BAKU, Azerbaijan, April 18. Uzbekistan represents an unusually interesting market with promising opportunities for the development of payment technologies, Senior Director and Head of Visa Direct in Ukraine, Georgia, CIS, and South-Eastern Europe, Sanjar Suleymanov told Trend.
"Uzbekistan has highly developed domestic payment systems, yet the nation has long allowed foreign payment systems to operate there. We have a lot of opportunities and services to provide there because of this," he said.
According to Sanjar Suleymanov, the younger generation in Uzbekistan is the driving force behind innovation and the creation of new technologies, which is why Visa provides a variety of services tailored to meet the demands of this demographic.
"Recently, many digital banks have opened in Uzbekistan, thanks to which the current financial system has diversified in terms of innovation," he added.
Senior Director and Head of Visa Direct noted that the Uzbek market is distinct from other markets where obstacles to innovation may exist. On the other hand, innovations are equally adopted in Uzbekistan, which fosters the growth of financial technologies.
Sanjar Suleymanov also emphasized the importance of cooperation between large and small banks, as well as the support of the state, fintech, and venture investments, so that the country's financial sector continues to develop.
Meanwhile, Visa is the global leader in the digital payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Visa's mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumers' well-being and the prosperity of businesses and economies.