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Title BC Card's 'Financial Silk Road' becomes visible as it enters Uzbekistan Date 2023.07.18

 


[Photo explanation] BC Card signed a business agreement with NIPC, a state-run payment relay network operator in Uzbekistan. At the Central Bank of Uzbekistan (d in Tashkent), on the morning of the 18th, the ceremony was held to build a payment infrastructure for financial advancement in Uzbekistan. Shortly after the signing ceremony, BC Card CEO Choi Won-seok (right)NIPC CEO Shukratbek Kurbanov (left) are taking photos.

BC Card's 'Financial Silk Road' connection becomes visible as it enters Uzbekistan

 

- On the 18th, it signed an MOU with Uzbekistan's state-run payment network operator 'NIPC' to establish payment infrastructure between countries

Based on the performance of entering Kyrgyzstan...BC payment network penetrates more than 50% of Central Asian regions such as Mongolia

In collaboration with NIPC, Uzbekistan's payment system will be upgradedcontactless payment technologies such as QR payment will be implanted

Financial authorities expressed the excellence of fintech technology by domestic financial companiestheir willingness to support overseas expansion...the result of public-private partnership

 

Release Date | July 18, 2023 (Tue)

 

BC Card (CEOPresident Choi Won-seok) has entered the Central Asian country of 'Uzbekistan.' In the Central Asian region, BC payment network will penetrate more than 50% of the total area of Central Asia with the third advancement after Mongolia in JanuaryKyrgyzstan in May this year.

 

The entry into Uzbekistan was d on Kyrgyzstan's achievements. At that time, BC Card was the first to enter the Central Asian 'Stan' country,Uzbekistan is also known to have trusted the excellencestability of the K-financial system. It was also effective that the field of business cooperation was in line with the Uzbekistan government's digital policy.

 

BC Card announced on the morning of the 18th that it signed a business agreement with the National Interbank Processing Center (hereinafter referred to as NIPC) at the Central Bank of Uzbekistan (d on Tashkent) on 'establishment of payment infrastructure for financial advancement in Uzbekistan.' NIPC is an institution under the Central Bank of Uzbekistan established in 2018is a national payment network operator that relays internalexternal payment information.

 

Officials both sides attended the signing ceremony, including Choi Won-seok, CEO of BC Card,Shukratbek Kurbanov, CEO of NIPC. As the main content, ▲ establishment of a payment network between countries ▲ overseas remittance service using a payment network ▲ It was decided to cooperate with each other to develop an ECO payment system.

 

After President Shavkat Mirziyoyev was elected in 2017, Uzbekistan has eased various regulations with the development of the financial system as a priority in accordance with the '2030 Digital Uzbekistan' strategy. As a result, the area that has shown the most rapid growth is the 'fintech' field.

 

According to a recent Uzbekistan central bank release, the number of digital paymentmobile banking users totaled 35.6 million as of the end of May 2023, up 62% 22 million a year earlier. The number of creditcheck cards issued by about 30 Uzbek commercial banks also increased 29% 28.3 million in 2022 to 36.5 million in 2023.

 

However, the spread of 'payment infrastructure' was slow compared to the increase in card use. In 2022, the number of Uzbekistan payment terminals (including ATMkiosks) totaled 450,000 units, up only 1.8% 2021.

 

Uzbekistan has great growth potential if it expands its payment infrastructure. It has the highest growth rate among Central Asian Stan countries, recording a stable economic growth rate of 5% every year. The average age of the total population is 29,it is a young country with a high understanding of digital finance. In order to further maximize these advantages, BC Card will tly upgrade the Uzbekistan payment system with NIPCimplant local customized non-contact payment technologies such as QR code payment.

 

The public-private partnership effect continued in Uzbekistan. It was also very helpful that Kim So-young, vice chairman of the Financial Services Commission in Republic of Korea, expressed his willingness to support financial authorities on the excellence of fintech technology by domestic financial companiesefforts to expand overseas during his business trip to Uzbekistan in May.

 

Choi Won-seok, CEO of BC Card, said, 'Uzbekistan is a country with a high growth rate of 26% in the entire financial industry, including mobile payments, electronic money,virtual assets, even during the COVID-19 period.' 'The end'