<SEC-DOCUMENT>0001213900-26-040471.txt : 20260406
<SEC-HEADER>0001213900-26-040471.hdr.sgml : 20260406
<ACCEPTANCE-DATETIME>20260406161510
ACCESSION NUMBER:		0001213900-26-040471
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260402
FILED AS OF DATE:		20260406
DATE AS OF CHANGE:		20260406

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Gutkowski Szymon
		CENTRAL INDEX KEY:			0002029277
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41921
		FILM NUMBER:		26841372

	MAIL ADDRESS:	
		STREET 1:		154A NAURYZBAI BATYR STREET
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050013

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Joint Stock Co Kaspi.kz
		CENTRAL INDEX KEY:			0001985487
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			1P
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		154A NAURYZBAI BATYR STREET
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050013
		BUSINESS PHONE:		7 727 3306710

	MAIL ADDRESS:	
		STREET 1:		154A NAURYZBAI BATYR STREET
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050013
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-04-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001985487</issuerCik>
        <issuerName>Joint Stock Co Kaspi.kz</issuerName>
        <issuerTradingSymbol>KSPI</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002029277</rptOwnerCik>
            <rptOwnerName>Gutkowski Szymon</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>154A NAURYZBAI BATYR STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ALMATY</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>1P</rptOwnerCountry>
            <rptOwnerZipCode>050013</rptOwnerZipCode>
            <rptOwnerStateDescription>KAZAKSTAN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>American Depositary Shares, no par value</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-04-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>17778</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>American Depositary Shares, no par value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>American Depositary Shares, no par value</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-04-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>17778</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>American Depositary Shares, no par value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17778</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each American Depositary Share (ADS) represents one common share of the issuer.</footnote>
        <footnote id="F2">On April 2, 2026, the reporting person transferred 17,778 ADSs for no consideration to a trust of which he is the settlor and of which his immediate family members are the sole beneficiaries. The reporting person retains pecuniary interest in the securities held by the trust and thus is reporting the transaction as a change from direct ownership to indirect ownership. The reporting person disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (the &quot;Act&quot;), the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act.</remarks>

    <ownerSignature>
        <signatureName>/s/ Yuri Didenko, as attorney-in-fact for Szymon Gutkowski</signatureName>
        <signatureDate>2026-04-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
