Agrobank joins the OZ PLANET digital financial platform
On 4 October 2024 Agrobank of the Republic of Uzbekistan joined the OZ PLANET digital financial platform. Platform users now have more financing options, and Agrobank clients can get factoring in a modern digital format.
To connect Agrobank, OZ PLANET held consultations at the bank explaining all types of factoring and deal stages, and trained bank staff to work on the platform. Agrobank's management noted that introducing a digital platform for factoring financing is fully in line with the bank's mission "to be a financial bridge between cities and districts". Thanks to secure electronic document exchange and fast deals on OZ PLANET, Agrobank will be able to finance more small and medium-sized businesses and thus contribute to regional development.
Alexander Bogdanov, director of OZ PLANET, comments: "Factoring is a financial tool proven by international experience that can stimulate the growth of small and medium-sized businesses. That is why the government of Uzbekistan has launched a whole program to promote factoring in the country. Moving factoring into a digital format makes contract financing even faster, because participants don't need to meet in person. Applications, agreement signing, all document flow and financial operations are carried out remotely on an online platform. OZ PLANET is built on advanced technology, including a secure electronic document exchange system. And the bank doesn't need to buy or install any software to connect."
Agrobank JSCB has a long history. It began in 1988 with the creation of the State Bank of the Uzbek SSR as a division of the USSR Agroprombank. In 1990 the bank became the independent joint-stock commercial bank Uzagroprombank and went through several transformations and name changes. Finally, in 2009 the open joint-stock commercial bank Agrobank was established on the basis of Pakhta Bank.
Today the bank has more than 170 branches across the country and serves more than 258,000 legal entities and more than 2.4 million individuals. Agrobank is authorized by the state to provide subsidized loans to the agricultural sector and small family businesses.
In 2022 the bank opened the University of Digital Economy and Agrotechnologies (UEDA), which trains specialists in banking, audit, insurance, leasing, accounting and financial technology.
