SG fintech UnaFinancial establishes microfinance company in Uzbekistan

The installment loans to be offered will have repayment terms of 3, 6, or 9 months.

The installment loans to be offered will have repayment terms of 3, 6, or 9 months.

Singapore-based fintech UnaFinancial has signed a partnership agreement with JSCB Microcreditbank (MKBANK) to provide microloans to small business owners in Uzbekistan.

MKBANK, a commercial bank based in Uzbekistan, will form a joint company with UnaFinancial that will provide installment loans to micro-entrepreneurs offering repayment terms of 3, 6, or 9 months.

UnaFinancial will hold a controlling interest of 60% in the joint company.

ALSO READ:Unacash unveils installment loans in the Philippines

The partnership fulfills UnaFinancial’s expansion strategy in Central Asia, said UnaFinancial Central Asia regional director Almaz Torutayev.

“Today, the microfinance sector in Uzbekistan is experiencing strong growth. Since 2018, the size of loan portfolios has nearly doubled from 104 to 210. We hope that our new product will make its contribution to the development of the local market,” Torutayev said.

UnaFinancial

Can't Login? Sign up for an account

Email address The email address is not made public. It will only be used if you need to be contacted about your account or for opted-in notifications.

Password

Confirm password

Provide a password for the new account in both fields.

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Already have an Asian Banking & Finance account? Login

Can't log in?

Return to login

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit