AI is changing almost every part of financial services. But having the technology and actually building a successful business with it are two very different things. Oliver Hughes has spent more than two decades building and scaling digital financial businesses, and today he is Head of International at London-listed TBC Group. Oliver, great to have you with us.
Thank you for having me.
For someone meeting you for the first time, what has been the common thread throughout your career?
I would say it is about people — the teams and the capabilities that those different teams bring to the different markets where they are building. It is about mindset, organisational design, and an entrepreneurial spirit. A real desire to make a positive impact and change people's lives for the better. Financial services is a very high-impact area of people's lives. If you can bring things that make difficult things — like saving, investing, borrowing, and travelling — easier, that is a fantastic thing to do.
Bring us up to speed on TBC. What are you building internationally today and where does Uzbekistan fit?
TBC Bank is the largest bank in Georgia and the largest digital bank. It is a fully universal bank — offering everything from current accounts to mortgages to investment products. The jewel in the crown of TBC internationally is Space, a digital bank launched in Uzbekistan in 2020. Uzbekistan is a very exciting market — a population of 38 million people, 60% under the age of 35, growing at 6 to 7% GDP, with GDP per capita expected to double within the next decade. Uzbekistan is the only country in Central Asia with demographic growth. TBC saw a very significant opportunity there. We are now at the point where Space has reached roughly a third of the population.
How did TBC approach building a digital bank from scratch in Uzbekistan?
We approached it from a mobile-first perspective. The model was deliberately different from Georgia. We built products and a proposition tailored to Uzbek customers' needs and financial behaviours. We kept it very nimble — experimenting, trying new products, seeing what resonated, and doubling down on what worked. And throughout, we have used AI and machine learning as critical components of product development — whether it is to score credit risk, personalise the customer experience, or generate insights that allow us to serve customers better.
Thank you so much for your time, Oliver.
Thank you very much.
