A New Era of Banking: Octobank’s Role in Uzbekistan

In August 2023, Ravnaq-bank rebranded itself as Octobank. Such a transition always carries risks, but a year and a half later, it is evident that the decision was the right one. Octobank not only avoided turbulence but also achieved record-breaking growth.

Iskandar Tursunov, Chairman of the Board and majority shareholder of Octobank, shares insights into the philosophy behind this transformation and the success formula for fostering strong relationships with clients.

Why did Octobank decide to change its name? What symbolic and strategic reasons were behind this decision?

The name change was part of a comprehensive transformation. The rebranding encompassed not only the bank’s name but also a broad restructuring of services, particularly for our business clients.

The bank’s image, service solutions, and brand underwent a profound shift from a control-based system to a management-oriented approach. This conscious decision has proven to be a success.

What results has the bank achieved since the rebranding?

During this period, the bank outlined new strategic directions. The supervisory board and management were revamped, aligning corporate governance with contemporary standards.

The results were outstanding: by the end of 2024, Octobank reported a record net profit of 150.6 billion UZS. Fee-based income surged by an impressive 799.5%, demonstrating the demand for our products.

Our clients resolved non-performing assets amounting to 324 billion UZS, making Octobank one of the top seven banks in the country with zero non-performing loans.

Additionally, we signed a partnership with the Chinese payment service Tenpay, opening new opportunities for businesses in Uzbekistan and strengthening relationships with Chinese clients who use WeChat Pay for transactions.

What competitive advantages set Octobank apart in Uzbekistan’s banking market?

• Technological Innovation: We offer advanced solutions like Open API, simplifying business integration with our system. Our hybrid internet banking platform for corporate clients is both convenient and functional. By focusing on digitization and the implementation of innovative technologies, we enable clients to manage their finances from anywhere in the world.
• Convenience and Speed: The onboarding process for small and medium-sized businesses is streamlined, and most transactions can be conducted online, saving clients valuable time.
• Customer Service: We place great emphasis on service quality, constantly improving our processes to ensure client satisfaction, which is the foundation of long-term, reliable partnerships.

What services are most popular among Octobank clients?

Corporate clients frequently use our acquiring services. We collaborate with major companies like Yandex Go, Uzbekistan Airways, and Hertz to facilitate online payment processing.

Among individual clients, international transfers, virtual cards, currency exchange, and utility payments via mobile apps are especially popular.

What areas will Octobank focus on in the coming years?

We have identified six priority areas for development.

The digitization and implementation of innovative solutions will remain constant. For example, we plan to create a mobile app for corporate clients, enabling them to open accounts online without visiting a branch, manage accounts in national and foreign currencies, and access a full suite of banking services via smartphones or computers. The mobile app will become the primary channel for client interaction.

We also aim to expand our ecosystem by integrating services from other sectors, including e-commerce (food delivery, flight booking), fintech (payment solutions and financial tools), and lifestyle services (telecommunications and entertainment subscriptions).

This strategy will position Octobank as a universal high-tech bank that not only addresses financial needs but also supports clients in their everyday lives.

Our corporate division will focus on attracting new clients, particularly in regional areas, by offering competitive terms, high-quality service, and user-friendly digital products. Expanding our customer base remains a key priority.

Is Uzbekistan’s fintech market ready for global changes, and are consumers prepared?

The market is rapidly evolving. Super apps and digital banks are becoming more prevalent, offering a wide range of services in a single application. Islamic banking is also gaining traction, providing alternative financial products aligned with religious principles. Cryptocurrencies and blockchain technologies are advancing, with licensed exchanges and crypto cards introduced since 2018.

Uzbekistan’s young, tech-savvy population is quick to adopt new fintech solutions. Rising prosperity and urbanization further contribute to the industry’s growth.

However, challenges remain, such as the high reliance on cash transactions and the need to enhance digital infrastructure, particularly in regional areas. Government initiatives, including IT parks and startup incentives, create a favorable environment for fintech development.

How does Octobank adapt global banking trends to the local market?

Octobank integrates global banking practices with local needs, introducing advanced solutions such as transactional business models, capital market development, derivative operations, and FX services. This approach makes our offerings more relevant and accessible to our clients.

Who is Octobank’s target audience, and what role does the bank play in their lives?

Our clients are tech-savvy individuals who prefer handling everything online. They value speed, convenience, and security, frequently using mobile apps for financial management, online shopping, and subscription payments.

Corporate clients include both large enterprises and small to medium-sized businesses that need modern solutions for online payments and financial management.

By combining personalized services with technological innovation, Octobank positions itself as more than just a financial partner—it becomes an integral part of its clients’ daily lives.