Hamkorbank

What Hamkorbank does

Hamkorbank (JSCB Hamkorbank) is a privately held commercial bank headquartered in Tashkent, Uzbekistan, operating under Central Bank of Uzbekistan License No. 64 since 31 August 1991. The bank serves approximately 3 million active customers through a network of more than 200 branches spanning all regions of Uzbekistan, complemented by digital channels including the Hamkor mobile application (Android/iOS), corporate internet banking, and the Tez neobanking platform developed in partnership with Ukrainian fintech firm Fintech Farm. Its service portfolio spans retail banking (consumer loans, credit and debit cards across Visa, UZCARD, HUMO, and UnionPay rails, auto financing, mortgages, deposits), business banking (SME credit, Islamic financing, merchant acquiring), and remittance services, where it holds approximately 20% of Uzbekistan's market with about 900,000 recipient customers.

The bank's revenue model is primarily interest-based, drawing from consumer loans, mortgages, microcredit, auto financing, and business credit, supplemented by transaction fees from remittances, card transactions, currency exchange, and merchant acquiring. Pricing varies by product: online consumer credit starts at 19.9% interest, auto loans for DAMAS, Kia, Chery, and CHANGAN vehicles start at 0%, microcredit for self-employed individuals extends up to 300 million UZS, and the Visa Sum card offers 10% interest on balance with 0% commission on cash withdrawals and transfers. Customer segments are diversified across retail individuals, MSMEs, rural communities, returning migrants, and women and youth entrepreneurs, with explicit financial inclusion mandates embedded in product design and partnerships.

Financial performance has been strong, with 2025 net profit of 1.8 trillion UZS (up from 1.5 trillion in 2024), total capital of 7.0 trillion UZS, and a 2.2% NPL ratio. The bank has secured over $230 million in syndicated financing facilities from international development institutions (FMO and ITFC) in 2025-2026 and holds a Moody's B1 long-term deposit rating with positive outlook upgraded from stable in March 2026, with a Baseline Credit Assessment of b1. FMO has been a shareholder since 2014, anchoring institutional governance and international credibility.

Name

Hamkorbank

Legal name

JSCB Hamkorbank

Website

https://hamkorbank.uz

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hamkorbank is a privately held Uzbek commercial bank operating 200+ branches and serving 3 million customers with retail, MSME, Islamic, and remittance banking. It holds ~20% of Uzbekistan's remittance market and a Moody's B1 rating with positive outlook.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), National Commercial Banks (6021)

akta.pro primary industry

Islamic SME & Commercial Banking (FSABAGAB)

akta.pro secondary industries

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), SME/Business Neobanks (FSABAFAB), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Retail banking services
• MSME financing
• Consumer lending
• Digital banking
• Remittance services

Headquarters

HQ city

Tashkent

HQ country

Uzbekistan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income: Traditional banking revenue from lending activities including consumer loans, mortgages, auto loans, business credit, and microcredit. The bank offers online credit up to 100 million UZS, auto financing for various brands (DAMAS, Kia, Chery, CHANGAN, HAVAL, JAC, UzAuto), mortgages, and microcredit for self-employed up to 300 million UZS.
2. Transaction and Fee Income: Fees from money transfers, card transactions, internet acquiring, merchant terminal services, and currency exchange operations. The bank provides Visa and HUMO cards with various fee structures including free cash withdrawals and transfers for certain tiers.
3. Remittance Services: Revenue from processing international money transfers. Hamkorbank serves approximately 900,000 remittance recipients (about 20% of Uzbekistan's remittance market), processing funds sent by migrant workers abroad.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

Hamkorbank is a universal commercial bank that provides retail and business banking services including consumer credit (online loans, credit cards, auto loans, mortgages), corporate and MSME financing (including Shariah-compliant Islamic financing), deposits, debit and credit cards (Visa, UZCARD, HUMO, UnionPay), money transfers and remittances, currency exchange, merchant acquiring, and digital banking through the Hamkor mobile app and the Tez neobank. It serves about 3 million active customers across Uzbekistan through more than 200 branches and digital channels.

