Georgian Gift Card Platform wowchy Expands into Uzbekistan's Tech Park

Georgian online gift card platform, wowchy, has secured residency at Uzbekistan's Tech Park, a move that allows the company to expand its services into the Uzbek market. The residency grants wowchy various benefits, including a reduced income tax rate of 7.5% and a zero percent corporate tax, exclusive advantages offered to tech park residents.

wowchy was one of the eleven entities part of a collaborative initiative by the Bank of Georgia and USAID Economic Security Program. The initiative aimed to foster export of tech services to Central Asia, and it arranged B2B meetings between Georgian ICT companies and international organizations. The intent was to establish new business partnerships and to aid the companies in expanding their reach into the global market. As part of the initiative, representatives of Georgian small and medium enterprises also interacted with representatives from the American Chamber of Commerce in Uzbekistan.

Co-founder of wowchy, Tatia Khaindrava, stated, "The initiative provided us with opportunities to connect with potential partners, investors, and most importantly, representatives from the IT Park. Learning about the benefits that come with park residency significantly influenced our decision to open a representative office in Uzbekistan."

The Bank of Georgia's Olgha Nakashidze, manager of value-added services development projects, commented on wowchy's achievement. "The Bank of Georgia continues to actively support the expansion of small and medium enterprises into new markets. Our various initiatives have opened up development opportunities for over 2,000 businesses. Seeing the success of companies like wowchy, both locally and internationally, brings us great joy. Securing park resident status in Uzbekistan is a significant milestone, and we wish wowchy success as they continue to tap into new markets."

wowchy is renowned as the first online store to provide digital gift cards from popular brands. Customers can conveniently select, pay, and send gift cards digitally via text or email in a matter of minutes. The platform boasts 300 partners and has witnessed a staggering 400% increase in revenue.