users provide instant access to their funds without the need to physically send money.    

“The patent relates to the creation of a virtual prepaid card linked to a user’s account and tokenized for secure exchange with recipients. With tokenization, the user can instantly grant access to funds in their account to their family and friends worldwide and pay for purchases in split payments,” according to the company.     

The U.S. patent will allow the company to enter new markets, get regulatory approvals in different countries, and more easily enter new partnerships with local payment services.   

Gani Uzbekov. Photo credit: S1lkPay.

“The attainment of a patent in the United States signifies not only the recognition of our company but also strengthens the position of Kazakhstan on the map of the international startup ecosystem and international investments,” said Gani Uzbekov, founder and CEO of S1lkPay.

Today, Kazakhstan’s innovative startup ecosystem is in an active stage of development, gaining increased confidence from domestic and foreign investors. By the end of 2022, the total funding raised reached $155.88 million.   

Founded in 2019 by Uzbekov, who has a background in banking, the project raised over $3.2 million from investment company Seven Rivers Capital LTD of the United Arab Emirates and EA Group Holding of Kazakhstan in 2021-2022. 

Its Mastercard principal membership allows it to work directly with the international payment system. S1lkPay platform has its payment processing, is certified by Mastercard, and is authorized to issue cards, with tokenization of cards through Apple Wallet, Samsung Pay, and its wallet S1lkPay for any Android-based phone. 

According to a study conducted by MOST Ventures, last year the enterprise was listed among the top Kazakhstan-based startups that attracted venture capital funding. 

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