OZ PLANET — the digital driver of factoring in Uzbekistan
In August 2024 the President of Uzbekistan signed the decree "On measures for the accelerated development of the factoring services market". That same year the volume of factoring services reached UZS 1.9 trillion, and the factoring portfolio is forecast to grow to UZS 10 trillion in 2025. This rapid development is largely thanks to the ability to obtain this financial product remotely via a digital platform (digital factoring).
Digital factoring is financing for a supplier company under a deferred-payment contract, carried out electronically on a digital platform.
OZ PLANET: the pioneer of digital factoring in Uzbekistan
The pioneer in this area was OZ PLANET, a software developer with twenty years of experience building digital platforms for the banking sector. The company's founders entered the Uzbek market in 2022 with an ambitious goal: to introduce an innovative financial product in a country that had no full legal framework for factoring and where most entrepreneurs had never heard of this type of financing.
OZ PLANET became a resident of Uzbekistan's IT Park and developed the innovative OZ PLANET digital platform, which fully automates the factoring process. The platform brings online management of every stage together — from the financing application to financing and repayment of receivables. Built-in electronic document exchange with e-signatures ensures fast interaction between all participants.
The parallel development of traditional and digital factoring in the country increased business interest in this financial tool. Despite its obvious benefits for companies working with deferred payments, obtaining factoring financing is a laborious and costly process, as it involves three parties (supplier, buyer and factor). OZ PLANET optimized this process, making factoring financing more accessible and cost-effective.
A historic moment
February 2024 was a historic moment: the country's first-ever digital factoring deal was completed on the OZ PLANET platform. This event symbolized the successful introduction of a new financial tool into the national economy. For Uzbekistan, where businesses relied on traditional forms of lending, the arrival of such a product was a real breakthrough.
An educational mission
Introducing a new financial tool required extensive awareness-raising. Together with the Central Bank of Uzbekistan, OZ PLANET organized a series of regional conferences to inform entrepreneurs and financial institutions about the benefits of factoring and explain how it works.
Special attention was paid to training bank staff. OZ PLANET developed a comprehensive factoring training program including in-person and remote seminars. OZ PLANET specialists trained partner bank employees to work on the platform, understand the specifics of the product and present it effectively to clients. Notably, demand for training continues even once banks are fully up and running with factoring.
An innovative approach to business financing
Digital factoring has opened up new opportunities for Uzbek businesses, especially small and medium-sized ones, which traditionally find it hard to obtain bank loans. Digital factoring solves the main problem of SMEs — a lack of working capital — without requiring collateral or a perfect credit history. Financing is available to suppliers of any size on the day of delivery, and the funds can be used for any business purpose. In addition, factoring is not a loan and does not weigh on the company's balance sheet.
The OZ PLANET platform has become a true marketplace of factoring services, bringing together half of the country's banking sector. Suppliers can send an application to all of the platform's partner banks in one click and choose the best financing terms.
Transparent operations, data security and automated counterparty checks make the process convenient and reliable for all factoring participants: suppliers, buyers and banks.
It is no surprise that once companies try digital factoring, they keep using it regularly to manage cash flows and grow their business.
Uzbek businesses choose digital factoring
The factoring market in Uzbekistan is showing impressive growth, confirming the effectiveness of this tool for local business. Accessibility, speed and process transparency make digital factoring especially attractive to companies of all sizes. The OZ PLANET digital platform has become a key driver of the industry, significantly accelerating the adoption of factoring solutions.
The platform's practical success is reflected in the volume of factoring financing provided. Over the past six months, entrepreneurs received UZS 1 trillion through the platform. This shows that OZ PLANET is effectively addressing SME financing needs. The growing number of transactions comes with positive user feedback. Participating banks report streamlined workflows and a more efficient factoring business.
Uzbekistan's economic potential will gain new momentum as the OZ PLANET platform expands its functionality. As part of its strategic development, OZ PLANET is introducing new financial products, including factoring solutions for exporters and importers.
This will give foreign trade participants convenient access to financing, improve cash flow management and help reduce currency risks.
The launch of international digital factoring will create new opportunities for Uzbek exporters and attract investment, stimulating key sectors of the economy from industry to logistics.
The future of factoring is here:
OZ PLANET turns the laborious factoring process into a simple digital solution.
