Oliver Hughes, the former head of Tinkoff who now leads international business at TBC Bank Group, has outlined his vision for the development of fintech in Uzbekistan. In a recent LinkedIn post on February 22, Hughes emphasized the burgeoning opportunities within Uzbekistan's financial technology sector and highlighted the successes of TBC Group Uzbekistan.
Uzbekistan, with a population of 36 mn, has been experiencing demographic and economic growth. Hughes pointed out that the country's youthful demographic, with around 60% of the population under 30 years old, coupled with high smartphone penetration and widespread use of the messaging app Telegram, sets a fertile ground for fintech innovation. Additionally, Uzbekistan's economy has tripled since 2017, with a 6% GDP increase recorded in 2023, reflecting a conducive environment for business and investment.
Hughes underscored the active development of local payment systems like Uzcard and Humo, which offer open banking services through APIs, as well as the emergence of new companies in e-commerce, payments, lending, and other sectors. Foreign players, including TBC, Halyk Bank, OTP, and Santander, have also been invited to participate in Uzbekistan's growing fintech landscape.
Specifically, Hughes highlighted the strides made by TBC Bank in Uzbekistan, which operates in two key areas: the digital bank TBC Bank Uzbekistan and the Payme P2P transfer and payment system. With a diverse team representing 17 nationalities, TBC Uzbekistan is focused on developing innovative financial products with unique user interfaces. Hughes mentioned plans to launch a next-generation AI-powered bank in the near future.
TBC Uzbekistan boasts over 3.6 mn monthly active users and has demonstrated profitability in its operations. Hughes expressed the bank's commitment to further expansion and the introduction of innovative solutions that will not only transform Uzbekistan's financial landscape but also impact the wider region.
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