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TBC Enters Uzbekistan Market

TBC Bank is getting ready to launch operation on the Uzbekistani market and introduce its digital neobank – Space, Giorgi Shagidze, TBC Bank financial director told Euromoney.

Georgia’s first 100% digital bank was introduced in May 2018, including a remote opening of a bank account, option for attaching all bank cards to the application, transfers to any bank 24/7, sending money via various messengers or email.

The Space enables to pay for public utilities, replenish the balance for cellular services, take online loans in 2 minutes. The Space updated the application in December 2018.

TBC Bank will make focus on retail sector and stay away from complicated corporate sector of Uzbekistan.

The bank will also make emphasis on micro and small business sectors, Shagidze noted. 

It is difficult to attract Uzbek clients, but we believe the digital bank will grow rapidly, Shagidze said. 

“There were times, when Georgians did not entrust their money to commercial banks, but a lot of things have changed. Based on our experience and mindset of the domestic population, we will gain strong positions in Uzbekistan”, Giorgi Shagidze pointed out.