EIAS, Uzbekistan to create app to reduce cost of money transfer services
BAKU, Azerbaijan, Dec. 27
By Fakhri Vakilov-Trend:
Uzbekistan’s Minister of Innovation Development Ibrohim Abdurakhmonov received CEO of European Institute for Asian Studies (EIAS) Axel Goethals, Trend reports citing the press service of the ministry.
The parties discussed issues of improving the market for financial technologies and financial services. The role of innovation in the development of financial technologies was noted.
Goethals offered to jointly create a new application for citizens of Uzbekistan who live and work abroad. Currently, a 9-percent commission is charged for money transfers through such systems as Money Gram, Western Union and others. In his words, it is important to create a financial application that charges only 1 percent of the transfer commission for citizens of Uzbekistan living outside their country.
In Europe, about 1 percent is charged when transferring money from one state to another, while in the CIS countries, the service charge is 9 percent.
Abdurakhmonov expressed interest in the initiative and noted that the ministry is ready for further development of relations with the European Institute for Asian Studies.
The European Institute for Asian Studies was established in Brussels in 1989. The organization contributes to strengthening relations between the European Union and Asian countries by conducting nationwide research and the exchange of information between politicians, scientists, researchers and civil society.
Follow author on Twitter:@vakilovfaxri