Tashkent, Uzbekistan (UzDaily.com) —  TBC Bank Uzbekistan has launched its debut bond issuance in the national currency, totaling 40 billion soums for a one-year term.

This is the first digital bank in Uzbekistan to issue bonds in Uzbek soums. The bonds offer an interest rate of 24%, and the raised funds will be used to expand the bank’s business in Uzbekistan, the largest market in Central Asia by population. Since 2020, TBC has been actively developing digital banking services in Uzbekistan, strengthening its market position.

Uzbekistan’s financial market has been dynamically developing since 2019, when the country successfully issued its first sovereign eurobonds. This step opened the door for large-scale bond issuances by other sovereign and corporate issuers, both in foreign and national currencies. As a result, the market is attracting increasing attention from international investors, and the recent bond issuance by TBC Bank Uzbekistan represents an important milestone in its history.

The bank is part of a large financial group that includes Payme and Payme Nasiya, with a total audience of 17 million unique users. The bond issuance demonstrates TBC Bank Uzbekistan’s commitment to diversifying its funding sources and attracting investors to the Uzbek capital market.

TBC Uzbekistan CEO Nika Kuridiani highlighted the significance of this transaction, emphasizing that it was carried out with the support of TBC Capital, and Tat Reestr acted as the local market broker. According to Kuridiani, the bond placement symbolizes the bank’s commitment to the economic development of Uzbekistan and creating new opportunities for investors interested in Central Asia.

TBC Uzbekistan is actively implementing cutting-edge technologies, transforming the banking sector in the region. The bank operates exclusively through digital channels, offering services based on its own technological platform. Its structure includes three rapidly growing fintech divisions: TBC Bank Uzbekistan, Payme, and Payme Nasiya.

The bond placement is part of a series of successful financial transactions by TBC Uzbekistan, which confirm its sustainable growth. Since the beginning of the year, the bank has raised funding totaling US$105 million. These transactions include a US$40 million loan from FMO (Dutch development bank), US$20 million in credit lines from Swiss investor responsAbility Investments AG, US$25 million in debt financing from BlueOrchard, and US$10 million loans from EBRD and the Global Gender-Smart Fund via TripleJump.