The Central Bank of Uzbekistan has approved a National Strategy for the Development of Financial Technologies for 2026–2030. According to the document, the main goal is to transform Uzbekistan into the most attractive jurisdiction for fintech companies in Central Asia by the end of 2030, while ensuring that digital finance is safe, simple, and inclusive for citizens and businesses.
The strategy is divided into 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 payment system integration; and by 2030, to consolidate Uzbekistan’s position as a regional fintech hub. Each year, 20–30 fintech startups are to be prepared for entry into foreign markets, and conditions are to be created to attract up to $1 billion in investment into the sector by 2030.
One of the strategy’s directions is to create an ecosystem that supports fintech companies from idea to business scaling. This system includes an Innovation Hub, a “regulatory sandbox” (a special legal regime allowing financial technology 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. The presentation also mentions previously announced plans by the president to establish a Fintech Office and an Innovation Hub under the Central Bank with the involvement of Singaporean experts.
A separate part of the strategy is dedicated to building digital finance infrastructure. It plans to develop Open Banking and open APIs (application programming interfaces). These will allow financial organizations 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. “When we announced the introduction of open banking, we want fintech companies to enter the traditional banking market, possibly offering only one of the products usually provided by banks. But they can do it so effectively that it ultimately stimulates competition and innovation,” said Central Bank Chairman Timur Ishmetov. The strategy also envisions 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 are to be launched, and in 2028–2029, this infrastructure is to be applied across the entire financial sector.
The strategy provides for testing in a controlled environment the tokenization of real assets such as securities and 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 is also intended to be used in supervisory activities, particularly in detecting financial crimes. The strategy envisages 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 in the presentation is the central bank’s wholesale digital currency — wholesale CBDC (wCBDC). It is being considered in the context of developing interoperable regional payment systems, simplifying cross-border transactions, and reducing money transfer costs. Plans also include increasing the transparency of commissions and exchange rates in international remittances and developing digital tools for trade financing. In 2028–2029, initiatives to integrate regional payment systems and launch cross-border pilot projects are envisaged.
Another direction of the strategy is attracting foreign fintech companies and investment. To this end, it plans to use the Innovation Hub, the Enterprise Uzbekistan project, the Tashkent International Financial Center, as well as 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 envisages not only the development of new financial services but also strengthening 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 the financial literacy of the population. A transition to risk-based regulation is envisaged: requirements for market participants will differ depending on the scale of their activities and risk level. At the same time, oversight is to be strengthened over compliance with consumer rights and over how clearly financial organizations disclose service terms to customers.
In the presentation, the Central Bank identified a number of problems the strategy is intended to solve. These include limited coverage of international money transfers, insufficient financing opportunities for small and medium-sized businesses, the gap in access to financial services between 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 results 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