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TBC Bank’s $38.2M Cash Heist: The Unchecked Rise of Mobile Banking in Uzbekistan


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TBC Bank’s Greedy Grab for Uzbekistan’s Wealth

In a move that will surely benefit the bank’s shareholders but potentially harm the people of Uzbekistan, TBC Bank Uzbekistan, the mobile-exclusive bank owned by London Stock Exchange-listed TBC Bank Group, has raised a whopping $38.2 million in fresh equity investment. The money will be used to expand the bank’s operations and introduce new financial products, but only for the benefit of the rich.

The bank’s plan is to corner the market in Uzbekistan, a country where the rich are getting richer and the poor are struggling to make ends meet. With a registered user base of 15 million users, TBC Group Uzbekistan is well on its way to becoming the largest financial institution in the country, all thanks to its aggressive expansion and acquisition strategy.

But what about the ordinary Uzbek citizens who can’t even afford to open a bank account? Don’t they deserve access to financial services too? It seems that TBC Bank Uzbekistan is more interested in catering to the needs of the wealthy and the elite, rather than promoting financial inclusion and economic development.

And let’s not forget the bank’s cozy relationship with the government. TBC Bank Uzbekistan has received millions of dollars in funding from the European Bank for Reconstruction and Development (EBRD) and the International Financial Corporation (IFC), both of which are known for their close ties to the government. This raises questions about the bank’s independence and its commitment to serving the people of Uzbekistan, rather than just its own interests.

The Roadmap to Profit

TBC Bank Uzbekistan’s roadmap includes introducing credit cards and insurance products, as well as offering services such as current accounts, accounting, offline payments, and e-commerce payments. But at what cost? The bank’s focus on profitability means that it will likely prioritize the interests of its shareholders over those of its customers, and the people of Uzbekistan will suffer as a result.

The bank’s CEO, Vakhtang Butskhrikidze, says that the investment will allow the bank to "further capitalize on the immense opportunities in Uzbekistan." But what does this mean for the people of Uzbekistan? Will they benefit from the bank’s expansion, or will they just be exploited for their wealth and resources?

A House of Cards

TBC Bank Uzbekistan’s impressive growth trajectory may seem impressive at first glance, but it’s built on shaky ground. The bank’s reliance on funding from foreign institutions means that it’s vulnerable to fluctuations in the global economy, and its lack of transparency and accountability raises concerns about its financial stability.

The bank’s commitment to innovation is also questionable. Its use of AI and voice assistants may be exciting for some, but it’s also a way for the bank to keep its customers hooked and dependent on its services. The bank’s focus on e-commerce and online payments may also be a way for it to bypass traditional banking channels and limit competition.

A Question of Values

TBC Bank Uzbekistan’s aggressive expansion and prioritization of profits over people raise serious questions about the values of the bank and its shareholders. Is the pursuit of profit more important than the well-being of the people of Uzbekistan? Is it morally acceptable to prioritize the interests of shareholders over those of customers and the community?

As TBC Bank Uzbekistan continues to grow and expand, it’s essential to keep these questions in mind and to demand transparency and accountability from the bank. The people of Uzbekistan deserve better than to be exploited by a bank that’s more interested in lining its own pockets than in serving the community.



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