Ashgabat Has Hosted Colvir Fintech Day for Representatives of Turkmenistan Banks

Colvir Fintech Day banking conference took place in Ashgabat on November 13 for representatives of the country’s leading banks. It was organized by Colvir Software Solutions — an international IT solution vendor for the finance industry and supplier of the Core Banking System used by 8 of the 11 Turkmenistan banks.

The conference keynote topics included as follows:

• Turkmenistan digital development — a roadmap for the transformation of modern technology-savvy banks. 
• Integrated solutions for effective banking business management.
• Individual and corporate mobile banking applications: features, specification, advantages.
• QR Pay Technology— the No 1 digital payment trend in Central Asia.

Modern technology transformation is an ecosystem one. It is not possible to make significant improvements in one area if other areas are not developing at the same sort of pace. This is the reason why we have proposed to Turkmenistan banks a comprehensive development program encompassing extended Core Banking System functionality, QR code-based payment system functionality, postal service automation, e-Government solutions, and a lot more. Following global trends will help Turkmenistan to be a fully-fledged participant of the world technology transformation process and introduce significant improvements into the public service delivery process.

Denis Yudin

Director, Colvir Software Solutions Business and Product Development Department

The objective of holding the Colvir Fintech Day is to ensure that the national banking system develops in line with the world trends, as well as to raise the expertise level of Turkmenistan banking professionals. This is a second Colvir event in 2024. Colvir Software Solutions has been active in the Turkmenistan market for over 20 years, and is making a significant contribution to the elaboration and implementation of the national economy digitalization program announced by the Turkmenistan President. 

Conference participants included key staff from the following Turkmenistan banks:

• Central Bank of Turkmenistan;
• State Foreign Trade Bank of Turkmenistan;
• Halkbank Joint-Stock Commercial Bank 
• Senegat Joint-Stock Commercial Bank 
• Rysgal Joint-Stock Commercial Bank;
• Daihanbank State Commercial Bank
• Turkmenistan State Commercial Bank

In the course of the conference its participants discussed a number of topics that are of vital importance to the Turkmenistan fintech community. Those included as follows: 

• State-of-the-art technologies for the digital future of the country 
• ERP system emergence history and development trends 
• In what ways will the smart phone epoch improve customer experience
• In what ways does a bank in the pocket help business grow and develop 
• Endless capabilities and advantages of QR technologies  

Over the past few years, the e-Commerce segment has been demonstrating exponential growth world-wise, as well as in Central Asia. The QR Pay technology that we are proposing for implementation in Turkmenistan as well as in neighboring countries of the region is gradually becoming the principal payment service. Its distinguishing feature is its simplicity for both process participants, i.e. the seller, as well as the buyer. This is the reason why we are confident that the QR Pay technology will deliver against digital transformation, financial inclusion and national economy development goals.

Timur Tlegenov

Colvir Software Solutions Account Manager

Participants of the banking conference were the first to have an opportunity to try out QR Pay technology capabilities using the demo unit where anyone who felt like it could scan the QR code and use it to receive a small souvenir. Starting from November14 the Colvir QR Pay demo unit can be found at the Turkmentel international telecom and IT industry exhibition to be held on November 14-16 at the Congress Hall of the Trade and Industry Chamber. 

The Colvir Fintech Day conference was also visited by participants of the five-day Colvir Organization for Experts bootcamp training held that week in Ashgabat. Colvir Software Solutions is the only IT vendor in Turkmenistan to have a Training Center of its own and a global program for banking IT professional competence development - Colvir Expert Community, being implemented in Kazakhstan, Uzbekistan, Kyrgyzstan and other countriesи. In 2024 the Colvir Expert Community program was being proactively implemented in Turkmenistan including various events, training sessions, online webinars. 

To request a solution demo from Colvir Software Solutions please write to sales@colvir.com.