On May 23, 2024, the initial public offering of shares of the Joint-Stock Company “Common republican processing centre” (UZCARD trademark) took place at the National Agency of Prospective Projects (NAPP) of the Republic of Uzbekistan.
Transformation of UZCARD from LLC to JSC
We remind you that on April 9, 2024, the UZCARD company was officially transformed from a Limited Liability Company (LLC) to a Joint-Stock Company (JSC).
The transformation was carried out in execution of the Decree of the President of the Republic of Uzbekistan. According to it, starting from July 1, 2024, requirements are introduced for the establishment and operation of payment system operators and payment organizations exclusively in the form of a joint-stock company.
UZCARD, strictly observing all legislative acts and decrees, carried out the transformation before the deadline set by the state. The trade name, legal address and bank details remain unchanged.
What advantages will the transition bring to bank card holders?
UZCARD will become even closer to its users. Several financial reports, information about employees, vacancies, and management will become available on the website. The charter, mission, development strategy, annual report, and other equally important documents that will help bank card holders as well as partners to better understand UZCARD will be published.
All services for bank card holders will continue to function unchanged.
What opportunities does this open up for UZCARD?
This is an important step for UZCARD, coinciding with the company’s values and mission, which is aimed at the application of new technologies in the financial sector.
Transformation into a JSC contributes to an increase in the level of corporate governance, which strengthens the trust of clients and partners in the company. Improving the level of corporate governance means greater efficiency and transparency in decision-making, strengthening control procedures in all processes.
In addition, as a JSC, UZCARD will provide regular and transparent reports on its activities, which provides additional confidence in its reliability and sustainability.
UZCARD is ready for a new stage of its development as a joint-stock company and will always strive for success, innovation and growth.
About the national payment system UZCARD
UZCARD is the first national payment system of Uzbekistan. In October 2024, the company will celebrate its 20th anniversary.
UZCARD ensures the security of payment transactions, processes payments, and unites commercial banks, payment companies, and other market participants into a single payment space based on a single software platform. It contributes to providing centralized assistance to banks in the implementation and development of payment card projects, ensuring the saving of financial, technical, and other resources.