Uzbekistan: TBC Bank and Billz deal received preliminary approval from the antimonopoly regulator

The Committee for Competition Development and Consumer Protection of Uzbekistan has granted preliminary consent to the acquisition of a large stake in the Billz digital platform by the British holding company TBC Bank Group, while setting a number of restrictions aimed at preventing abuse of market position and protecting consumer interests.

According to official information, TBC Bank Group, which already controls TBC Bank and the fintech platform Payme, plans to acquire a 46.67 percent stake in Shoppe Group, the developer of the Billz cloud platform. This platform offers solutions for e-commerce, as well as tools for automating trading operations and commodity accounting. In the long term, the group intends to increase its stake to 60 percent, starting with the purchase of 53 percent of shares in the amount of $ 9 million.

After conducting a comprehensive analysis of the transaction, the Antimonopoly committee put forward mandatory conditions for its implementation, focusing on the inadmissibility of distorting competition. In particular, the ban applies to:

Changes to the terms of service for Billz users, including companies competing with TBC Bank and Payme;

use or disclosure of commercially sensitive information of competitors in the interests of affiliated structures;

any actions that fall under the prohibitions of Article 18 of the Law "On Competition" and the relevant provisions of the government decree of May 1, 2024.

The regulator emphasizes that compliance with these conditions is mandatory for the completion of the transaction.

At the same time, the Central Bank of Uzbekistan previously set a limit on the share of microloans in banks ' loan portfolios-no more than 25 percent. Due to exceeding this threshold, banks, including TBC Bank, are granted a transition period until January 1, 2029. It is expected that business diversification by entering the digital sector using the capabilities of the Billz platform will allow the group to adjust its asset structure and reduce its dependence on high-risk retail lending segments.

The emerging partnership between TBC Bank Group and Billz marks the strengthening of the fintech ecosystem in Uzbekistan. However, simultaneous participation in the banking, payment and digital commercial infrastructure requires special attention from regulators in order to maintain a level playing field in the digital services market.