Market Opportunities in Uzbekistan: The Uzbek market presents several opportunities for businesses, particularly in sectors like oil and gas, food processing and packaging, construction, ICT, and tourism. The growing public and private investments resulting from the Uzbek government’s export-oriented and import-substituting industrialization agenda may create more opportunities for businesses like Turan. Edgar Abdullayev stated:
Turan will provide new opportunities for customers who want to send funds to Central Asian countries. This step reflects the company's desire to expand its global network and meet customer needs for convenient and secure monetary transactions. We are proud to offer our customers the opportunity to send money to Central Asian countries. Our goal is to provide simplicity and convenience in each transaction, making the transfer process as simple as possible for our customers.
Fintech Trends in Central Asia: The fintech industry in Central Asia is evolving with trends like more digitalisation and less cash and the emergence of new “places of power”. Turan’s expansion into this market aligns with these trends and could offer new opportunities in a market ripe for digital financial solutions.
Turan’s Performance in Azerbaijan: In Azerbaijan, Turan processes monthly transfers amounting to ₺9.5 mn ($330,000), with plans to increase this figure to ₺37.5 mn ($1.3 mn) by 2024. With over 120,000 active users conducting 700,000 transactions every month, Turan has demonstrated its potential to make a significant impact in the Central Asian fintech ecosystem.
Language Support: The service, which supports six languages including Uzbek and Russian, aims to provide customers with a convenient and secure platform for monetary transactions. This could be a key factor in gaining user trust and facilitating user adoption in the new market.
Turan’s entry into the Uzbek market is part of a broader strategy to strengthen ties between Turkic countries and simplify money transfers among them. This could foster greater economic integration and cooperation in the region.
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