TBC Bank Acquires Stake in Billz

Uzbekistan’s Competition Committee has given the green light to a major acquisition involving the cloud-based commerce platform Billz.

The British-headquartered TBC Bank Group PLC, part of the wider TBC Bank conglomerate, has been authorised to acquire a 46.67% share in Shoppe Group, the company behind Billz.

Billz provides businesses with digital tools to manage inventory, track sales, and offer online services through cloud technology.

While the regulator approved the transaction, it also imposed certain conditions to ensure fair competition. Specifically, Billz must not restrict access to its services for rivals of TBC Bank or its affiliated payment service Payme. Additionally, the company is barred from using customers’ personal or business data in ways that could give TBC Bank or Payme an unfair edge in the market.

TBC Bank Group already operates in Uzbekistan through its digital bank, TBC, and the widely used payment app Payme.

Kursiv also reports that Halyk Bank of Kazakhstan has signed a strategic agreement with Uzbekistan’s fintech leader Click, acquiring 49% of Click for $176.4 mln.