Farrukh Kholmukhamedov

Career

1. 2024 — now

   Paynet

   Payment organisation licensed by the Central Bank of Uzbekistan. More than 23 million paying users a month across its ecosystem.

   1. Oct 2025 — now

      Head of Business Development

      • Lead three teams that sign up and serve small and medium⁠-⁠sized businesses: the bazaar field team, B2B after⁠-⁠sales and B2B cold sales.
      • Rebuilt the department in six weeks: four grade levels, three specialised teams, KPIs for each, a budget and hiring plan for 2026.
      • Own the department’s P&L: commission revenue from products for medium and large businesses. These are payments in the Paynet app, at kiosks and agent points, and in the apps of banks and fintech companies that are our agents, as well as payments through internet acquiring and Paynet Pass. More than 500 merchants use these products.
      • Lead business development for Xolis, live in Uzbekistan’s markets since 1 November 2025: signing up traders at Tashkent’s bazaars, partner integrations and the commercial roadmap.

   2. Jan — Oct 2025

      Head of Product Development

      • Led product strategy, roadmap and delivery for the new lines of Paynet 2.0, the programme that turned a payment app into a broader financial service.
      • Launched gold accounts, a crypto wallet and a crypto store in the app, as well as instalments and cross⁠-⁠border transfers.
      • Prepared Xolis for launch.

   3. Apr — Dec 2024

      Head of Product, B2C mobile app

      • Responsible for the growth, engagement and monetisation of the consumer app, which reached 2.6 million monthly active users.

2. 2022 — 2024

   CloudPayments Uzbekistan

   General Manager

   Internet acquiring and payment gateway provider; the Uzbekistan subsidiary of CloudPayments, which was part of Tinkoff Group (now T⁠-⁠Technologies).

   • Full P&L responsibility for the country business: strategy, budget, team, partnerships, compliance, and reporting to head office and local authorities.
   • Built partnerships with e⁠-⁠commerce companies, banks and government organisations; negotiated better terms with acquiring banks and payment systems.
   • Launched new products and processes and introduced regular financial reporting.
   • In 2023 Uzbekistan raised the minimum capital for payment organisations, and the shareholder decided to liquidate the company. Proposed a better way out: selling the legal entity with its licence, without the software or the client base. Found the buyer and closed the deal.

3. 2021 — 2022

   Aloqabank and AloqaVentures

   Managing Partner of AloqaVentures, Project Manager at Aloqabank

   AloqaVentures is the venture fund of Aloqabank.

   • Set the fund’s long⁠-⁠term strategy and carried it out.
   • Sourced, assessed and structured venture deals with IT companies able to grow abroad, together with institutional and private co⁠-⁠investors and industrial partners.
   • Arranged project financing with banks and partners; represented the fund on the boards of portfolio companies on strategy, budgets, major transactions and the choice of management.
   • Built relations with regional and international venture organisations and funds.

4. 2018 — 2021

   TBC UZ

   Senior Developer to Team Lead

   Uzbekistan’s first digital bank, part of TBC Bank Group.

   • Senior software developer in the team that launched the bank: designed the core banking API (OpenAPI, REST), integrated the core banking, product and BPM systems, and set requirements for vendors.
   • From June 2020 led the Daily Banking squad: sprint and backlog planning, team processes, the single point of contact for the business.
   • From September 2020 led the integrations team and set up the process for new integrations with foreign and local vendors.

5. 2017 — 2018

   Sberbank

   Lead IT Engineer

   Innopolis.

   • Rebuilt the Spasibo loyalty programme section of the Sberbank Online mobile app on Clean Architecture, with unit⁠-⁠test coverage above 80%.