TASHKENT, Uzbekistan, January 15. Uzbekistan’s national payment system HUMO and payment organization MULTICARD have signed a memorandum of strategic partnership aimed at jointly developing innovative digital solutions in Uzbekistan’s financial market, Trend reports, via HUMO.
The memorandum was signed by Maksadjon Mukhitdinov, First Deputy Chairman of HUMO’s Management Board, and Avaz Mutalov, Chief Executive Officer of Multicard.
As part of the strategic cooperation, the parties plan to implement a range of initiatives, including the development and deployment of joint fintech projects, digital transformation through the enhancement of business processes, data analytics, and IT infrastructure, as well as the launch of integrated marketing and information campaigns.
The collaboration also includes full integration of MULTICARD’s Rahmat payment ecosystem into HUMO’s product portfolio. This includes the rollout of a unified Rahmat QR code for accepting payments in both online and offline environments, as well as the introduction of Rahmat POS solutions for retail and service enterprises of various sizes.
HUMO is Uzbekistan’s national payment system, providing card-based and digital payment services across the country.
Rahmat is a multiservice payment platform developed by Multicard, offering integrated business solutions under a single brand.
The transition to digital finance in Uzbekistan commenced gradually, gaining traction from 2016 to 2018, and accelerated with the initiation of the "Digital Uzbekistan-2030" Strategy in October 2020.
Significant milestones encompass pre-2016 dependence on cash and state-owned banks; the 2016 inception of Humo to foster competition; the 2018 legalization of cryptocurrency trading and digital economy initiatives; the entry of foreign fintech in 2019, exemplified by TBC Bank's investment in Payme; an increase in remote banking attributed to the COVID-19 pandemic in 2020; the 2023 establishment of a National Payment System and a growth in mobile banking users; and proposed cashless mandates for high-value transactions by 2026, alongside innovative payment solutions such as MyID Palm in Tashkent.
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