Dubai Times All About Dubai
Makhmud Bachalov, an entrepreneur originally from Pavlodar, Kazakhstan, is building his name in Dubai’s rapidly developing fintech and digital payments industry. His journey began thousands of kilometres away from the UAE, where his early experiences in business and entrepreneurship helped shape the ambition and international outlook that would later define his career. Relocating to Dubai placed Bachalov at the centre of one of the world’s most dynamic business and financial hubs.
Born and raised in Pavlodar, Makhmud later continued his education in London before eventually moving to Dubai with an idea of how cryptocurrency could become a practical payment method for real businesses.
The idea was simple but ambitious: make paying with digital assets feel as straightforward for a business as accepting a traditional payment. Rather than building another cryptocurrency exchange or speculative product, Makhmud focused on practical commerce — developing technology that allows businesses to offer crypto payments through physical POS terminals, payment links, invoices and API integrations.
The project eventually developed into Defipay, the merchant-facing technology behind this vision.
A key part of bringing the concept to market was Makhmud’s partnership with DKK Digital FZE, a Dubai-based Virtual Asset Service Provider regulated by Dubai’s Virtual Assets Regulatory Authority (VARA).
DKK Digital provides the regulated virtual-asset infrastructure behind the model. The regulated activities, including the relevant conversion and settlement processes, are carried out through DKK Digital within its regulatory permissions, while Makhmud and his team focus on the technology and merchant experience.
This structure allowed an idea that started with a physical crypto payment terminal to be connected with established regulated infrastructure in Dubai.
For Makhmud, the partnership with DKK Digital has been one of the most important parts of turning the original concept into a real business. “Technology alone was never enough. From the beginning, I understood that if we wanted to build something serious in Dubai, it had to work together with a strong regulated partner. DKK Digital became a fundamental part of making this vision possible,” Makhmud said.
The project progressed from an early concept to live crypto payment transactions through physical point-of-sale terminals in Dubai.
For Makhmud, seeing a customer complete a crypto payment through a physical terminal marked the moment when an idea that had existed only on paper became something tangible.
“I came to Dubai with an idea. I wanted to prove that cryptocurrency could move beyond exchanges and wallets and become something businesses could actually use in everyday commerce.”
“Seeing a real customer make a crypto payment through our terminal was a very important moment for me. Something that started as an idea had become real infrastructure.”
Today, Makhmud and his team continue developing merchant-facing technology for businesses across sectors including real estate, automotive, luxury retail, hospitality and professional services.
The model keeps the roles clear: Makhmud’s team develops the technology and merchant experience, while the regulated virtual-asset side is handled through DKK Digital FZE.
For someone who started his journey in Pavlodar, Kazakhstan, building financial technology in one of the world’s most ambitious business hubs represents a significant personal milestone.
But for Makhmud, the journey was never an individual one.
“There are people from my hometown who stood beside me long before there was anything to celebrate — especially during the difficult moments, when there were more questions than answers. I remember that. Whatever I have achieved today, part of it belongs to the people who believed in me when it was just an idea. I will always be grateful to them.”
Makhmud sees Dubai as only the beginning. “Coming from Kazakhstan, I know that where you start does not determine how far you can go. Dubai gave me an environment where an ambitious idea could be tested against the real market. Now the objective is to build something much bigger.”
His journey also reflects the growing presence of entrepreneurs from Kazakhstan and Central Asia in international technology and financial markets. From Pavlodar to London and ultimately Dubai, Makhmud’s journey has moved from an idea to real-world technology operating at the intersection of traditional business and digital assets.
And at 29, Makhmud believes the journey is still at an early stage. “We have achieved an important milestone, but I don’t look at it as the finish line. For me, this is the starting point.”
