Uzbekistan’s competition committee pointed out the need to co-ordinate the merger of the Uzum group and the Click payment service. Both companies inked a merger agreement in June 2023.

The companies have plans to transform Click into a superapp, making it one of the key entry points into the ecosystem of the expanded digital products and services of the companies. At the same time, Uzum Market customers will be provided with new opportunities in obtaining and paying for orders, including at more than 180 pick-up points across the country.

The head of the competition committee, Shokhrukh Shorakhmedov, noted that the merger of two large fintech companies could take place only with the approval of the regulator. At the same time, he indicated that he considers the very preparation for the transaction to be a normal phenomenon.

The parties have the right to reach a preliminary agreement and submit the necessary documents to government agencies. After receiving all permits, they will be able to conclude a final agreement.

"However, for this, the committee [...] must give permission for their association. The fact is that these are very large companies," Shorakhmedov stressed. "Whether we will give it or not, I cannot say, because we still have to study [the situation]."

The participants of the transaction must provide information about their assets, turnover, as well as indicate their main competitors in the market. The committee will find out from other companies their attitude to the future transaction and ask them to name the likely risks.

Shorakhmedov noted the rapid growth of Uzum and the presence of an extensive base of more than 11mn Click users. Other payment services also have a multimillion-dollar clientele, which means the potential for a monopoly.

"With the availability of a payment service, you can freely use banking services," the official said. "If they try to unite without our permission, we will punish them."