In a significant move aimed at advancing Uzbekistan's digital economy, Alibaba Group Holding Limited, a global e-commerce giant, and APEX BANK, one of the country's leading digital banks, have entered into a strategic memorandum. The agreement, unveiled during the "Alibaba.com Export Forum: developing B2B online export of Uzbekistan" on November 23, signals a collaborative effort to drive B2B and e-commerce growth, attract exporters, and enhance foreign investment in the Central Asian nation.
Key Partnerships and Collaborative Efforts
The memorandum solidifies APEX BANK's commitment to support and underpin all transactions conducted on Alibaba.com by residents of Uzbekistan. The partnership aims to leverage Alibaba.com's expansive platform to facilitate international trade and export opportunities for Uzbek enterprises.
Since July 2022, NEOUZ, an Uzbekistan-based company, attained the prestigious status of an international service partner for Alibaba.com. NEOUZ has been pivotal in enabling over 150 Uzbek enterprises to globally showcase and export their products through Alibaba.com, covering countries across Central Asia.
Project Goals and Objectives
The collaborative initiative targets multiple facets of economic development, including:
- Exporter Attraction: The project seeks to attract and empower exporters, fostering a vibrant ecosystem for international trade.
- Online Trade Establishment: Through Alibaba.com, the partners aim to fortify the foundation of online trade, providing a global platform for Uzbek businesses.
- B2B Sector Development: APEX BANK, as a digital banking trailblazer in Uzbekistan, is dedicated to nurturing the B2B sector, contributing to the nation's economic expansion.
- Financial and Consultative Support: APEX BANK intends to provide financial support and expert consultations to local producers, stimulating increased international trade turnover.
APEX BANK's Vision
Numonov Bakhrom, Chairman of the Board of APEX BANK, emphasized the bank's unique position as one of Uzbekistan's digital banking pioneers. Bakhrom highlighted the institution's mission to bolster the B2B sector, offering financial support and consultations to local producers, ultimately enhancing Uzbekistan's international trade standing.
Consulting Initiatives
As part of the collaboration, APEX BANK and Alibaba.com plan to conduct consulting initiatives throughout Uzbekistan. These efforts aim to disseminate essential information on competent export practices, documentation procedures, and enhance the financial literacy of the populace, including legal entities.
Established as a Joint Stock Company, APEX BANK is a digital bank that obtained its banking license on March 16, 2023. The bank caters to both corporate and retail clients, aligning its operations with the digital transformation sweeping the financial sector.
A global technology powerhouse, Alibaba Group specializes in e-commerce, retail, and innovative technologies. As one of the largest Chinese multinational companies, Alibaba has played a transformative role in shaping the digital landscape globally.
Earlier Daryo reported that Russian e-commerce leader, Ozon, has commenced sales activities in Uzbekistan, marking its entry into one of Central Asia's major economies. The company has ambitious plans for the Uzbek market, intending to build a strong presence by developing logistics and introducing new services.
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