A delegation of Trustbank Private Joint-Stock Bank (PJSB), headed by Chairman of the Management Board Mr. S. Normukhamedov, is participating in the prestigious SIBOS 2026 International Financial Forum, taking place in Miami, USA, from 28 September to 1 October 2026.
SIBOS is the world’s premier event for the financial services industry, bringing together leading representatives of banks, fintech companies, and regulatory authorities to discuss emerging trends, exchange expertise, and establish strategic partnerships. This year, participants from more than 160 countries have gathered to discuss the theme “Digital Finance for AI-Powered Economies”.
The visit of the Trustbank delegation to the United States marks an important milestone for the Bank. Trustbank recently opened a direct USD correspondent account with BMO Bank (Bank of Montreal), one of the largest financial institutions in North America. This achievement was made possible through the implementation of an innovative trilateral cooperation framework formalized under a Master Services Agreement signed on 20 July 2026 between Trustbank and the U.S.-based fintech company OWNY Inc.
On the sidelines of the forum, Trustbank’s senior management held meetings with executives of BMO Bank and OWNY Inc. The primary objective of the discussions was to jointly review the strategy for implementing and operationalizing correspondent banking services, including connectivity to the Bank Gateway platform and the integration of secure APIs. These face-to-face meetings are expected to accelerate project implementation and establish a solid foundation for long-term cooperation.
The parties also discussed mechanisms for seamless payment processing, payment routing through the newly established USD correspondent account, and the application of artificial intelligence technologies to enhance transaction processing speed within the SWIFT network.
Maintaining a direct correspondent account in the United States will enable Trustbank to optimize its U.S. dollar operations, expand payment capabilities, and provide customers in Uzbekistan with maximum speed, efficiency, and reliability in cross-border transactions.
In addition, Trustbank’s management held important bilateral discussions with senior representatives of BNY (The Bank of New York Mellon), the oldest bank in the United States. The parties explored prospects for establishing direct correspondent banking relationships and opportunities for conducting cross-border U.S. dollar clearing operations.
Participation in this major global event will further strengthen Trustbank’s position and visibility within the international financial community.
BNY (The Bank of New York Mellon) was founded in 1784 and is the oldest bank in the United States, as well as one of the world’s largest global financial institutions. The Bank operates across asset management, securities servicing, and corporate banking. Total assets under custody and/or administration amount to USD 62.6 trillion, while assets under management stand at USD 2.2 trillion. BNY reports total balance-sheet assets of USD 472.3 billion and shareholders’ equity of USD 44.8 billion, with a Tier 1 Capital Ratio of approximately 11%. The Bank holds strong investment-grade credit ratings, including AA– from Fitch, Aa3 from Moody’s, and A from S&P, all with stable outlooks.
BMO Bank N.A., a member of BMO Financial Group (Bank of Montreal), has been operating since 1817 and is among the oldest multinational banking institutions. The Group ranks as the eighth-largest bank in North America, is among the top 15 commercial banks in the United States, and serves more than 13 million customers. As of mid-2026, BMO reported total assets of USD 1.10 trillion and shareholders’ equity of USD 58.9 billion, while maintaining a strong Common Equity Tier 1 (CET1) ratio of 13.0%. BMO has been recognized by Global Finance as a leading provider of transaction banking services in North America.
OWNY Inc is a U.S.-based international fintech company that operates not as a traditional bank but as a technology partner to financial institutions. The company brings together software developers and financial engineers from around the world to create advanced technology platforms and specializes in the optimization, automation, and end-to-end management of cross-border payments. OWNY’s core value lies in its intellectual property and technological infrastructure, which enable financial institutions to reduce costs, eliminate intermediaries, and accelerate international transactions through innovative digital solutions.
