TBC Uzbekistan Welcomes Global Fintech Leaders: David Nangle of VEF and Matthew Risley of QED Investors join the Board chaired by Oliver Hughes
TBC Bank Group PLC (“TBC PLC”) is pleased to announce the appointment of a Supervisory Board for JSC TBC Digital (“TBC Digital”), the recently established holding company overseeing TBC PLC’s operations in Uzbekistan.
TBC Digital’s new Board brings together world-class fintech and global investment expertise, further strengthening the company’s governance and strategic direction as it continues to scale at pace in the fast-growing market of Uzbekistan. The newly appointed Board members are:
- Oliver Hughes, Head of International Business at TBC Bank Group, has been nominated by TBC Bank Group to the position of Chairman of the Board at TBC Digital. Oliver, who is also a member of the Board at Tabby, MENA’s financial services and shopping app, brings extensive leadership experience in digital banking. He previously served as CEO of Tinkoff, where he led its evolution from a consumer lending startup into one of the world’s most successful and profitable digital financial ecosystems. Prior to Tinkoff, Oliver was head of Visa International in Russia.
- David Nangle, CEO and co-founder of VEF, a Stockholm-listed investment company specializing in high-growth fintech businesses in emerging markets, has been jointly nominated to the Board by the EBRD and the IFC. Over the past 10 years at VEF, David has had a front row seat for cutting-edge fintech innovation, investing in the future of finance across numerous scale growth markets including Brazil, India, Turkey and Mexico. His extensive background also includes prominent roles as Head of Financials and Research at Renaissance Capital, as well as Head of EMEA Financials Research at ING Barings. He brings over 20 years of experience in the financial services sector across emerging markets.
- Matthew Risley, Partner Emeritus at QED Investors, a leading U.S.-based VC firm focused on investing in disruptive financial services companies, joins the Board as an Independent Director. Prior to joining QED, Matthew served as the CFO & Chief Credit Officer at European fintech unicorn Klarna. Before joining Klarna, Matthew advised fintech and large financial services providers on strategy and risk management with Treliant Risk Advisors, a financial services consulting firm. Matthew started his career at Capital One, a trailblazer in its pioneering use of data-driven direct marketing to revolutionize consumer lending—an innovation that has inspired many of today’s global fintechs and digital banks.
The establishment of the Board marks an important step in consolidating and streamlining TBC’s Uzbekistan operations under a single entity, as TBC continues to expand and diversify its offering in Central Asia’s most populous nation.
Oliver Hughes, Chairman of the Board at TBC Digital, commented: "I am delighted to step into my newly established role with TBC Digital and welcome my fellow Board members, who bring with them unparalleled international expertise in fintech, banking, and investment. Uzbekistan offers one of the most exciting global digital banking opportunities. We’re at the forefront of building the next generation digital bank here, and with our star-studded board, we are proud to elevate the country’s standing on the global fintech stage. With the establishment of TBC Digital and its Board, we are well-positioned to continue to drive long-term, sustainable growth for TBC Uzbekistan and unlock additional value for our shareholders. The Board’s guidance and strategic oversight will be instrumental as we continue to scale TBC Uzbekistan."
David Nangle commented: “I am excited to be joining the Supervisory Board of TBC Digital. I have been following TBC Group since its IPO back in 2014 and have closely tracked its progress as the Group successfully expanded its footprint from Georgia to the high opportunity, high growth Uzbekistan market. I love working with fintech pioneers in scale opportunity markets, and TBC’s delivery has been stellar to date in Uzbekistan. The company is still early in its story, given the stage of the market evolution. I am proud and honoured to join the Board and work with Oliver and Matthew, as well as with Vakhtang, Nika and the rest of the TBC Bank Group team. I look forward to contributing to TBC Uzbekistan’s continued success.”
Matthew Risley commented: “I am truly pleased to join the Board and bring my experience from top global fintech companies and the investment community in the U.S. to the table. TBC Uzbekistan has already made impressive strides in becoming a leader in Central Asia’s digital banking ecosystem, and it’s been exciting to see how quickly the business has scaled. I’m looking forward to contributing to the continued success of TBC Uzbekistan. The potential for growth in Uzbekistan is immense, and I’m confident that with the strong foundation TBC has built and the exceptional leadership at the helm, TBC Uzbekistan is well-positioned to continue driving innovation and deliver long-term, sustainable value to stakeholders as the region’s digital banking landscape continues to evolve.”
The new governance structure follows the creation of TBC Digital, jointly owned by TBC PLC (79.7%), EBRD (10.15%) and IFC (10.15%). The new Board arrangements have already come into force.
For further enquiries, please contact:
Director of Investor Relations
Andrew Keeley
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group’s mission is to make people’s lives easier by providing digitally-led financial services to retail and corporate customers. TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan.
TBC Bank Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38.0% of customer loans and 36.9% of customer deposits as of 31 March 2025, according to data published by the National Bank of Georgia.
TBC Uzbekistan is the leading digital banking ecosystem in Central Asia with 20 mln unique registered users that includes TBC Bank Uzbekistan, the country’s largest mobile-only bank, Payme, a leading digital payments app for individuals and small businesses, and Payme Nasiya, an instalment credit business.
TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.