Financial Revolution 2024: How Oktobank Strengthened Its Position in Uzbekistan and Beyond

Octobank made an impressive leap in 2024, strengthening its position in the market and demonstrating significant success in key areas. The bank not only confirmed its financial stability, received a credit rating from Ahbor Reyting and passed ISO certification, but also declared itself as an innovation leader, becoming the leader of the high-level partner FINNEXT Asia and actively participating in the international conference Sibos. Demonstrating impressive growth in assets and profit, Octobank confirmed its efficiency and dynamic development. These achievements, supported by historical facts and economic experts, are evidence of the bank’s successful strategy and its commitment to providing high-quality financial services. Over the year, the bank achieved significant success, including a complete resolution of problem assets, sponsorship at key forums, expansion of the client base and international partnerships. These achievements confirm the bank’s technological leadership and reliability.
In 2025, Oktobank successfully passed ISO certification. ISO (International Organization for Standardization) is an independent, non-governmental international organization that develops standards. The guarantee process provides for external validation from any side regarding the effectiveness of the company’s management system in key areas. This may be the quality of production processes, compliance with safety standards, and much more. Clients of a bank that has received this certificate can be sure that the bank operates in accordance with a proven and recognized standard, which minimizes risks and increases the reliability of service. And most importantly, standardization makes processes as convenient and understandable as possible for clients. Certification guarantees operation and quality of service without delays and errors. In addition, it supports the availability of all the tools and processes in the bank to ensure the best service and prompt resolution of any problems.
Ahbor Reyting also highly appreciated the work of Oktobank and assigned it a credit rating of "UZA" with a "Stable" forecast. Ahbor Reyting is a reputable rating agency in Uzbekistan. The company is considered not only a pioneer and leader in the rating industry in the country, but also a reliable and professional assessor of the financial condition of companies. The bank’s credit rating is the result of all assessments of its financial condition, the ability to fulfill its obligations honestly and the reliability of processes. The financial community recognizes that Oktobank has a high degree of creditworthiness, which is confirmed by the received rating. Experts’ forecasts also indicate the preservation of the bank’s financial stability in the coming years. For partners, this means reliability and the possibility of long-term cooperation. For clients, it is a guarantee of security, quality service, and confidence in the stability of the bank.
Octobank became the title partner of FINNEXT Asia 2024. FINNEXT Asia is a key forum for financial innovation in Asia, where exchange of experience and attraction of investments are discussed. The status of the title partner means the highest level of support and provision of an exclusive invitation from the organizers of the forum. This shows that the bank is in the trend of financial and technical innovations, stable and ambitious. Partnership with FINNEXT Asia allows the bank to improve, adopt experience and implement it to improve customer service.
From 21 to 24 October 2024, the Sibos 2024 conference was held in Beijing, where Octobank acted as one of the sponsors. The events brought together more than 10,000 representatives of financial institutions and about 2,000 companies from around the world, including the US Federal Reserve System and the European Central Bank. Octobank held intensive international negotiations with leading global banks, including Bank of New York Mellon and JP Morgan Chase, on promising areas of cooperation. The discussion focused on partnership opportunities in the field of financing, complex financial instruments, transaction services, interbank operations and lending. The conference reached agreements on financial analysis and accounting for prudential regulations that exist to ensure the safety and stability of banks.
It is also worth noting the growth of assets and net profit of the bank from 2022 to 2024. From 2022 to 2023, the bank’s assets increased almost 2.8 times: from 843 billion to 2.367 trillion soums. In 2024, assets will continue to grow and comply with 3163 trillion soums, which indicates the preservation of positive development dynamics. In 2022, the bank was unprofitable, which may be due to the initial period of activity or the period of investment in development. In 2023, the bank not only came out of the losses, but also announced a profit of 74.7 billion soums. This indicates the effectiveness of business models and competent management. In 2024, profit doubled and reached 150.7 billion soums. This not only confirms the profitability of Oktobank, but also indicates a rapid increase in efficiency. In addition, it is known that the bank’s capital will increase to 700 billion soums by the end of 2024.
In 2024, Oktobank’s problem assets decreased by 324 billion soums. If in May the share of such assets was a significant 76.9%, then by June they were completely repaid, and the bank reached a zero level of overdue debt. Thanks to this, Oktobank was among the seven banks that completely got rid of problem assets. This confirms the unwavering reliability of the bank for partners.
Octobank has received the Visa "Best Acquiring Bank in eCommerce 2024" award. This means that the bank processes payments for online stores and other online businesses most efficiently and successfully. This is a testament to the trust and partnership between Visa, the world leader in payment services, and Octobank. It also confirms the bank’s contribution to the development of e-commerce in Uzbekistan. The bank provides solutions that help businesses grow, expand, and make online payments more efficiently.
At Plus Forum 2024, Octobank acted as a platinum sponsor. Plus Forum is one of the leading platforms for discussing the most advanced banking technologies, a place where experts, industry leaders and innovators come to exchange ideas and experiences. Currently, current changes in the banking sector of the future are discussed, including technology, artificial intelligence, cybersecurity and new financial products. Platinum sponsorship of this forum means not only innovative leadership, but also investment in the industry, as well as a tendency to actively shape.
The company has plans for 2025 as well. Octobank will soon present an updated website and rebrand, which will be a further step in the bank’s development. The new website will feature a modern design, improved navigation and expanded functionality, ensuring convenience and ease of use for customers. The rebranding, in turn, demonstrates the bank’s innovative approach, its dynamic development and desire to keep up with modern trends. These changes are aimed at strengthening Octobank’s position in the market, increasing brand awareness and improving customer interactions.
Reaching 3,600,000 customers by the end of 2024 is a result that demonstrates the rapid growth of Oktobank. This indicator shows the high level of customer trust in the bank, its demand in the market and the effectiveness of the business strategies applied. The bank does not just attract new users, it wins their loyalty and strengthens its position in the banking world.
For Octobank, 2024 has also been a year of mutually beneficial partnerships with international companies. Among them are LSEG, the London Stock Exchange Group, Data & Analytics, a leading global provider of financial information, data, and analytical tools. The partnership with LSEG provides the bank with access to high-quality financial market data, which allows the bank to make more informed investment decisions and create more accurate financial products. Octobank has entered into a partnership with Bloomberg. Bloomberg is a global company providing financial data, news, and analytics for financial professionals. Cooperation with Bloomberg provides Octobank with access to an advanced analytical platform and an extensive database. This allows the bank to stay abreast of the latest market trends, provide clients with better analytics, and make prompt decisions based on reliable information. And also with WeChat. This is a popular Chinese social network and messenger, namely Tenpay, its integrated payment system. This cooperation allows entrepreneurs to communicate with customers from China who are accustomed to using WeChat for payments. This allows entrepreneurs to pay Chinese customers through familiar and convenient services, accepting payments both online and in offline stores via QR codes and payment pages.