BankExpo 2018: A Breakthrough in the FinTech Development in Uzbekistan

Lithuanian ASHBURN International and BS/2 companies took part in the annual BankExpo 2018 banking services, technologies, and equipment exhibition in Tashkent last week. Both companies belong to the Penki kontinentai group and cooperate with The Common Republican Processing Center (CRPC) of Uzbekistan. In Tashkent, they displayed innovative banking and retail equipment and specialized software solutions for the local market.

The region bank representatives, including the Uzbekistan Banking Association Chairman Bakhtiyar Khamidov, visited the common BS/2, ASHBURN International, and CRPC stand. During the visit, Mr. Khamidov spoke about the importance of a favorable investment climate. Banks, software developers, and other market players could successfully implement high technologies to benefit Uzbekistan’s people.

In BankExpo 2018, the Penki Kontinentai offered various banking hardware from the renowned Diebold Nixdorf, such as the unique CS4060 cash recycler with currency exchange and face recognition functions. ASHBURN International also presented TransLink.iQ solution for transaction processing and POS terminal network management.

“The Uzbekistan banking industry develops at breakneck speed: today we offer such solutions, which are a technical novelty even for many European countries, but the local market is quite ready for their successful application. We are glad we can contribute to this beautiful country’s financial development,” Idrakas Dadašovas, Penki Kontinentai Board Chairman, said.

The forum program included the “Banking and Financial Sectors Digital Transformation” (InnoBanking.UZ) conference, in which representatives of banks and insurance companies, experts in the field of digital financial services from Uzbekistan, Portugal, France, Russia, and Kazakhstan, took part. This conference was an excellent opportunity to discuss the problems, strategies, and prospects of the Uzbek banking sector. The Uzbekistan Banking Association and the Central Bank, and other government structures organized the event.

“We see the Uzbekistan market attractiveness and hope to expand our contacts with local businesses and banks. This exhibition allowed us to get acquainted with the latest local achievements in the banking sector, as well as with technologies and products offered by competitors,” Emil Musayev, BS/2 Sales Department Head, said.

The Common Republican Processing Center (CRPC) of Uzbekistan, the Penki kontinentai partner, kindly provided the platform for our demonstration stand. CRPC promotes advanced banking information technologies and electronic payment instruments nationwide. CRPC is also responsible for UZCARD national payment system processing, transactions data privacy, and security.

“We actively support the government and our association’s strategy for the implementation of banking innovations. We are looking for and applying the latest approaches and technologies so that our financial industry develops and uses solutions that meet the highest world standards,” Akhor Makhmudov, CRPC General Manager, said.

Over the years, the exhibition has proved itself as a solid platform for banking IT achievements. BankExpo 2018 aimed to promote Uzbekistan experience in transforming national credit and financial institutions, introducing innovations, and increasing business and ordinary people’s confidence.