Uzbekistan’s first dedicated fintech strategy, backed by Presidential Resolution RP‑359, targets $1 billion in foreign investment and 200 licensed fintech firms by 2030. The Central Bank plans to launch open banking in September 2026, alongside a national payment switch and unified QR standards.
Yet World Bank data shows only 60.7 per cent of Uzbek adults have an account. E‑commerce and payments group Uzum is valued at $2.3 billion, but nearly four in ten people remain outside the formal system.
Tashkent is no longer content to let Kazakhstan be Central Asia’s fintech capital. A new national strategy, open banking due in weeks, and a $2.3 billion startup are the most explicit bid yet for the title. But the numbers framing the push reveal a deeper tension: only 60.7 per cent of Uzbek adults have a formal account, leaving nearly four in ten outside the system.
The strategy’s architects at the Central Bank are betting that a national payment switch and a regulatory sandbox will pull people in. Uzum’s $130 million fundraising round, led by Omani sovereign money, shows investors are willing to back that promise. The distance between a $2.3 billion valuation and a population where 39 per cent have never used a bank account is the real measure of the challenge.
The $1 billion target that rewrites the regional map
The strategy, approved under Resolution RP‑359, spells out 39 actions across five areas, including a $50 million venture fund and a regulatory sandbox upgrade. A planned 5,000‑specialist training programme and a Central Bank innovation hub aim to build the talent pipeline. The national payment switch will route all domestic currency transactions, giving the regulator a real‑time view of flows.
The six pillars of the strategy, from the $1 billion target to the quantum test bed, are mapped below.
| Entity | Current rule | New rule | Effective date |
|---|---|---|---|
| Uzbekistan | 2023 Law on Payments and Payment Systems; licensing for payment organisations, e‑money regulation. | 2026‑2030 National FinTech Strategy; open‑banking standards, mandatory national switch, sandbox 2.0. | September 2026 (open banking) |
| Kazakhstan | Dual‑track licensing via National Bank and Astana Financial Services Authority (AIFC); Open API Concept 2023‑2025. | Operational open‑banking framework, separate fintech licensing regime under AIFC. | Ongoing |
| Sources: Government of Uzbekistan, Central Bank of Uzbekistan, National Bank of Kazakhstan, Astana Financial Services Authority. | |||
Uzum, the domestic ecosystem spanning e‑commerce, digital banking and payments, secured more than $130 million in March 2026 from Oman sovereign entities and Tencent, establishing a pre‑money valuation of $2.3 billion. The round combined approximately $81.5 million in equity with $50 million in convertible financing linked to a planned pre‑IPO round later in 2026 or early 2027. The Eurasian Development Bank followed with a $70 million loan. Sturgeon Capital, a London‑based VC firm with resident teams in Uzbekistan and Kazakhstan, has publicly cited the country as a key frontier fintech market, while Singapore’s Quest Ventures holds stakes in local retail‑tech and digital businesses.
The honest caveat: the Global Findex data is from 2024, and the Central Bank’s own digital‑adoption surveys suggest the proportion of adults with accounts has likely risen since then. The $1 billion investment target is a government ambition, not a contractual commitment, and the September open‑banking deadline is ambitious—Central Bank officials have not yet confirmed that all major banks will be ready.
A post‑Soviet economy learns to move money
Before 2016, Uzbekistan was one of Central Asia’s most closed economies. Currency controls, a dominant state sector, and a business environment far less open than Kazakhstan’s kept capital allocation slow and opaque. President Shavkat Mirziyoyev’s post‑2016 reforms—liberalisation, privatisation, and a push for foreign investment—unlocked the conditions for the current fintech surge. A young population of more than 37 million, with digital adoption approaching 70 per cent, provided the demand.
The reforms are not just about payments. They are the financial backbone of a broader economic opening, linking digital infrastructure to trade, talent, and regional integration. The Silk Road Finance & Technology Forum in Tashkent in August 2026, co‑organised with Singapore’s Global Finance & Technology Network, drew international investors and financial institutions. The ambition is to turn the Silk Road corridor into a digital payment artery connecting Central Asia to the Gulf, India, and Southeast Asia.
The strategy’s success will be measured not by the size of Uzum’s valuation, but by whether the 39 per cent of adults still outside the system can be brought in. Without that, Tashkent’s bid for regional fintech leadership will remain a policy document, not a financial hub.
