BANKEX eyes introducing blockchain solutions in Uzbekistan

(source: Unsplash/Valery Khan)

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Tokenisation and securitisation services provider BANKEX partnered up and signed a memorandum with Digital Trust Fund, a foundation established to support and develop Uzbekistans digital economy. The companies aim at bringing blockchain to Uzbekistan at the state level, according to a press statement issued mid-January. BANKEX is legally allowed to operate in Malta.

Under the memorandum, BANKEX will facilitate the introduction of blockchain technology to all government agencies in Uzbekistan with the intentions of minimising the potential for human error and precluding corruption.

“The present memorandum is directed at establishing a legal framework on which the parties can base the mutual cooperation necessary to ensure the quality as well as the qualified undertaking of tasks assigned to the parties,” says the memorandum.

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The parties also agreed “to study the prospects for the introduction of innovative technologies, including blockchain technology” as well as to “exchange all necessary information and work experience, including through mutual internships and consultations,” according to the press statement.

The two parties are also planning to hold joint educational events, such as workshops, seminars, roundtable discussions and conferences on the principles of digital economy development, as well as the advantages of utilising the blockchain.

BANKEX is a New York-based and closely-held global fintech company providing a blockchain-based securitisation framework. BANKEX group companies legally operate within Class 3 and Class 4 licenses for Virtual Financial Assets on Malta, and therefore in the European Union.