Product overview

Hamkorbank is a leading commercial bank in Uzbekistan operating a unified multi-channel banking platform that combines traditional branch banking with digital services. The core product portfolio spans retail banking (personal loans, credit cards, debit cards including Visa, UZCARD, HUMO, and UnionPay, auto loans, mortgages, deposits), business banking (SME loans, Islamic financing, merchant acquiring, corporate internet banking), and digital banking (Tez neobank mobile app, Hamkor mobile banking app, online lending). The digital ecosystem is anchored by the proprietary Tez neobank developed with technology partner Fintech Farm, the Hamkor mobile application for Android/iOS, and corporate internet banking platforms. The bank operates over 200 branches nationwide serving 3 million active customers and holds a license from the Central Bank of Uzbekistan (License No. 64).

Differentiator

Problem solved

Functional benefit

Brands

• Tez: Digital neobank mobile application launched in partnership with Fintech Farm, offering a combined debit/credit card, payments, transfers, and cashback up to 10%.
• Hamkor
• Hamkor Business

Products and services

• Tez Digital Neobank Digital neobank mobile application offering a combined debit/credit card with up to 10% cashback on daily purchases, instant digital card issuance with courier delivery, and digital-first banking experience; targeted at retail customers and small businesses seeking a mobile-first account.
• Hamkor Mobile Banking App Mobile banking application for Android and iOS providing currency exchange, free transfers up to 5 million UZS monthly, free debit card issuance, bill payments, expense tracking, and access to all banking services for individual retail customers.
• Online Loan Online personal loan of up to 100 million UZS for any purpose with a quick decision in 1 minute and without visiting a bank branch; for retail customers with pricing from 19.9% interest rate.
• Credit Card Credit card with up to 50 days interest-free on purchases, approval in 1 minute and free issuance; for retail customers needing revolving consumer credit.
• Visa Sum Card Visa debit card denominated in Uzbek sums with 10% interest on the balance, 0% commission on cash withdrawals and transfers, and a free virtual card option; for retail customers seeking a rewards-yielding daily spending account.
• Visa Classic Debit Card International Visa debit card with paywave functionality for retail customers making purchases worldwide; free card issuance.
• UZCARD Moment Instant-issuance UZCARD debit card for retail customers who need a UZCARD-branded payment card immediately.
• UnionPay Classic Debit Card UnionPay-branded debit card offering cashback and discounts on purchases in China; for retail customers transacting in China and UnionPay-accepting markets.
• Auto Loan Programme (Auto DAMAS, Auto ADM/Kia & Chery, Auto CHANGAN, Auto light) Auto financing for new and used vehicles, covering DAMAS, Kia, Chery, CHANGAN, HAVAL, JAC, and UzAuto Motors brands, with promotional pricing from 0% on partner programmes (e.g., Auto DAMAS, Auto ADM, Auto CHANGAN) and a general Auto light product for all vehicle types; for retail auto buyers.
• Yashil Ta'mir Green Renovation Mortgage State-supported mortgage loan for housing renovation under preferential government terms; part of Hamkorbank's ESG and green finance offering for retail customers improving their homes.
• Primary-Market Mortgage (New Build) Mortgage for purchasing housing on the primary market with a minimal down payment and fast processing; for retail homebuyers buying newly built properties.
• Secondary-Market Mortgage Mortgage for purchasing housing on the secondary market with fast processing and transparent conditions; for retail buyers purchasing existing properties.
• Microcredit Plus for Self-Employed Credit product for self-employed individuals up to 300 million UZS for business purposes with a quick approval process; targets individual entrepreneurs and small operators in Uzbekistan.
• Business Loans for SMEs and Corporates Business loans with customized terms for SMEs and corporate clients, supporting working capital, expansion, and asset finance across Hamkorbank's MSME and corporate segments.
• Islamic Financing (Shariah-Compliant) Shariah-compliant financing products for business customers aligned with Islamic finance principles; supports SME growth, women's entrepreneurship, and green projects, financed via ITFC partnership facilities.
• Internet Acquiring (e-Hamkor) Internet acquiring service through the e-Hamkor platform that enables businesses to accept online card payments on their websites and apps; for merchants of all sizes needing online payment processing.
• Trading Terminal (POS) Rental POS terminal rental service with free terminal provision for qualified merchants; for retail merchants wanting to accept card payments at the point of sale.
• Hamkor Business Banking Portal Online business banking platform at biznes.hamkorbank.uz for SMEs and corporates to manage business accounts, credit facilities, and merchant services.
• Corporate Internet Banking (eBanking CIB) Internet banking system for corporate customers providing account management, payment initiation, and transaction services for businesses.
• Money Transfers and Remittances Domestic and international money transfer services including Visa Direct / Visa Alias account-to-account transfers, supporting retail and remittance customer needs across Uzbekistan.
• Deposits Deposit accounts with monthly income payments available to retail savers; for individual customers seeking interest-bearing savings products.
• Currency Exchange Currency exchange offices offering foreign currency conversion services; for retail and SME customers needing FX at competitive published rates.
• Remittance-Based Credit Scoring Lending Product Inclusive lending product that uses international remittance inflows to assess creditworthiness for households lacking formal income documentation, channeling loans to rural families and returning migrants under the IFAD/EU REMIT PRIME programme.

