UPT, the leading money transfer company in Turkey, expands in Uzbekistan thanks to the gigantic cooperation!
Providing service at 400 thousand service points in approximately 200 countries worldwide and being a subsidiary of Aktif Bank and the leading money transfer company in Turkey, UPT continues to expand with its more than 120 partners all over the world. Continuing to provide its customers with innovative products by expanding as based on the recent cooperations with each passing day, UPT now executed a cooperation agreement with Uzcard following the 4 banks with which money transfer is being performed by means of the UPT system in Uzbekistan.
Having taken remarkable steps in the field of digitalization by means of its 400 thousand service points worldwide and the money transfer service, it offers in 176 countries, UPT continues to expand steadily as based on the international cooperations it has accomplished. Having recently entered into an agreement with Uzcard, the leading brand with a market share of 80 percent in Uzbekistan, UPT will provide its customers with the opportunity to perform money transfer instantaneously on 7/24 basis through the Universal Bank and Uzcard.
Aysegul Adaca, the CEO of Aktif Bank, says;"Our target is to become the leader in the region in a short span of time thanks to UPT".
Having delivered a speech at the meeting, Aysegul Adaca, the CEO of Aktif Bank, remarked; "By means of our UPT brand, we are the largest domestic money transfer company in Turkey. Our target is to become the leader in the region in a short span of time. From this viewpoint, we are aimed at expanding with remarkable collaborations. This agreement will also form a basis for the new projects on the side of Aktif Bank. This will be exciting for us.
We are eager and ready to develop joint projects in respect of technology aimed at the Uzbekistan market. We are observing the economy and the financial development of Uzbekistan, the brother country, contentedly. Investors are showing a great interest. We are one of the leading companies in Turkey in the field of payment systems and financial technologies, namely fintech. Money transfer accounts for 700 billion dollars in the world. The half of such market is dealt in an unconventional manner. In other words, people take it with them. One third of such market is dealt through the money transfer operators. By its position, UPT, one of our subsidiaries, acts both on the fintech side and as a physical money transfer operator. Actually, we can say that this is the sole example particularly among the companies we observe at this entire region. We not only have a physical network but also offer a digital solution.
We are also happy since we will provide contribution also for the increasing economic cooperation between Turkey and Uzbekistan, the two friendly nations, by means of such product that will be offered for the first time."
Turkey is the 3rd country performing the most of the money transfers to Uzbekistan
Having delivered a speech at the publicity meeting, held for the application that will provide great convenience for the intensive money transfers performed by and between Turkey and Uzbekistan as well as the commercial payments, Hakan Ozat, the CEO of UPT, said; "At the present, four banks in Uzbekistan perform money transfer both to Turkey and worldwide by making use of the UPT system. The agreement, we executed with Uzcard and Universal Bank, enables us to take that one step further. With its market share of 80 percent, Uzcard is way ahead the leader in Uzbekistan. Thanks to such innovative agreement, our partners worldwide will be able to readily perform the transfers to Uzbekistan instantaneously on 7/24 basis through the agency of us. We are also happy for having provided a contribution for the economic and cultural relations, which have been developing for years, between Uzbekistan and Turkey, the two friendly nations. From the viewpoint of Turkey, Uzbekistan is both a sender and a recipient country. There are many Uzbek citizens working in our country. There is an intensive money transfer between both countries. Previously, the transfers were being performed physically through the agency of the branches. But now, it will be possible to make the transfers through digital channels. Such fact will be reflected to our customers both as a cost advantage and also as a convenience. This is an application made for the first time in Turkey. Besides, it will be possible to make a transfer not only in cash but also by making use of the cards. You will be able to load the amount, you wish to transfer, directly on the card of the receiving party. The money transfer between Uzbekistan and Turkey has a share of 30 percent. We consider this synergy, we have established with Uzcard and Universal Bank, as a move that would further increase the market share higher. We must specifically highlight that this application is not only the Turkish corridor and it will be able to be used also for the transfers that would be made to Uzbekistan by all countries with which we are partners.
Our target is to increase the money volume of 5 million dollars to 100 millions within 1 year
The ceremony for the cooperation agreement was attended by Emil Yakushev, the Head of the International Projects and Money Transfers business unit at Plum Technologies, and Khidoyatov Erkin, an Executive at Uzcard, and Sattarov Aziz Takhirjanovich, a Member of the Board of Directors of Universal Bank, and Sarmanov Rustam Islamjanovich, an Executive of the Universal Bank.
Having commented on the topic, Sattarov Aziz Takhirjanovic, a Member of the Board of Directors of Universal Bank, said; "By means of the cooperation agreement we have executed, UPT will be able to reach a broader user base thanks to Uzcard that have 20 million active users in Uzbekistan and offers service with 5 million ATMs.
In Uzbekistan, the volume of the total registered money transfer, performed in cash and by cards, amounts to 5 billion dollars. We can say that 60 percent of such transfers originate from Russia. Because a major portion of our population serves at various jobs in Russia. South Korea ranks the second. Turkey ranks the third. In fact, 80 percent of such transactions are performed in cash. 20 percent of such transactions are performed by cards. We, as Universal Bank, are aimed at reducing the physical channels and direct our customers to the digital side. Approximately 95 percent of the digital payments are performed through us.
There are 300 thousand Uzbek citizens residing in Turkey. More than 1 million tourists from each countries visit the other during the tourism season. At the first stage, that is to say in a period of 3 months, we intend to increase the transaction volume to 10 million dollars and to 100 million dollars within a period of one year."
Ozat says; "UPT will continue to expand in the Turkic Republics, Middle East and Africa"
UPT, which comes to the forefront in terms of the global competition thanks to its infrastructure capable of providing service millions of individuals living in various geographies, maintains its rapid growth. Having entered into cooperation agreements with many entities, either domestic or international, the Company has reached to more than 400 thousand service points in 200 countries.
Highlighting that they have reported 1.9 million transactions and a transaction volume of 6.8 billion TRY for 2020, Hakan Ozat said; "We are offering service with the UPT brand in the countries such as Uzbekistan, Kazakhstan, Turkmenistan, Kyrgyzstan, Azerbaijan and Jordan. We will continue to expand particularly in the Middle East and Africa. In Jordan, UPT is a well-known brand not only in terms of the transfers made to Turkey but also worldwide. Recently, we have started our operations in Qatar. In the upcoming period, we will get into the markets that are robust and can be supervised by us. We will have an important position not only as being the Turkish corridor but also at the money traffic worldwide.
"We brought the transfer costs well below"
Expressing that they have brought the costs of the money transfers considerably lower for the customers, Mr. Ozat said;
"Thanks to UPT, namely Uncostly Money Transfer, we have materialized under the roof of Aktif Bank and which have become rapidly popular, we brough the costs well below. For instance, by means of the Uption application, you can make a money transfer of 200 dollars to Uzbekistan by paying a transaction fee of only 1 dollar, and such money transfer will be executed instantaneously. If you wish to make such transfer in any other manner, then you will come across with the costs starting from 25 dollars. We have no competitors or alternatives in this respect."