New Korean bank to provide digital services in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- A meeting was held at the Central Bank of Uzbekistan with a delegation of BNK Kyongnam Bank JSC headed by Chairman of the Board Choi Hong Yong (Republic of Korea).
During the meeting, the regulator’s management briefed the guests on the current state of the country’s banking system. It was noted that with the active participation of international financial institutions, the process of transformation and privatization of state-owned banks is underway in accordance with the "Strategy for Reforming the Banking System of Uzbekistan for 2020-2025".
The management of Kyongnam Bank noted positive changes in the country’s economy as a result of ongoing reforms. Also, the guests shared their plans to expand the bank’s presence in the financial market of Uzbekistan by opening a subsidiary bank specializing in digital banking services.
In turn, representatives of the Central Bank gave clarifications on the procedure for opening a bank in accordance with the current legislation of the Republic of Uzbekistan.
JSC BNK Kyongnam Bank, founded in 1970, is part of the financial group "BNK Financial Group Inc." and is one of the largest banks in the Republic of Korea. On 11 March 2021, BNK Kyongnam Bank opened a Representative Office in Uzbekistan in accordance with the accreditation of the Central Bank of the Republic of Uzbekistan.