The Central Bank of Uzbekistan has approved a National Strategy for the Development of Financial Technologies for 2026–2030. According to the document, by the end of 2030 the country aims to become the most attractive jurisdiction in Central Asia for fintech companies, while ensuring that digital finance is safe, simple, and inclusive for citizens and businesses.
The strategy will be implemented in three stages. In 2026–2027, the focus will be on building the basic infrastructure of the fintech market; in 2028–2029, the plan is to launch Open Banking, expand digital identification and integrate payment systems; and by 2030, Uzbekistan intends to solidify its position as a regional fintech hub. As Central Bank Chairman Timur Ishmetov stated, when open banking is introduced, fintech companies are expected to enter the traditional banking market, which will ultimately stimulate competition and innovation.
One of the key directions of the strategy is to create an ecosystem that supports fintech companies from idea to business expansion. This system will include an Innovation Hub, a “regulatory sandbox” (a special legal regime allowing market participants to test new products and services in a controlled environment), a personnel training system, financing mechanisms, and tools for banks to cooperate with fintech companies. Startups will be able to go through incubation, testing in a regulated environment, licensing, and subsequent scaling. It is planned to prepare 20–30 fintech startups annually for entry into foreign markets and to create conditions for attracting up to $1 billion in investment in the sector by 2030.
A separate section of the strategy is devoted to building digital finance infrastructure. The development of Open Banking and open APIs is planned. These will allow financial institutions and other market participants to securely exchange data based on customer consent. This is expected to foster new business models, increase competition, and advance financial services. The strategy also envisages improving the digital identification system for remote customer identification, fraud prevention, and easier access to financial services. In 2026–2027, pilot projects on the use of digital ID will begin, and in 2028–2029, this infrastructure is to be rolled out across the entire financial sector.
The strategy provides for testing in a controlled environment the tokenization of real assets such as securities, as well as improving the interoperability of various financial services. The Central Bank also plans to identify priority areas for the use of artificial intelligence in finance and launch relevant pilot projects. AI will be used in supervisory activities, particularly to detect financial crimes. The strategy includes SupTech (“supervisory technologies”), automatic data collection via API, monitoring of operational incidents, and strengthening control over the cybersecurity of financial organizations.
One of the proposals concerns regional financial integration. Among the initiatives presented is the Central Bank’s wholesale digital currency — wholesale CBDC (wCBDC). It is being considered to develop interoperable regional payment systems, simplify cross-border transactions, and reduce the cost of money transfers. It is also planned to increase the transparency of commissions and exchange rates in international remittances and to develop digital tools for trade finance. In 2028–2029, initiatives to integrate regional payment systems and cross-border pilot projects are expected to be launched.
Another direction of the strategy is attracting foreign fintech companies and investment. To this end, the plan is to utilize the Innovation Hub, the Enterprise Uzbekistan project, the Tashkent International Financial Center, as well as to hold the Silk Road Finance & Technology Forum and develop cooperation with foreign fintech hubs. By 2030, the goal is to turn Uzbekistan into a regional center for investment and innovation in financial technologies, expand the participation of international companies, and deepen the financial integration of Central Asia.
The strategy also aims to strengthen customer protection. It plans to create a coordinated anti-fraud system across the entire financial sector, increase the transparency of credit products, improve the credit information system, and enhance financial literacy among the population. A transition to risk-based regulation is envisaged: requirements for market participants will vary depending on the scale of their activities and risk level. At the same time, oversight will be strengthened to ensure compliance with consumer rights and to verify how clearly financial organizations disclose service terms to clients.
In the presentation, the Central Bank outlined a number of challenges the strategy is designed to address. These include limited coverage of international money transfers, insufficient financing opportunities for small and medium-sized businesses, disparities in access to financial services among different segments of the population, growing risks for consumers of digital services, and the need for long-term financing. According to the presentation, 94% of Uzbekistan’s population uses the internet, the level of digital payments is around 72%, and the number of remote banking users has increased by nearly 70%.
As the main expected outcomes of the strategy, the Central Bank cited an increase in fintech companies and foreign investment, expanded financing for small and medium-sized businesses, improved convenience and security of digital finance, development of cross-border payment infrastructure, and strengthened regional integration.
Source: www.gazeta.uz