CBU Revokes License of Additional Payment Organization
The Central Bank of Uzbekistan has recently made the decision to revoke the license of United Payment Solution JSC, a payment organization. This news was announced by the regulator’s press service.
The official statement released on the Central Bank’s Telegram channel revealed that the Board of the Central Bank of the Republic of Uzbekistan had taken the decision to revoke United Payment Solution JSC’s license to operate as a payment organization. This action was deemed necessary as it was discovered that the organization had not been operational for a year since receiving the license. As a result, the company has been removed from the register of payment organizations.
This development comes after the Central Bank had previously revoked the licenses of three other payment organizations. The decision to revoke licenses is in line with the regulator’s efforts to ensure the smooth functioning of the financial sector and to uphold the integrity of payment organizations in Uzbekistan.
The Central Bank’s measures highlight the importance of compliance and operational efficiency in the financial industry. The revocation of licenses serves as a warning to other payment organizations to adhere to regulatory guidelines and maintain proper operations to avoid similar repercussions in the future.
