Digital payment platform Wirex has signed a memorandum of understanding (MoU) with the Uzbekistan Direct Investment Fund to assist the Uzbek government in implementing blockchain solutions as well as distributed ledger technology for various government services.

Wirex also intends to contribute financial investment for projects that will support the development of finance and blockchain sectors to enable 35 million Uzbekistanis to access the benefits of blockchain technology.

Wirex APAC managing director Svyatoslav Garal said: “Over the past 7 years, our company has gathered tremendous experience in developing blockchain technologies and has built one of the best platforms in the world.

“Aligning closely with our goals, this partnership is a significant milestone not only for Wirex and Uzbekistan, but also for blockchain more generally. We’re excited to work alongside the Uzbekistan Direct Investment Fund in order to help the sector thrive, enrich the financial ecosystem there and set a benchmark for other countries, and ultimately expand.”

The government of Uzbekistan has collaborated with Wirex as a part of its goal to make Uzbekistan a central Asian leader in adopting innovative financial technology.

Uzbekistan Direct Investment Fund director Atabek Nazirov said: “Being located in the heart of the Central Asia, with traditions infused by the Great Silk Road, Uzbekistan has always played a critical role in the economic and financial growth of the region.

“To continue this path, it’s vital we take advantage of opportunities within the global fintech space and utilise new technologies, including blockchain and distributed ledger. Wirex is a global veteran and one of the fintech leaders, with regulatory expertise in multiple markets.

“They already possess what we need to achieve this, including the global regulatory landscape and technical aspects of blockchain integration. We’re delighted to choose to partner with Wirex.”

Wirex, which was founded in 2014, developed a crypto-enabled payment card to let users spend crypto and normal currencies in real life.