This collaboration brings together Altery’s global payment technology with Uzum Bank’s deep local knowledge and established network, facilitating instant transfers from the UK to popular payment platforms in Uzbekistan, such as UzCard and Humo card.

This service offers a quick and affordable alternative to traditional methods like SWIFT transfers, which typically take three to five working days, making it easier for customers to send funds to family, friends, and remote workers in Uzbekistan. Looking ahead, the partnership plans to roll out a range of additional features to enhance the user experience further.

“This collaboration underscores the growing importance of local payment methods and the need for innovative financial solutions that cater to specific market needs,” said Bisi Giwa, Managing Director at Altery. “By promoting alternatives to traditional banking systems, Altery and Uzum Bank are driving the fintech industry forward, offering users more efficient and accessible financial services.”

“The Uzum ecosystem has been driving Uzbekistan’s digital revolution, with Uzum Bank playing a key role in helping to make online payments more accessible, popular and trusted in the country,” said Aleksandr Filippovich, Chairman of Uzum Bank Board. “We are thrilled to partner with Altery on a solution that provides customers in both countries with a streamlined and the partnership between Altery and Uzum Bank represents a pivotal moment in the realm of international money transfers, introducing an efficient cross-border payment method that redefines what’s possible in fintech.”

This collaboration marks Altery’s debut in Central Asia, tapping into Uzbekistan’s rapidly evolving digital market, which presents significant opportunities for fintech innovation.

Uzbekistan is an especially promising market for cross-border payment solutions, given the critical role remittances play in its economy. In 2023, the country received approximately £12.5 billion in remittances, accounting for nearly 18% of its GDP, with the UK-to-Uzbekistan remittance corridor alone contributing up to £100 million.

Altery brings its strong reputation as a reliable UK financial institution to the partnership, while Uzum Bank contributes its innovative, locally adapted solutions and established foothold in the Uzbek financial sector. Together, they offer a cost-effective, fast, and dependable money transfer service that serves users in both regions. This collaboration not only elevates the offerings of both companies but also sets a benchmark for similar partnerships in other emerging markets.