Uzbekistan unveils fintech plan to draw USD $1 billion

Uzbekistan has unveiled a National FinTech Strategy targeting USD $1 billion in investment. The plan was presented at the Silk Road Finance and Technology Forum in Tashkent.

Covering 2026 to 2030, the strategy aims to train 5,000 specialists by the end of the period. It also includes plans for a Central Bank Innovation Hub, a venture fund, changes to open-banking and regulatory sandbox rules, updated payment infrastructure, and a central bank digital currency whitepaper.

According to organisers, the forum drew more than 8,500 delegates from 77 countries. It was organised by the Central Bank of Uzbekistan and the Global Finance and Technology Network, with Ant International as co-host.

At the centre of the event was Uzbekistan's effort to turn a broader economic reform drive into a financial-market proposition for overseas capital. Thirty global investors representing USD $4 billion in assets under management attended discussions on possible investment in the country's financial technology sector.

Uzbekistan enters this phase with digital-payment adoption above 70%, about 100 fintech start-ups, and a young population, officials said. A USD $50 million venture fund set up under the central bank is intended to attract private investment alongside public backing.

Cross-border focus

Much of the discussion centred on a problem shared across many emerging markets: domestic payments are getting faster, but cross-border transactions remain costly and slow. The issue carries particular weight in Central Asia, where remittance flows account for a large share of economic output in several countries.

Figures presented at the forum showed remittances at about 15% of Uzbekistan's GDP, 17.6% of the Kyrgyz Republic's, and 46% of Tajikistan's. Participants pointed to fragmented technical standards, differing know-your-customer rules, foreign-exchange controls, and correspondent banking structures as barriers to smoother transfers.

Uzbekistan is prioritising payment links with Kazakhstan, the Kyrgyz Republic, and Tajikistan, while also exploring financial corridors connecting Central Asia with China, India, Gulf markets, and Southeast Asia. The policy direction discussed in Tashkent focused on interoperability between national systems rather than a single common rulebook.

Former central bank governors from Kenya and Thailand argued that fast payments alone would not be enough. They said digital identity systems, real-time payment links, consent tools, and secure data exchange would also be needed to build practical regional networks.

Digital finance debate

The event also highlighted how digital money and artificial intelligence are moving up the policy agenda in Uzbekistan. Central bank officials described a model under consideration in which a wholesale central bank digital currency could act as a settlement layer for privately issued stablecoins, with licensed institutions handling customer relationships and tests taking place through a regulatory sandbox.

Those discussions reflected a wider regulatory dilemma around tokenisation and digital assets. Move too early, and rules can limit market development; move too late, and risks can spread more widely through the financial system.

Artificial intelligence raised a similar question over responsibility. Delegates argued that banks could not shift accountability for decisions onto external AI models, cloud suppliers, or data infrastructure providers simply because those tools sit outside the institution itself.

The sense of urgency has grown alongside the country's rapid adoption of digital payments. Officials said usage rose from 39% in 2021 to 72% in 2025, while the central bank is moving towards risk-based cyber supervision through a four-level cybersecurity maturity framework for banks.

Islamic finance

The final day turned to Islamic finance, where Uzbekistan set out a three-stage market development plan. Islamic microfinance is already operating through 12 institutions offering Shariah-compliant products, creating an initial base for the sector.

The second stage is Islamic banking. Legislation introduced this year created a licensing framework for Islamic banks and Islamic windows, with two-tier Shariah governance and tax neutrality built into the structure.

Islamic capital markets make up the third stage, with proposed legislation including a dedicated sukuk chapter moving through the legislative process. A five-year national roadmap, developed with the Islamic Financial Services Board and approved by the Cabinet of Ministers, contains 39 actions across five themes for 2026 to 2030.

The forum ended with what participants called the Azimuth Intent, setting out two initial areas for international cooperation: a shared regulatory sandbox for digital Islamic finance and a joint aim to increase customer adoption of Islamic financial products across the Gulf, Central Asia, and South Asia.

Deals signed

Several commercial and institutional agreements were announced alongside the policy agenda. They included a partnership between HUMO and Gorgona AI to explore infrastructure for AI-agent payments, and an arrangement between OSON and Tenpay Global to develop payment connectivity between Central Asia and China.

The Central Bank of Uzbekistan also agreed on institutional cooperation with the National Bank of Cambodia covering monetary policy, payment systems, financial inclusion, training, and research. Separate agreements linked the Fintech Association of Uzbekistan with groups in Latvia, Azerbaijan, and Türkiye on market entry, cross-border payments, and regional cooperation.

Another agreement involved Alipay+ and HUMO, which launched interoperability allowing Alipay+ users to make QR-code payments in Uzbekistan through HUMO infrastructure. Together, the agreements underlined the broader effort to connect Uzbekistan's financial system to networks beyond Central Asia.

The event also included a coding hackathon run by the central bank and partner institutions. More than 65 teams entered the six-month competition, with 20 teams and 75 participants reaching the final round to present responses to banking and financial-sector problems.

The 30 global investors representing USD $4 billion in assets under management used the forum to explore capital deployment opportunities, engage with founders, and assess the conditions needed to build scalable companies from Uzbekistan.