Humo and Credo Bank to pilot RTGS.global settlement service
Tajikistan’s MDO Humo and Georgia’s Credo Bank have signed pilot agreements for a cross-border settlement service with RTGS.global.
RTGS.global has partnered with Humo and Credo Bank
The pilots will see RTGS.global’s network and financial market infrastructure (FMI) generate liquidity benefits while streamlining historically cumbersome cross-border settlement processes.
Humo is a micro credit deposit organisation offering affordable financial services to Tajikistan’s financially underserved communities. As a member of the Association of Microfinance Organisations of Tajikistan (AMFOT), it promotes a specific focus on serving small and medium-sized businesses (SMBs) operating within the country’s most rural areas.
Established in 2017, Credo Bank is Georgia’s fifth largest bank in terms of total assets. Its services include current accounts, time deposit accounts, student loans, mortgages and SMB loans, and the bank currently serves more than 460,000 retail and business customers.
The pair’s pilot agreements will work to improve cross-border payments and settlements in their respective regions, adhering to the increasing demand among emerging markets for more efficient settlement capabilities.
RTGS.global’s solution is reportedly generating considerable interest among rapidly-developing markets such as Tajikistan and Georgia, extending throughout Central Asia, the Middle East and Africa.
To facilitate this interest, a global Banks Working Group, incurring some of the industry’s largest multinational banks from across the Americas, EMEA and APAC region, was formed with RTGS.global this spring.
The group is to collaborate in partnership with the FMI, leveraging its network and expertise to advance cross-border payments and ultimately enhance the global banking ecosystem.
For Marcus Treacher, executive chair at RTGS.global, the partnerships “highlight the demand for innovative solutions to the historic and emerging challenges associated with payments and liquidity management”.
“What we are seeing in countries such as Georgia and Tajikistan is a recognition that they can provide a far superior experience for customers by offering efficient and seamless services based around frictionless cross-border payments and settlements,” comments Treacher.
CEO Jarrad Hubble, who assumed the position on a permanent basis in May, adds: “We knew 2023 would be a pivotal year for our business as we achieve the next phase of our growth. Our ability to serve both established and emerging markets demonstrates a genuine commitment to fixing issues across the global financial system.”
As it continues to expand into new regions and engage central banks and commercial banks, RTGS.global has recently made several strategic new hires and claims to be on course for further growth this year.
