TBC Bank Uzbekistan (TBC UZ), the country’s largest mobile-only bank, has signed a long-term strategic partnership with Mastercard, as the digital bank continues to build out its infrastructure for global payments and money transfers.
The partnership will lay the foundations for TBC Bank Uzbekistan to introduce Mastercard cards and additional payment solutions, broadening the payment options available to TBC’s customers and further improving their online shopping, international purchases and money transfer capabilities. TBC UZ’s plans to launch Mastercard cards that will enable users to seamlessly use global marketplaces such as Amazon and offer the convenience of having a single bank card for domestic and international use. As part of the partnership, the companies plan to give customers access to a suite of loyalty scheme rewards, such as cashback bonuses and other perks.
With this partnership, TBC Uzbekistan continues to expand the product offering available as part of its digital banking ecosystem, which, in addition to TBC Bank Uzbekistan, also includes Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), an instalment credit business. All Mastercard products will be wholly integrated into the wider product offering within the TBC Uzbekistan ecosystem.
Nika Kurdiani, CEO of TBC Uzbekistan, commented:
“We are thrilled to partner with Mastercard, as we continue to expand our product offering to provide our customers with access to a wide range of user-friendly digital financial services. This partnership marks another significant step in our mission of making people’s lives easier, as we continue building a world-class digital banking ecosystem in Uzbekistan.”
Denis Filippov, General Director of Mastercard in Uzbekistan, commented:
“We are delighted to collaborate with TBC Uzbekistan as they continue to lead the digital transformation in the country’s banking sector. Uzbekistan is an exciting market with immense growth potential, and through this partnership, we are committed to empowering millions of customers with access to secure modern payment solutions. By integrating Mastercard's global payment infrastructure, we aim to support TBC in delivering enhanced financial access and inclusion in Uzbekistan.”
About TBC Uzbekistan
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia and part of London-listed TBC Bank Group.
TBC Uzbekistan’s success is driven by its purpose-built tech stack, experienced international team and a consumer lending-led product strategy, supported by its first-mover advantage in Central Asia’s largest nation by population. The company continues to expand its innovative, best-in-class product mix, leveraging low retail banking penetration and a rising appetite for modern financial services among the country’s young, growing, and digitally savvy population.
TBC Uzbekistan comprises three high-growth fintech businesses operating in Uzbekistan: TBC UZ, a mobile-only bank; Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), a fast-growing instalment credit business.
TBC Uzbekistan reached profitability 2 years after launch - a record time-to-profit among global digital banks and has since scaled its user base to 16 million unique registered users. In 1H24, the company recorded a net profit of USD 16 million, with its loan and deposit books up 113% and 58% YoY respectively. TBC Bank Uzbekistan is rated ‘BB-’ by Fitch Ratings (equal to Uzbekistan’s country rating) with a Stable Outlook.
About Mastercard (NYSE: MA)
Mastercard is a global technological company in the field of payments. The company's mission is to shape and strengthen an inclusive digital economy that benefits everyone and everywhere by making transactions secure, simple, smart and accessible. Using secure data and networks, partnerships and enthusiasm, our innovations and solutions help individuals, financial institutions, government agencies and businesses realize their potential. www.mastercard.com
