Uzbekistan’s market is attractive for its dynamic

Significant changes take place in the financial economy of Uzbekistan. It became one of the most promising countries for investment. In Central Asia, it ranks first in terms of population (over 32 mln. inhabitants) and second, after Kazakhstan, in economic development.

The most important trend in the financial industry has become online services through the Internet and mobile applications. This year, Uzbekistan embarked on developing digital banks at the state level and improved the regulatory framework in e-commerce. In January 2018, the term “digital bank” appeared in the legislation, and the need for remote banking services was indicated.

“The banking industry of Uzbekistan goes through a period of change. The country introduces advanced digital solutions that make financial services more accessible to consumers, optimizing the banking transaction cost. Digitalization provides a multi-channel approach that allows banks to get more information about customers, to analyze their habits and preferences,” says Anton Valinčius, Regional Head of Penkių kontinentų bankinės technologijos (BS/2), part of the Penki kontinentai group.

According to him, the BS/2 TASHKENT subsidiary expands the scope of activities in Uzbekistan. The market of this country is attractive for the company of banking technologies.

“28 banks operate in Uzbekistan. International payment systems VISA and Mastercard appeared there not so long ago, but the number of payment cards exceeds 22 million. Of course, this is a huge market, and we have different offers to the banks of Uzbekistan – not only specialized equipment but software that guarantees security and cost optimization. We provide the most innovative banks with innovative self-service solutions that can replace bank branches, as well as a biometric identification service, allowing them to carry out financial transactions without payment cards,” says the BS/2 representative.

In 2018, the company signed several contracts with several major banks to supply 300 modern multifunctional self-service devices manufactured by the world leader in banking and retail equipment Diebold Nixdorf with integrated security ATMeye.iQ and currency exchange FCX.iQ solutions.

“The banks can provide customers with the highest quality service, expanding the range of services in self-service devices. We offer simple but effective solutions that increase the availability of financial services and the loyalty of bank clients,” comments Anton Valinčius.