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    Uzbekistan Economics Finance

    Uzbekistan's Humo to introduce seamless payments in Kyrgyzstan and Kazakhstan

    Uzbekistan's Humo to introduce seamless payments in Kyrgyzstan and Kazakhstan

    The national payment system Humo has announced plans to introduce seamless payments in Kyrgyzstan and Kazakhstan. Shukhratbek Kurbanov, General Director of the National Interbank Processing Center (HUMO), shared this information on June 12 during the Digital Uzbekistan PLUS Forum in Tashkent.

    Photo: Digital Uzbekistan PLUS Forum in Tashkent on June 12
    Source: Daryo
    "We have plans—first and foremost, to gain access to neighboring countries. We have already finalized the financial aspects of this endeavor. These projects involve Elkart in Kyrgyzstan and Halyk Bank in Kazakhstan. We want Humo cards to function in these countries. With Elkart, the cards will also be operational in Uzbekistan. We observe that there is a demand for this, and people do not always need a second card to travel to neighboring countries," Kurbanov explained.

    Negotiations between payment organizations from Kyrgyzstan and Uzbekistan have been ongoing since last summer, concentrating on establishing a mutual acquiring framework. Discussions held in Bishkek last year set the stage for cooperation in money transfers and internet payments. Shukhratbek Kurbanov, director of the Humo payment system, emphasized the collaborative efforts to combat fraudulent transactions and provide seamless payment experiences for citizens of both nations.

    Photo: Shukhratbek Kurbanov, General Director of the National Interbank Processing Center (HUMO)
    Source: PLUS-Forum

    A key result of this partnership is the potential for cardholders from Uzbekistan and Kyrgyzstan to conduct transactions in each other’s countries without incurring additional fees.

    Additionally, Humo is working on issuing Humo cards in processing banks. Kurbanov noted that while the process has started, it is progressing slower than the company had anticipated.

    In the medium term, Humo aims to expand its market reach to Azerbaijan and Turkey. The payment system has already initiated preliminary negotiations with interested partners in these countries.

    "We are moving forward, and we will expand. The most important goal is to create a unified payment space for regionally and culturally close countries," Kurbanov emphasized.

    Moreover, Humo has launched a seamless payments project with TBC Bank in Georgia, with plans to involve other local banks in the initiative.

    This expansion aligns with Humo's broader objective of fostering a more integrated payment system across the region, thereby enhancing the ease of transactions for travelers and residents alike. 

    In May Daryo reported that the Humo payment system is set to go public following its transformation into a joint-stock company. This shift marks a change from its previous status as a state-owned entity, as announced by Akmalkhon Ortikov, Director of the State Assets Management Agency (SAMA).

    The privatization journey began when the state's share in Humo, which was previously managed by the Central Bank's Central Information Center, was transferred to SAMA. Although the initial transition was not motivated by privatization, the recent development into a joint-stock company indicates a strategic change in direction.

    The progress of Humo's privatization is currently managed by SAMA. According to Dilshod Ikramov, Acting Deputy chairman of the board HUMO, the SAMA is now the sole founder responsible for overseeing the privatization process. 

    "This means that for now, the process is on standby, awaiting further developments, " Ikramov states. 

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

     

     

    12.06.2024, 19:08   Comments (0)   2029
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    Khadicha Abdurashidova

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