Tuesday, 16 July 2024
UnaFinancial partners with JSCB Microcreditbank for lending services in Uzbekistan
UnaFinancial, a Singapore-based fintech group of companies, has signed a partnership agreement with JSCB Microcreditbank (MKBANK), a commercial bank in Uzbekistan to establish a microfinance organisation in the country.
The joint company will provide installment loans to micro-entrepreneurs with repayment terms of three, six and nine months. UnaFinancial will hold a controlling interest with 60%.
The partnership will combine UnaFinancial’s expertise in developing fintech solutions and Microcreditbank’s track record and strong position in the local market.
Headquartered in Singapore, UnaFinancial has been offering digital financial services across Asia and Europe since 2015. The group has already deployed similar solutions in other markets of its presence.
Almaz Torutayev, regional director for Central Asia at UnaFinancial, said: “Step by step, we are fulfilling our expansion strategy in promising markets of Central Asia. We started our path in the region in 2015 with the launch of a lending service in Kazakhstan. Now, we are excited to enter Uzbekistan through our partnership with Microcreditbank. We are honoured to take this opportunity and become a part of this collaboration.”
“Today, the microfinance sector in Uzbekistan is experiencing strong growth. Since 2018, the size of loan portfolios has nearly doubled from 104 to 210. We hope that our new product will make its contribution to the development of the local market. We aim to make it convenient and accessible in all regions of the country, helping more customers to get financing to develop their businesses,” he added.
Akmal Khamidov, first deputy chairman of the management board at MKBANK, said: “We are confident that by combining UnaFinancial's proven track record with MKBANK's local market knowledge, we can establish a formidable force in the microfinance landscape. We will provide comprehensive support to the new microfinance organisation (MFO), offering local expertise, branch infrastructure, and resources to ensure high-quality financial services for our clients.”
Re-disseminated by The Asian Banker
