Innotech, a leading supplier of high-tech solutions for business digitisation, has signed a product-sharing agreement with UNIVERSAL PLATFORMS LLC (UZCARD) to enable shared use of the Universal Integration Platform on the Uzbek market. The companies reached an agreement during the PLUS-Forum organised in Tashkent and supported by the Central Bank of the Republic of Uzbekistan. This project is unique on the Uzbek market and will allow local players to grow efficiently in the Fintech industry.
The Universal Integral Platform is a special Fintech solution enabling companies to interact with multiple players of the Uzbek market in a single window, to optimise business processes. It's an ecosystem with services organisations might need. Participants can use the pre-configured common rules and standards.
This solution combines data regarding API use by external users and allows for data access and collection to determine the cost of services provided. The data may include information from government sources, insurance companies, banks, etc. Organisations that need this information can subscribe to the Platform and find the data they need.
The API control market has been steadily growing over the last few years. Based on the Market Data Forecast, it will have grown by 34% by 2027, up to 8.4 billion USD. Adroit Market Research is even more optimistic about the prospects, expecting this sector to reach 21.7 billion USD in 2028 as the number of mobile subscribers and social media users will grow and as e-commerce continues to conquer new ground.
The solution by Innotech will allow local Fintech players to get together in an integrated environment to gain access to all the necessary interaction tools, becoming full valid members with access to the mechanisms of efficient business monetisation.
"The rapid development of the Internet of Things and Big Data demands that API implementation in various IT solutions should be accelerated to meet the demand of the market players. The Universal Integration Platform opens up new opportunities for the digital transformation and business efficiency boost in Uzbekistan. It will allow companies to create personalised recommendations to support their products and services, based on their customers' gender, location and behaviour, and other factors," Alexey Volynkin, First Deputy CEO – Director for Business Development at Innotech, commented on the occasion.
"At the moment, Uzbekistan has no other products like the Universal Integration Platform. Using the solution by Innotech, UNIVERSAL PLATFORMS will be able to offer its customers on the local market a unique, useful service to control API. It will allow Uzbek companies to be more flexible in their response to user demands in a rapidly changing market and ever-evolving business demands," Farrukh Ziyayev, CEO at UZCARD, believes.