ArmInfo. Evocabank is starting to implement a number of digital projects aimed at providing financial services within the framework of innovative financial technologies. This became known within the framework of the memorandum of cooperation signed today by Chairman of the Management Board of Evocabank Karen Yeghiazaryan.
The agreement provides for the introduction of the bank's fintech products in post offices, especially in those communities where the bank does not have branches. In particular, thanks to this cooperation, it will be possible to repay Evocabank loans, replenish current and card accounts, and make international money transfers in any post offices. Later, when Haypost launches its own credit company, it is planned to start accepting loan applications, provide loans, including joint loans, and issue co-branded bank cards.
In addition, using the bank's mobile POS technology, customers will soon be able to pay non-cash utility, commercial and postal services at the HayPost office. Evoca mobile POS is reportedly a mobile version of the standard POS terminal that turns any Android smartphone into a payment terminal. The parties also plan to simplify the procedure for opening bank accounts for HayPost Pay e-wallet customers. Thanks to cooperation with HayPost, the Bank's services will become available in about 850 offices. So far, it is not possible to make non-cash payments in the some post offices of Armenia (Haypost). The services provided in Haypost branches are probably the only ones that can not be paid by bank cards yet, but only cash is used. The management of the post office is in no hurry to give up cash, which, according to experts of the country's card market, is more than incomprehensible and it is not clear what is the reason for that.
Evocabank has been operating in the financial market of Armenia since 1990. The Bank is moving towards the widespread use of the latest financial technologies. According to the Financial Rating of Banks of Armenia as of December 31, 2021, prepared by ArmInfo, Evocabank's assets reached $511.8 million, the total capital exceeded $70.3 million. The bank ended 2021 with a net profit of $2.3 million. As of the reporting date, Evocabank's regulatory capital amounted to 34.5 billion drams or $71.9 million (with a regulatory minimum of 30 billion drams). In 2021, after a one-year break, the bank raised funds from the placement of its own bonds in the amount of 5.8 billion drams ($12.1 million), which exceeded the two-year-old figure by 8%.