The FINANCIAL — TBC is entering Uzbekistan by purchasing the leading payment platform “Payme”. With this transaction, TBC is increasing its number of customers by 50% and will serve more than 3.5 million people.
The transaction is in line with TBC Bank’s international strategy that aims to expand regional operations, and marks an important step made by Uzbekistan by entering a market with a great perspective. Uzbekistan is a very attractive market with a population of 32 million, that increases by approximately 2.0% annually. By the end of 2018 its retail lending ratio was 7.2% of the GDP.
The Bank’s strategy is to develop new bank ecosystems for retail and business services in Uzbekistan. At present, TBC is developing the main banking system in Uzbekistan based on the total digital bank “Space”.
Payme is a leading provider of payments in Uzbekistan, which supplies a high quality payment system to 1.3 million customers. The system provides utility payments, P2P transfers, loan repayments, mPOS remote payments, and e-commerce procurement services based on a QR system.
Payme is also a market platform for some of the Uzbek banks’ loans. Payme has been active in recent years; by 2018 the number of system users had increased by about 70%.
Vakhtang Butskhrikidze, General Director of TBC Bank:
“The purchase of Payme is another important step taken in Uzbekistan’s planned expansion. Thus, the number of our customers has increased to 3.5 million. This will enable us to get direct access to a large number of consumers and by using our digital power make some innovations in the Uzbek market.
With Payme, we plan to expand the payment business and use Payme as a platform for developing a new ecosystem of the country. I’m glad to be collaborating with the successful team of Payme and look forward to starting working together with our partners, in developing and implementing the strategy of the Bank in Uzbekistan.”
Rozmatov Sarvar Nazrulaievich, Founder of Payme:
“We are pleased to partner with the leading bank in the region, which has developed digital capabilities and interest in Uzbekistan. We are confident that together with our company we will move to the next stage and in the short term we will offer our customers new, modern solutions and services.”
During this transaction, TBC Bank’s Exclusive Financial Advisor was Grant Thornton; the International Legal Adviser – Baker & McKenzie LLP; and the local juridical counsellor was at Centil Law.