Why is this important
The bank is becoming part of a single Open brand that combines cards, a marketplace, and a business platform. A new fintech ecosystem is emerging in the market, claiming to compete with traditional players.
This is one of the first cases of deep rebranding in the banking sector of Uzbekistan.
What happened
- in January 2025, Future Open Technology Group acquired 90.2% of Smartbank shares for 451 billion soums;
- The company is already developing Open muddatli to’lov kartasi, Open Market, and Open Biznes products;
- now the digital bank under the Open Bank brand is also part of the ecosystem;
- According to the results of the first quarter of 2025, the profit of the former Smartbank decreased by 4 times and amounted to 628.5 million soums.
Context
Future Open Technology Group began its operations with Agrobank through the launch of the Open card. The ecosystem is built according to the “financial supermarket” model and combines banking and non-banking services.
