Clients of StoneX’s Global Payments Division can now make cross border payments in the Uzbekistani Som (UZS).
The Som is the 142nd local currency, available on StoneX’s payment platform. The company’s Global Payments Division leverages its relationships with over 350 bank partners around the globe to efficiently deliver local currency payments on behalf of its institutional client base.
StoneX’s clients such as Central Banks, global commercial banks, multinational corporations, government agencies as well as humanitarian aid and development organizations, will have the same access to full value payments in UZS as they do with all of the other 141 currencies available on the StoneX network.
Thiago Vieira, Senior Vice President of StoneX’s Global Payments Division in Asia/Pacific, said:
We are extremely pleased to embark on this expansion with our esteemed counterparts at Asaka Bank. Our proprietary suite of payment technology and our effective management of the ever-evolving settlement network upon which it sits are among the key strengths that drive the world’s leading financial institutions to entrust StoneX as their global payment correspondent. The new relationship with Asaka Bank is very much in line with our strategic endeavor to partner with the highest caliber institutions in each market and to ensure our customers have full access to the value they can offer.
StoneX and Asaka Bank’s partnership has the support of the Central Bank of Uzbekistan which further strengthens StoneX’s global footprint and access to Central Asia.
As Foreign Exchange liberalization and other recent policy changes in Uzbekistan have encouraged growth in cross-border commerce and foreign direct investment, StoneX clients, particularly large banks in the US, Europe and Asia, have increasingly inquired about access to the Som. Today, we are thrilled to offer this new capability to our clientele and to work alongside Asaka Bank toward the bright future ahead of Uzbekistan.
Ravshan Kadirov, Asaka Bank’s Head of Treasury commented:
Ravshan Kadirov Source: LinkedIn
We are honored to be the first bank in Uzbekistan to enable local currency transactions for multi-national corporations, international financial institutions as well as other global institutional clients of various scale to facilitate the expansion of their business and trade relations with Uzbekistan.
Partnership between Asaka Bank and globally esteemed financial institution such as StoneX, sets a first positive precedent of its kind and we hope will serve as a legacy in further development of the banking sector of Uzbekistan and most importantly will strengthen the reputation of the national currency of Uzbekistan in global financial arena.
Earlier in October, StoneX Group’s Prime Services Division released its new Prime Direct offering to bridge the gap between full-service Prime Brokerage services larger managers use and discount brokerage options offered to emerging investors.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.