May 27, 2022, Tashkent, Uzbekistan – UNIVERSAL PLATFORMS LLC has signed an agreement on joint use of the Universal Integration Platform product with Innotech Group of Companies for use in the Uzbek market. The agreement was reached within the framework of PLAS-forum held in Tashkent with the support of the Central Bank of the Republic of Uzbekistan. The project is unique for the Uzbek market and will allow local players to effectively develop in the fintech industry.
Universal Integration Platform is a special fintech solution that allows companies to interact in one window with many players in the market of the Republic of Uzbekistan in order to optimize business processes. It represents an ecosystem with services that organizations may require. Participants are able to work according to common rules and standards.
The development combines data on accounting of API usage by external consumers with the ability to control access and their collection to determine the cost of services provided. This can be information from government information sources, insurance companies, banks, etc. Organizations that have a need for such information purchase access to the Platform and find the data they need.
The API management market size has shown a steady growth over the past few years. And according to the forecast Market Data ForecastIt is expected to grow by 34% to USD 8.4 billion by 2027. US. Adroit Market Research is even more optimistic and expects the sector to reach $21.7 billion in 2028. Adroit Market Research is even more optimistic and expects this sector to reach USD 21.7 billion in 2028, driven by the growing number of mobile subscribers and social media users, as well as the wider penetration of e-commerce.
The development of Innotech will help local fintech players to unite in a common environment and get all the necessary tools for interaction, and, consequently, to become full-fledged participants, having full access to the mechanisms of effective monetization of business.
“Currently there are no products similar to the Universal Integration Platform in Uzbekistan. Using Innotech’s development, UNIVERSAL PLATFORMS will be able to provide its clients in the local market with a unique useful service for API management. It will allow companies in Uzbekistan to respond more flexibly to user requests in the context of a rapidly changing market and constantly evolving business requirements,” said Farrukh Ziyaev, CEO of UZCARD.
“The active development of the Internet of Things and Big Data will require accelerated implementation of APIs in various IT developments to meet the demand from market players. The universal integration platform opens up new opportunities for digital transformation and business efficiency growth in Uzbekistan. It will help create personalized recommendations, support products and services based on gender, location, customer behavior and other factors,” commented Alexey Volynkin, First Deputy CEO, Director for Business Development of Innotech Group of Companies.
“UNIVERSAL PLATFORMS” LLC – is a subsidiary company of “Common republican processing centre” LLC on development of fintech market and integration of digital services in Uzbekistan. The main goal of “UNIVERSAL PLATFORMS” LLC is the development of digital ecosystem in all regions of Uzbekistan, including remote areas. Among the main objectives of the company is the gradual integration of online services and digital products from all spheres of economy into the daily life of people and businesses, as well as the creation of a platform that will combine government, banking and insurance, financial and postal services. More information about the company can be found on the official website.
Innotech Group of Companies is a modern high-tech fast-growing IT company. Since 2020, we have been developing innovative solutions for digitalization of business. Innotech is building partnerships with leading companies in the financial sector, offering them integrated solutions for front and back offices, modern fintech products, and systems for working with big data. In addition, Innotech Group of Companies customizes technological projects of any complexity, helping its clients on the way to digital transformation. Detailed information about the company can be found on its official website.