To Prospective Partners and Investors
Investment Proposal for Strategic Cooperation in the Development of a Factoring Organization for foreign partners and investors
Pursuant to the Decree of the President of the Republic of Uzbekistan № DP-109, dated August 12, 2024, "On Measures for the Accelerated Development of the Factoring Services Market," a mandate was issued to commercial banks to scale the provision of factoring services. This directive includes the establishment of specialized factoring organizations with the participation of state-owned banks, with a specific emphasis on attracting leading international partners in the activities of the factoring organization.
In pursuit of these objectives, "MKB Faktoring tashkiloti" LLC was officially registered on September 2, 2025. Subsequently, on October 26, 2025, the entity was formally entered into the Central Bank’s Register of Factoring Organizations.
Currently, JSCB "Microcreditbank" is seeking one or more foreign investors to jointly develop and scale this newly established factoring organization, in light of a significant surge in demand for factoring services within Uzbekistan and the rapid digitalization of this sector.
Our objective is to build a commercially successful, sustainable, and rapidly developing factoring organization that provides a wide range of digital factoring services. We aim to secure a position among the top three market leaders in this developing market.
Leveraging our own successful digital transformation experience, Microcreditbank has identified a clear and growing client preference for sophisticated digital financial products and services.
Microcreditbank (MKB) welcomes interest and contributions from the following categories of strategic and financial partners:
• International Microfinance Organizations with established digital lending operations across multiple emerging markets, demonstrating a deep understanding of scalable business models and processes.
• Innovative Regional Experts in cross-border factoring services who possess a broad understanding of regional market dynamics and proven experise in attracting digital business to the market.
• International Financial Institutions (IFIs) and Financial Sponsors who recognize the growth potential of the Uzbek factoring market and are interested in the co-developing this promising market segment.
• Microcreditbank is committed to an open, transparent, and constructive dialogue with all interested parties. We look forward to co-building a successful factoring company that delivers a balanced risk-reward profile and creates long-term value for all stakeholders.
About Microcreditbank (MKB):
JSCB "Microcreditbank" is a leading state-owned financial institution in Uzbekistan, consistently ranked among the top 10 banks by asset size. The bank holds an international credit rating of "BB-" with a "Stable" outlook from Fitch Ratings, underscoring its financial reliability and investment attractiveness. MKB is strategically focused on fostering small business development, private entrepreneurship, and microfinancing, with a particularly strong presence in regional areas. The bank boasts one of the most extensive distribution networks in the country, ranking among the top 5 for branch network coverage.
Proposed Cooperation Format
The objective of MKB is to establish a commercially viable and sustainable factoring company, where partners’ contributions are aligned with their core competencies and experience:
• A reputable and experienced strategic investor or a group of investors (with a significant minority or a majority stake). This partner will assume responsibility for strategic direction, operational management, and business development.
• MKB intends to be a minority shareholder, providing the new entity with local market expertise, essential resources, and access to a substantial potential client base, the terms of which will be mutually agreed upon by the partners.
• Participation of distinguished international financial institutions (IFIs) and/or microfinance investors as minority shareholders, with a commitment to providing a financing/debt facilities.
Why Partnering with Microcreditbank is Advantageous
• Reliable Partner: A partnership with a major state-owned bank in Uzbekistan significantly mitigates risks related to solvency and adherence to regulatory procedures.
• Expertise: MKB can contribute capital, provide robust market data and knowledge based on its existing presence in the factoring market, and leverage its established relationships with government and regulatory authorities.
• Access to a Broad Client Base: MKB possesses an extensive base of Small and Medium Enterprise (SME) clients across Uzbekistan in need of factoring services.
• Commitment to Innovation: MKB demonstrates a strong commitment to digitalization and international cooperation, which simplifies the implementation of modern and efficient factoring schemes.
Planned Roadmap and Milestones
1. Finalizing the terms of cooperation and executing the Investment Agreement with the selected investor.
2. Developing the strategy, organizational structure, and financial-economic model for "MKB Faktoring tashkiloti" LLC; recruiting and hiring key personnel; and establishing a robust risk model (including Non-Performing Loans - NPL).
3. Designing comprehensive business processes that will guide the project's long-term strategy and growth trajectory.
4. The target for the end of 2026 is to provide factoring services totaling UZS 50 billion.
