Central Bank of Uzbekistan has taken decisive action by revoking the licenses of two financial companies based on recent developments and statements from their operators, as it was reported by the regulator’s press service.
One of the affected entities is the operator of the private payment system Qulay Pul, which operated under the United Fintech brand. Initially licensed on November 27, 2021, Qulay Pul became the third payment system operator in Uzbekistan, following Humo and Uzcard. However, delays in launching the system were noted, and in April, the Central Bank imposed limitations on its operations for a period of six months.
In December of the same year, the founders of United Fintech indicated to Spot that they did not intend to issue cards but aimed to introduce notable changes to the fintech market. Despite initial plans, the launch of the system faced multiple delays, prompting regulatory scrutiny and ultimately leading to the revocation of its license.
The second company affected by the Central Bank’s decision is Milliy Pochta To’lovlar, which lost its license to operate as a payment organization. Established in May 2020 with UzPost (Uzbekistan Post) as its founder, the company had planned to launch its Avval payment system. However, recent developments led to the termination of its license, highlighting the regulatory environment’s vigilance in monitoring financial activities.
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