Building the Digital Future with Seamless Core Banking Implementation
As the financial landscape evolves, driven by digital transformation, microfinance institutions (MFIs) are leveraging innovative technologies to enhance efficiency and better serve their clients. Recently, Oxus Kyrgyzstan, a prominent Kyrgyz microfinance institution (MFI), collaborated with Aspekt to drive a major technological transformation through the implementation of a modern core banking solution.
This collaboration marks a pivotal milestone in Oxus’s mission to provide accessible and reliable financial services while embracing a digitally-enabled future.
In this interview, we hear from Denis Khomyakov, CEO of Oxus Kyrgyzstan, and Borce Dimovski, Managing Partner at Aspekt, who share insights into the motivations, process, and outcomes of this transformative partnership.
To start, could you share a bit about the motivations behind and what led Oxus Kyrgyzstan to embark on this core banking transformation journey with Aspekt?
Denis Khomyakov, CEO of Oxus Kyrgyzstan:
OXUS is a dynamic microfinance network operating in Kyrgyzstan, Afghanistan, and Tajikistan, with a mission to empower underserved communities through accessible microcredit and essential financial services. The company has established itself as a stable force in Kyrgyzstan’s microfinance sector, consistently achieving robust annual growth in financial performance and demonstrating resilience in meeting the evolving needs of its clients.
As our operations expanded, we realized the need to implement a modern and flexible system that could support our growth and growing client base.
After evaluating several vendors and conducting the tender procedure, we chose Aspekt due to its reputation for robust, innovative banking solutions, with deep expertise. Their strong local presence, including a dedicated office in Kyrgyzstan, made them an ideal partner for understanding and meeting our specific needs. With this partnership, we aim to strengthen our competitive edge, ensuring we can deliver seamless, responsive services that meet the expectations of our clients today and in the future.
What were the main challenges faced by Oxus Kyrgyzstan during the transformation process, and how were they resolved?
Denis Khomyakov, CEO of Oxus Kyrgyzstan:
Every major technological transformation comes with its own set of challenges, and ours was no exception. One of the key challenges was transitioning from multiple fragmented legacy systems which were difficult to integrate among each other and moreover with third party systems, thus resulting in manual assignments. The solution was a centralized, fully integrated platform that unified all processes and additionally proved to be easy to connect with external services (Tunduk Information Systems). This required not only technical upgrades but also a shift in how our teams approached day-to-day operations. It demanded careful change management to align processes, build confidence, and ensure a smooth transition across all levels of the organization
Thanks to the Aspekt team’s expert approach, we started with a clear project implementation plan and launched an extensive training program to prepare our staff. Their involvement and local support helped us feel confident during the transition.
With Aspekt’s expertise, we began with a well-defined project plan and implemented a comprehensive training program to prepare our staff for the change. Their hands-on approach and dedicated local presence ensured that our team felt supported throughout the process. Another challenge was ensuring minimal disruption to our services during the transition. Thanks to meticulous planning and a phased implementation, we were able to keep operations running without any disruptions.
Partnering with Aspekt helped us tackle compliance challenges more effectively. Their automation reduced manual oversight, minimized errors, and ensured a smooth transition, positioning us for sustained success.
Could you tell us a bit about the technology Aspekt brings to this partnership? How does your solution support institutions like Oxus Kyrgyzstan?
Borce Dimovski, Managing Partner at Aspekt:
Absolutely! At Aspekt, we deliver innovative, transformation-driven technology tailored to the needs of financial institutions. Our flagship solution, the Aspekt Product Suite, is built on a modular, domain-driven architecture designed to simplify core banking processes, automate tasks, and integrate seamlessly with third-party systems.
This solution combines decades of industry expertise with advanced core banking technology, delivering a flexible and scalable platform. Its flexible, modular design empowers financial institutions to tailor functionalities to their growth strategies, operational needs, and budgets. Moreover, our suite empowers institutions like Oxus Kyrgyzstan to tackle both traditional banking needs and digital-first services.
The implementation of the Aspekt Product Suite has delivered remarkable outcomes for Oxus Kyrgyzstan. We’ve consolidated their fragmented legacy systems into a centralized platform, enhancing efficiency through a complete loan origination workflow, precise approval schemas, tasks and process automation, dynamic document creation, and more. Regulatory compliance has also been streamlined, ensuring accurate and timely reporting.
Moreover, our collaboration has advanced sustainability by reducing paper consumption with system-generated documents. Finally, the system is future-ready, equipped to integrate seamlessly with third-party services such as Passport Service, Credit Bureaus, Social Fund and other government platforms, setting a solid foundation for fast and precise information obtaining, loans processing and continued growth and innovation.