Quantifiable outcome

• 3 million active customers served
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• HBCAPITAL LLCminorImplementation/ SI/ Consulting Partner · 17 July 2026Investment intermediary for Hamkorbank's regulatory sandbox participation, responsible for issuance and placement of foreign currency-denominated bonds under Uzbekistan's Regulatory Sandbox framework administered by NAPP.
• Moody's RatingsminorOthers · 15 March 2026International credit rating agency providing Baseline Credit Assessment (b1), long-term deposit ratings (B1 with positive outlook), and counterparty ratings (Ba3/NP). Ratings reflect strong financial profile with capital growth, high asset quality, and strong profitability.
• Fintech FarmcoreTechnology or Integration · 13 September 2025Ukrainian fintech company as technology partner for the Tez digital neobanking platform. Fintech Farm valued at over $100 million, having raised $32 million in May 2025. Tez offers unique 2-in-1 debit/credit card combining personal funds and credit line with up to 10% cashback.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Asaka Bank: One of the largest state-owned commercial banks in Uzbekistan, offering a comparable universal banking product set (retail, MSME, corporate) and competing directly with Hamkorbank for MSME and large-corporate wallet share.
• National Bank of Uzbekistan (NBU): Major Uzbekistan commercial bank with broad retail and corporate banking, mortgage, and Islamic financing offerings. Operates in the same customer segments as Hamkorbank with a larger incumbent balance sheet.

Direct peers

• Kapitalbank: One of Uzbekistan's largest private commercial banks, offering retail deposits, cards, MSME lending, and digital banking. Closely comparable to Hamkorbank on customer base, product mix, and private-company positioning.
• Ipak Yuli Bank: Privately held Uzbek commercial bank providing retail, SME, and Islamic banking products. Comparable to Hamkorbank in its private-sector, multi-product, and Islamic-finance-enabled positioning.
• Turonbank: Uzbek commercial bank serving retail, SME, and corporate clients with deposit, lending, and payment products. Direct competitor to Hamkorbank in the domestic MSME and retail segments.
• Microcreditbank: Uzbek state-owned bank focused on microfinance and SME lending. Overlaps with Hamkorbank's MSME, microcredit, and rural financial inclusion strategy, particularly around self-employed and smallholder borrowers.
• Trustbank: Private Uzbek commercial bank with retail deposits, cards, and SME lending, competing head-to-head with Hamkorbank for similar customer segments and digital banking share.

Regional players

• Halyk Bank: Largest commercial bank in neighboring Kazakhstan. Comparable as a universal, deposit-taking, MSME-focused bank in a Central Asian emerging market with strong digital channel development.
• Kaspi.kz: Kazakhstan super-app combining payments, marketplace, and fintech banking. Relevant benchmark for the digital retail trajectory that Hamkorbank's Tez neobank is pursuing in Uzbekistan.

Emerging players

• TBC Bank: Digital-first bank in Georgia/Central Asia region with strong MSME and consumer franchises. Useful analog for the digital-led, MSME-centric growth model Hamkorbank is targeting via Tez.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/JSCBHamkorBank
• Facebookfacebook.com/HamkorBank.uz
• Instagraminstagram.com/hamkorbank.uz
• LinkedInlinkedin.com/company/hamkorbankuz

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hamkorbank