Altery, a UK-based payment service provider startup, is teaming up with a leading digital bank in Uzbekistan, Uzum Bank, to offer more cost-effective money transfer solutions tailored to the fast-growing market in the region.
Altery explained that it hopes to combine its global payment solutions with the established presence and expertise of Uzum Bank in Uzbekistan. Through the new partnership, the two entities will look to enable instant money transfers from the UK to popular payment systems in Uzbekistan, including UzCard and Humo card.
A new solution, born out of the partnership, hopes to offer a strong alternative to traditional payment options like SWIFT bank transfers, which usually take three to five working days to complete, enabling fast and easy funds transfer from customers to family, friends and remote employees in Uzbekistan.
“This collaboration underscores the growing importance of local payment methods and the need for innovative financial solutions that cater to specific market needs,” explained Bisi Giwa, managing director at Altery. “By promoting alternatives to traditional banking systems, Altery and Uzum Bank are driving the fintech industry forward, offering users more efficient and accessible financial services.”
Together, the firms will provide a cost-effective and reliable money transfer solution that benefits users in both regions. This partnership not only enhances the services offered by both companies but also sets a precedent for similar collaborations in other markets.
Bolstering a £100million market
The partnership signals Altery’s first expansion into Central Asia, where Uzbekistan’s quickly digitising market offers an increasingly attractive offer for fintech players.
“The Uzum ecosystem has been driving Uzbekistan’s digital revolution, with Uzum Bank playing a key role in helping to make online payments more accessible, popular and trusted in the country,” added Aleksandr Filippovich, chairman of Uzum Bank Board. “We are thrilled to partner with Altery on a solution that provides customers in both countries with a streamlined and efficient cross-border payment method that expands the boundaries of the possible in fintech.”
Uzbekistan is also a high-opportunity market for effective cross-border payment solutions, as remittances play a key role in the domestic economy. In fact, Uzbekistan received around £12.5billion in remittances in 2023, almost 18 per cent of its GDP, with the UK-to-Uzbekistan remittance corridor, estimated up to £100million that year.
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