Uzbekistan’s Agrobank held a presentation of new digital products for corporate clients. The main announcement was the launch of a mobile escrow service—according to the bank, this is the first such solution on the local market. This was reported by the specialized channel UzbBanking, citing the Dunyo Information Agency.
What happened
At a meeting with journalists on May 22, bank representatives spoke about the digital transformation process and the expansion of the service line. The central theme of the event was the launch of the Eskrou service on a mobile platform.
The instrument allows for the secure execution of monetary and property transactions. Under the standard logic of escrow accounts, the bank acts as a guarantor: it holds the buyer’s funds until both parties fully meet the terms of the contract.
In addition, the bank’s specialists showcased the Agrozamin Super App. This is a digital ecosystem designed to serve small and medium-sized businesses, corporate clients, as well as farms and agricultural enterprises.
Country and market
Agrobank is historically focused on the agricultural sector of Uzbekistan. Now the credit institution is building a digital infrastructure around its business clients, expanding the set of corporate mobile services.
Educational initiatives were also discussed at the event. The bank is developing the University of Digital Economy and Agrotechnologies (UDEA), created with its participation. The university implements joint programs with the UK’s Coventry University, allowing students to receive specialized education in Uzbekistan with a British-style diploma.
Why it matters
Moving escrow accounts to a mobile format simplifies large transactions for businesses and reduces the risks of non-fulfillment of obligations. Previously, such guarantee instruments required more complex documentation, but now the bank is testing their operation in a smartphone interface.
What’s next
The market has yet to assess how actively farmers and entrepreneurs will start using the Agrozamin Super App in their daily work, and how quickly mobile escrow will become the usual norm for settlements in the agricultural sector.