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Uzbekistan has the necessary potential to become a centre of fintech innovation in Central Asia

Within the framework of the Tashkent International Investment Forum, a panel session “Fintech in Uzbekistan: modern development trends" was held, which brought together leading experts and specialists of the industry. All speakers noted the high interest and relevance of the issues discussed in the context of global economic trends and the specifics of the region. The session focused on analysing the current state of Uzbekistan's fintech market, its dynamic growth and integration of modern technologies. The participants discussed how the introduction of innovations contributes to the competitiveness of the country's financial sector and considered the prospects for the development of digital wallets, e-commerce and digital banking services. Mark Shmulevich, managing director of Aloniq, focused on the favourable conditions for financial technology startups in Uzbekistan. According to him, the country has the potential to become a centre of fintech innovation in Central Asia, thanks to government support and active attraction of foreign investment. Educational aspects, including digitalization and information security, also figured prominently in the discussions. Experts expressed the view that Uzbekistan should pay more attention to the training of qualified fintech professionals to support the sustainable development of the industry. The speakers paid special attention to the discussion of the “Digital Uzbekistan 2030” strategy, which is designed to stimulate financial inclusion and digital transformation. According to them, the penetration of mobile communications and the Internet in the country creates a favorable basis for the implementation of ambitious plans aimed at strengthening Uzbekistan's technological leadership in the region. Nargis Dustmatova, Director of the Fintech Association of Uzbekistan, particularly noted that this year things are going very well in retail banking. Especially, banks are creating and introducing many interesting products to serve retail customers. But the development of corporate banking is lagging a bit behind. 'It is important to note some figures: mobile penetration is 90% and internet penetration is over 77%. We can say that Uzbekistan boasts a large population using mobile financial services. And we know that for any technology team, this accessibility infrastructure is critical. Finally, the 'Digital Uzbekistan 2030' strategy prioritises financial inclusion and digital transformation of the country. It also creates a favourable environment for technology companies that want to position their services in this market. We think that this growth factor will bring scale, growth and also attract more investments to this market in the future. The evidence of this growth in the market is the significant expansion of digital payments."- the speaker disclosed. The Forum emphasized the importance of international cooperation and exchange of experience in the field of fintech, and reaffirmed Uzbekistan's commitment to creating an innovative, open and attractive investment environment for global and local enterprises.