From Reform to Results: Uzbekistan's Case for a FinTech Hub

H.E. Jamshid Kuchkarov, Deputy Prime Minister & Minister of Economy & Finance, Republic of Uzbekistan at the Silk Road Finance and Technology Forum opened the day with a decade of hard numbers. Over ten years, Uzbekistan’s average annual GDP growth has held at around six to seven percent. The economy has tripled from about 60 billion to 180 billion US dollars. GDP per capita rose from roughly USD 1,900 to 4,600. Inflation fell from double digits to single digits and is expected near 6.5 percent this year. External public debt sits around 27 percent of GDP, with budget deficits kept below three percent. Uzbekistan’s national leader tied FinTech success to stable macro conditions. Going forward, the government will aim for investment-grade ratings, reduce the state's presence in the economy, and continue market-oriented reform. The session framed a modern, competitive financial system as the next reform stage.

Uzbekistan's central bank governor opened the Silk Road Finance and Technology Forum with the announcement of Uzbekistan’s National FinTech Strategy for 2026–2030, focused on innovation, proportionate regulation, modern financial infrastructure, access to talent and capital, and positioning Uzbekistan as a gateway for FinTech growth across Central Asia. The Governor spoke about Uzbekistan’s growing FinTech ecosystem and the opportunities it presents. Uzbekistan has more than thirty-eight million people, around sixty percent young, and sits at the centre of an eighty-five million region. Cashless payments already make up fifty-seven percent of the total, and women's account ownership rose from thirty-nine to sixty-one percent. He closed with announcements of the National FinTech Strategy, a Central Bank Innovation Hub, a Venture Fund, upgraded payments and sandbox policy, a 5,000 student training programme, and a forthcoming CBDC whitepaper, inviting partners to build, test, invest and train in Uzbekistan.

Uzbekistan is developing the Tashkent International Financial Centre as a gateway for international capital into its rapidly growing economy. With GDP growth reaching 7.7% last year, officials see modern financial infrastructure as critical to sustaining this momentum. The centre will operate under English common law, with an independent regulator and commercial court. It will offer foreign firms zero tax, multi-currency transactions and access to a FinTech sandbox, while remaining subject to anti-money-laundering requirements. A central bank official emphasised that greater financial openness must be anchored in macroeconomic stability and a floating exchange rate. With half the country's population under 30, the centre also places strong emphasis on talent development through a dedicated academy and the attraction of international expertise. Its five-year ambition is to attract at least $25 billion in investment and create more than 10,000 high-paying jobs. The National Investment Fund’s listing is an early indication that Uzbekistan’s capital markets can build a viable asset and wealth management business as part of the financial center. Ultimately, however, the key test will be Implementation: turning an ambitious institutional framework into a functioning international financial hub for Central Asia.

Domestic payments in Uzbekistan clear instantly today. Cross-border transfers still move slowly, through several banks, jurisdictions, checks and payment rails. When international remittances make up ~15% of Uzbekistan's GDP, 17.6% of the Kyrgyz Republic's economy and 46% of Tajikistan's, cross border payment friction becomes a structural economic issue rather than a minor inconvenience. A central bank official attributed the delay and cost to fragmented standards, differing KYC rules and foreign-exchange controls. Discussing what has worked elsewhere and provide a roadmap for the country, an India FinTech executive traced India’s UPI success to having a national digital ID, mass bank accounts and extensive mobile reach, and a crypto-bank executive urged regulation that allows on-chain money to sit beside correspondent banking, not replace it. At a time when a handful of corridors cover about 80 percent of Uzbekistan's trade and remittance, the central bank official prioritised interoperability with Kazakhstan, the Kyrgyz Republic and Tajikistan, plus corridors to China, India, Arab states and Europe. The panellists agreed that common QR and fast-payment standards, cleaner FX settlement and direct links between national systems will be the tools that make it happen.

Uzbekistan has established a second national card system in less than five years, designed for regional and international connectivity. At the panel on trusted financial rails, speakers explored whether trust could move as quickly as money across a digital Silk Road. Panellists converged that Central Asia’s emergence as a digital economy and gateway to trade will depend on trust. Despite $50 billion in remittances, money still faces friction on its journey home. Domestic operators highlighted the role of co-badged cards, links with neighbouring markets and lower-cost digital wallets to support small-value trade. A cross-border payments executive cautioned emerging-market regulators against importing rulebooks designed for established financial centres. An infrastructure investor noted that payment rails remain difficult to fund until demand is proven and transactions captured. On stablecoins, one executive predicted greater outflow from Central Asia than inflows. The central question is whether these rails can become fast, affordable and trusted enough for participation.

A debate among regulators from Pakistan, Cambodia and Azerbaijan exposed a central dilemma for digital finance: regulate too early and risk stifling innovation and investment; regulate too late and risk systemic vulnerabilities. Pakistan’s digital-assets chair argued that eight years of prohibition still produced the world’s third-largest digital-asset market, before the country passed its Virtual Assets Act 2026 and established a dedicated regulator. Pakistan is now testing tokenisation and plans to tokenise US$2 billion of debt. Cambodia took a different path, building Bakong, its blockchain-based payment infrastructure, ahead of virtual-asset regulation. Azerbaijan similarly emphasised allowing regulation to respond to genuine economic needs rather than technology trends. Despite different approaches, the regulators converged on one principle: regulation must ultimately preserve trust while enabling innovation. Looking towards 2030, tokenised debt, stablecoins, agentic payments and AI-enabled regulatory agents could fundamentally reshape capital markets, payments and supervision.

Uzbekistan is developing a wholesale CBDC as a trust layer for privately issued stablecoins, with licensed institutions managing retail relationships. A Central Bank official said the model would first be tested through a regulatory sandbox with the National Agency of Prospective Projects before wider rollout, balancing innovation with public trust and regulatory oversight. The discussion pointed to a broader shift from faster payments to more productive digital finance. While remittance costs in the region have already fallen significantly, programmable money could automatically direct funds towards savings, expenses and credit histories. Industry leaders also highlighted the gap between investment and implementation: 88% of institutions are budgeting for digital-asset infrastructure, but only 15–16% of Asia-Pacific initiatives have reached meaningful production. Banks supported coexistence between deposits and tokenised money, while founders stressed that scaling will depend on clear regulation, shared standards, custody, clearing and legal finality.

Uzbekistan’s regulatory reform story is starting to translate into attracting global capital. The National Investment Fund’s London-Tashkent dual listing raised US$692 million against more than US$2.9 billion in demand, with shares rising over 50% since May and trading at roughly a 10% premium to net asset value. The CBU’s new US$50 million venture fund was highlighted as a powerful signal to private capital, supporting Uzbekistan’s ambition to attract US$1 billion into FinTech. A Central Bank official pledged to bring inflation to 5% next year, maintain a floating exchange rate and gradually open the capital account. Banking reform is also advancing, with state ownership falling from 85% to around 60% under a Basel III and IFRS roadmap. Investors stressed the importance of growth, predictability and continued reform. With digital-payment adoption above 70%, around 100 FinTech startups, and an average age of 29, Uzbekistan has strong foundations for growth. Energy capacity and market liberalisation remain critical to achieve the potential of the country's FinTech ambition.