TBC Bank launches in Uzbekistan with Capital Banking Solutions
Uzbekistan-based TBC Bank has gone live on Capital Banking Solutions’ CapitalBanker system as well as a suite of other services.
TBC Bank claims to be Uzbekistan’s first digital bank
TBC selected Capital Banking Solutions to improve services to its customers’ loans and deposits services.
According to the vendor, the bank wanted a partner capable of providing “an open platform”. TBC Uzbekistan is a subsidiary of TBC Bank in Georgia.
The parent bank announced its intentions to expand into Uzbekistan a few months ago.
It launched a pilot phase soon afterwards available to friends and family of employees.
It says that it had to meet “very short deadlines” to help TBC Bank launch in Uzbekistan. A full launch for Uzbekistan citizens is expected for August.
Market expansion
“The launch of banking operations in Uzbekistan is a very significant step in TBC’s international expansion and is an integral part of our digitally-led growth strategy,” CEO Vakhtang Butskhrikidze said in June.
TBC has other subsidiary operations in Israel and Azerbaijan. The bank competes against the older and more established Bank of Georgia in the Caucasus. According to KPMG the pair hold a duopoly which accounts for almost 85% of the market.
In 2018 TBC Georgia launched Space, a Mambu-powered retail banking services firm. Space has connected with Capital Banking Solutions to provide an integrated banking system in the back end.
“Uzbekistan is the first case of geographic expansion for Space team,” says Lasha Gurgenidze, Space general manager.
“Entering new markets is one of the key components in our strategic vision and we have several goals in this direction.”
Samer Hanna, CEO of Capital Banking Solutions, adds: “We are excited to support TBC Bank in achieving their goal to become the best provider of digital financial services in the region.”
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