Poytaxt Bank starts offering factoring to clients on the OZ PLANET digital platform
On 3 October 2024 OZ PLANET signed an agreement with Poytaxt Bank to connect the bank to its digital platform. Companies in Uzbekistan can now receive factoring financing from Poytaxt Bank online.
One of the bank's strategic priorities is providing innovative products and services that meet current trends and market demand. Given the need to develop small and medium-sized businesses and the general trend toward business digitalization, the bank's management supported the Central Bank's initiative to offer clients digital factoring. OZ PLANET has extensive expertise in this area and carefully prepared Poytaxt Bank for the launch of the new product.
Factoring is attractive for the bank as a good alternative to loans for companies that sell to customers on deferred-payment terms. Many suppliers are small and medium-sized businesses that the bank cannot lend to because they lack collateral or a suitable purpose of financing. Factoring requires neither. Factoring financing is provided against the assignment of the right to claim a debt from the buyer of goods/services. The supplier or contractor receives payment immediately after fulfilling the contract by assigning its monetary claims against the customer to the factor.
Digital factoring provided by OZ PLANET is especially attractive because negotiations, approvals and signing all take place online, saving all parties time and money. Business becomes not only profitable but also convenient.
Alexander Bogdanov, director of OZ PLANET, comments: "Connecting a large number of reliable banks to our platform gives clients the chance to choose financing terms from several attractive offers at once. Online processing makes financing easy, comfortable and fast thanks to secure document exchange and no in-person meetings. Registration and operations on the platform are free for the supplier and the debtor. OZ PLANET provides client support at every stage of a factoring deal, ensuring transparent decision-making, lower costs and secure company data."
Poytaxt Bank JSC began operating in October 2018. The bank was established following Presidential Resolution No. PP-2824 of 13 March 2017 "On additional measures to expand the construction of affordable apartment buildings in Tashkent in 2017–2021".
The bank finances economic projects, supports small businesses and provides a full range of banking services to legal entities and individuals. It invests in modern technology to optimize banking processes, improve service quality and create digital products.
On 1 November 2024 Poytaxt Bank and Tashkent State University of Economics signed a Memorandum of Cooperation to train banking and finance specialists and create jobs for them.
