Orient Finans Bank takes factoring to a new level by joining the OZ PLANET digital platform
We are pleased to announce that on 6 November 2024 Orient Finans Bank, one of the leading commercial banks in Uzbekistan, joined the OZ PLANET platform. As a result, the bank's clients and suppliers across the country now have access to an innovative version of factoring — digital factoring — from Orient Finans.
The bank's management explains the decision to introduce digital factoring as follows: on the one hand, the bank aims to provide convenient, technology-driven solutions to its clients; on the other, it supports the Central Bank of Uzbekistan's strategy of developing factoring to help small and medium-sized businesses thrive.
Orient Finans offers suppliers factoring financing for up to 90 days, with a factoring discount starting from 2.5%.
Natalia Rodionova, Director of Business Development at OZ PLANET, comments: "Demand for factoring in Uzbekistan is only beginning to take shape, but interest in this type of financing is growing noticeably and is supported by the government. At the same time, companies of all sizes and industries want to use technology to stay competitive. With this in mind, we offer an up-to-date digital factoring solution. The factoring process on OZ PLANET involves contactless interaction between deal participants and a fully electronic exchange of documents, including electronic signatures. This gives the process speed and security. For banks (factors), switching to digital factoring increases turnover and the number of clients. For suppliers and their debtors (buyers), digitalization makes factoring cheaper by reducing travel costs and staff time. It is also important that the digital platform not only automates factoring processes but also helps build trust between market players, especially with small and young companies."
Orient Finans private joint-stock commercial bank has operated in Uzbekistan since 2010 and is among the top three commercial banks in the country. It has more than 600,000 private and more than 20,000 corporate clients. The bank combines corporate and retail business, offering a wide range of banking services to organizations and individuals.
The bank's assets and financial performance show steady growth, as confirmed by rating agencies such as S&P Global and Deloitte & Touche.
Orient Finans seeks to develop remote sales channels and digital banking to strengthen its market position; it actively participates in projects contributing to the social development of Uzbekistan, supports family values, strengthens its corporate culture and does everything possible to improve service quality.