How has the implementation process unfolded, and what are the initial outcomes?
Denis Khomyakov, CEO of Oxus Kyrgyzstan:
The transition to a new banking system is not just a change in technology, it is a strategic step towards future growth. The implementation process went surprisingly smoothly thanks to the professionalism of the Aspekt team.
From the very beginning, they delivered on all their commitments and even exceeded expectations, ensuring our team had confidence in using the new system. After the launch, we were able to successfully migrate to a centralized system that unifies all operational processes.
Early results include streamlined workflows, increased transaction speeds, and improved data processing quality. Operations previously dependent on the head office are now automated at the branch level, speeding up customer service.
Internal communication has been significantly reduced, system reliability has been increased, and compliance has been simplified through pre-defined data entry formats and built-in reporting within the system.
These improvements help us remain agile and responsive, enabling us to better serve our customers and strengthen our position in the market.
How do you see digital transformation influencing the future of microfinance institutions like Oxus Kyrgyzstan?
Borce Dimovski, Managing Partner at Aspekt:
Digital transformation is no longer optional—it’s a necessity for financial institutions that want to remain competitive and relevant. For microfinance institutions like Oxus Kyrgyzstan, this means leveraging technology not just to streamline operations but to better understand and serve their clients.
With digital tools, MFIs can enhance client experiences through faster services, personalized product offerings, and improved accessibility. Data-driven insights allow institutions to make informed decisions, optimize loan portfolios, and identify new opportunities for growth. Moreover, digital transformation supports financial inclusion by enabling institutions to reach underbanked populations through mobile banking, digital wallets, and other innovative solutions, bridging the gap between traditional financial services and those previously excluded from the formal economy. This fosters economic empowerment, improves access to loans, and facilitates sustainable development within local communities.
The implementation of a modern core banking system, such as the Aspekt Product Suite, lays the groundwork for these advancements. For Oxus Kyrgyzstan, this is just the beginning. As they expand their digital footprint, they’re on track to set a new standard in microfinance in Kyrgyzstan.
What impact do you expect this new system to have on Oxus Kyrgyzstan’s future growth in the region?
Denis Khomyakov, CEO of Oxus Kyrgyzstan:
This core banking upgrade is a strategic step toward strengthening our position on the market. With this modern system, we are equipped to scale operations efficiently, even as we expand our client base and portfolio. The streamlined workflows and automation not only enhance operational agility but also enable us to introduce innovative financial products tailored to our clients’ evolving needs.
This upgrade also lays a solid foundation for broader digital transformation initiatives. From integrating advanced third-party systems to leveraging data-driven insights, the system enables us to stay ahead in a competitive market while adopting sustainable practices, including reducing paper consumption and transitioning to an eco-friendlier operational model.
Moreover, the system strengthens our ability to deliver personalized, agile, and customer-centric services, significantly improving the overall client experience. With features designed to ensure compliance with regulatory standards, we can operate with greater confidence and mitigate risks effectively.
Looking forward, what’s next for Aspekt’s partnership with Oxus Kyrgyzstan?
Borce Dimovski, Managing Partner at Aspekt:
Our partnership with Oxus Kyrgyzstan is an example of how innovative core banking solutions can empower financial institutions to thrive in dynamic markets. Moving forward, we’re focused on continuing to support Oxus Kyrgyzstan in realizing their strategic vision for digital transformation.
Building on the successful implementation of the Aspekt Product Suite, our collaboration with Oxus Kyrgyzstan is set to focus on advancing their growth and innovation in several key areas. We aim to expand digitalization by introducing new modules and technologies designed to enhance operational efficiency and deliver an exceptional customer experience. Additionally, we are committed to equipping Oxus Kyrgyzstan with cutting-edge tools that will reinforce their position.
Our efforts will also prioritize seamless integration with various platforms, ensuring greater efficiency and adherence to regulatory requirements. To support Oxus Kyrgyzstan’s growing operations, we are providing scalable solutions that adapt to their needs, guaranteeing both sustainability and agility.
The success of this project highlights the potential for even deeper cooperation, and we are pleased to support Oxus Kyrgyzstan in expanding operations, launching new financial products and strengthening their growth in the microfinance sector. Together, we are setting a benchmark for how Kyrgyz financial institutions can move into the future with confidence and determination. We are not just introducing technology, but creating a solid foundation for success, innovation and sustainable growth in the region.
