According to the bank, the new infrastructure should accelerate settlements for international securities, but product details for clients have not yet been disclosed.
Uzbekistan's Mikrokreditbank has announced the creation of a custodial and settlement base for operations with foreign assets. The bank states it has opened an account with the US-based Bank of New York Mellon (BNY Mellon), potentially simplifying the logistics of investment transactions.
What happened
On June 8, 2026, information about the infrastructure update appeared in the form of a promotional publication on the Spot portal. According to the material, Mikrokreditbank opened a custodial account with BNY Mellon, one of the world's largest custodians.
According to the bank's statement, the new account operates in tandem with its existing direct correspondent accounts at the same financial institution.
A custodial account is used for the secure record-keeping and safekeeping of securities, while a correspondent account is required for the movement of funds. Placing both accounts within the BNY Mellon perimeter allows the bank to conduct settlements using the DVP (Delivery Versus Payment) model. Under this scheme, the debiting of funds and the crediting of assets occur simultaneously, reducing risks for the parties to the transaction.
Country and market
Typically, Central Asian banks access foreign capital markets through a chain of regional brokers and sub-custodians. Each additional link increases commissions and slows down settlement times.
A direct agreement with a global player of BNY Mellon's caliber can shorten this chain. In the promotional message, the bank claims that optimizing the route will save on transfer fees and ensure the safe storage of US, European, and Asian stocks and Eurobonds.
Why it matters
If the announced infrastructure becomes operational for a wide range of clients, the barrier to entry into global exchanges for local investors will decrease. The absence of intermediaries removes a portion of transaction costs.
For banks in the region, direct settlement bridges with global custodians are becoming a way to retain the capital of local investors within the country.
What's next
So far, the infrastructure shift has only been announced in the format of promotional material. There is no independent confirmation from BNY Mellon or relevant regulators.
The market has yet to see this infrastructure translated into a real client product. The bank has not yet disclosed tariffs, limits, the list of accessible exchanges, asset classes, or the actual launch date of the service for retail or corporate investors.