Paynet expands its investment arm: subsidiary FurtherIT invests in GoInvest
Paynet subsidiary FurtherIT is investing 17.2 billion soums in GoInvest and plans to gradually increase its stake to 51%. The deal will expand Paynet's financial ecosystem and provide users with access to local and international stock markets.
Paynet Expands Investment Horizons: FurtherIT Invests in GoInvest
FurtherIT LLC, a subsidiary of Paynet JSC, is investing 17.2 billion soums in GoInvest LLC. FurtherIT plans to increase its stake in GoInvest to 51%. This investment is part of Paynet's long-term strategy to develop the digital financial ecosystem and expand the range of financial and investment services.
Following the completion of the investment transaction, the parties intend to focus on developing digital channels for accessing capital markets, expanding the range of investment products, implementing advanced remote brokerage technologies, and increasing the accessibility of investment instruments for individuals. Specifically, citizens of Uzbekistan will be given the opportunity to trade securities on both domestic and international stock markets, including the US market.
As part of these plans, brokerage account replenishment will be possible through e-wallets, as well as the use of companies' mobile apps and Paynet's extensive user base interested in participating in trading on international stock markets.
A separate area of cooperation will be dedicated to improving the financial literacy of beginning investors. To this end, educational courses and training sessions will be organized across the country to help users gain knowledge about the securities market and investment principles.
One of the key aspects of the collaboration will be the integration of GoInvest's investment services into the Paynet ecosystem. This will unify payment, financial, and investment solutions in a single digital environment.
GoInvest is a digital investment platform that provides access to securities transactions on the capital market of the Republic of Uzbekistan through a mobile app.
"Development of the investment segment is one of Paynet's strategic priorities. Combining the capabilities of Paynet and GoInvest will make modern investment services even more accessible to clients," commented Anvar Isamukhamedov, CEO of Paynet.
Legal and advisory support for the investment transaction was provided by specialists from PricewaterhouseCoopers (PwC), who provided comprehensive expert support throughout all stages of the transaction preparation, structuring, and final closing.
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