Beyond the headline
The bigger picture
Uzbekistan’s fintech strategy is not a standalone payments project. It is the financial spine of a broader economic opening that began in 2016, linking digital infrastructure to trade, talent, and regional integration. The 2026‑2030 plan positions digital finance as the channel through which Tashkent intends to attract capital and connect markets from the Gulf to India.
The money trail
The real capital commitment is not just Uzum’s equity round. Sturgeon Capital and Quest Ventures are building portfolios across Central Asia, and the August 2026 Silk Road forum drew international investors and financial institutions. Where that money goes—into consumer credit, infrastructure, or cross‑border corridors—will determine if Tashkent’s hub ambition translates into durable financial infrastructure.
The timing
Uzbekistan’s strategy lands in a narrow window. Kazakhstan’s fintech framework is maturing, but India’s UPI and Chinese platforms are expanding, and Gulf capital is hunting frontier tech yields. By locking in its roadmap through 2030 now, Tashkent aims to shape the rules before regional standards harden.
What the strategy means for you
With open banking set to launch in September 2026 and the national strategy now in motion, the decisions facing investors, service providers, and expats are immediate.
- Western investor evaluating Central Asian fintech
The $1 billion target and Uzum’s valuation create a precedent for pricing. Review the strategy’s 39 action items and the Central Bank’s venture fund terms. Sturgeon Capital’s new Central Asia fund and the Silk Road forum’s investor list are the immediate entry points. Due diligence should focus on whether the money can reach the unbanked segment—the real growth market.
- Fintech infrastructure provider targeting emerging markets
The national payment switch and unified QR standards mean any payment solution must integrate with the Central Bank’s API specifications. The regulatory sandbox 2.0 and innovation hub offer a channel to test compliance before committing to a full licence. Contact the Central Bank’s innovation hub before the September open‑banking deadline to confirm technical requirements.
- Western expat or remote worker in Uzbekistan
The Central Bank has announced plans for enhanced digital payment infrastructure. Verify with local banks about account-opening options for non-residents and the status of international wallet integrations. Payment system requirements may change as the strategy is implemented.
- Central Asia regional business strategist
Kazakhstan’s AIFC still offers regulatory certainty, but Uzbekistan’s larger market and government backing are shifting the centre of gravity. Re‑evaluate whether your regional partnerships and licensing need to incorporate Tashkent now, not later. The strategy’s interoperability push could alter cross‑border payment costs across the region.
FAQ
Can I open a digital bank account as a foreign resident?
Digital‑only banks in Uzbekistan are expanding account-opening options for non-residents. Contact local banks directly to confirm current eligibility requirements and the application process, as these are evolving as part of the fintech strategy implementation.
What is the status of cashless payment requirements?
The government has announced plans to expand cashless payment infrastructure and has signalled moves toward mandatory digital payments for certain transaction categories. Verify current requirements with your local bank or the Central Bank of Uzbekistan, as implementation timelines and scope continue to be clarified.
Will Apple Pay and Google Pay work in Uzbekistan?
Early‑2026 amendments to personal‑data rules have created conditions for international wallet integration. Check with your local bank for current availability and authorization status, as rollout is ongoing.
Explainer
- Fintech
- Financial technology that uses software, mobile apps, and digital infrastructure to deliver banking, payments, lending, and investment services. The term covers everything from mobile wallets and payment switches to robo‑advisors and blockchain‑based settlement. In Uzbekistan, fintech is the primary vehicle for moving a largely cash‑based population into the formal financial system.
- Open banking
- A regulatory framework that allows banks and other financial institutions to share customer data with third‑party providers through secure application programming interfaces (APIs), with the customer’s explicit consent. It enables fintechs to build services on top of existing bank accounts, such as account aggregation or direct‑from‑account payments. Uzbekistan’s planned September 2026 launch is intended to standardise data exchange across banks, payment organisations, and fintech companies.
- Regulatory sandbox
- A controlled environment created by a financial regulator where fintech companies can test new products, services, or business models without immediately complying with all normal licensing requirements. The sandbox often includes temporary waivers or simplified oversight. Uzbekistan’s Central Bank is upgrading its sandbox to “Sandbox 2.0” as part of the 2026‑2030 strategy, aiming to attract more international startups.
- National payment switch
- A centralised infrastructure that routes all domestic payment transactions in the local currency, typically operated by the central bank. It gives the regulator real‑time visibility into settlement flows and can reduce reliance on international card networks. Uzbekistan’s mandatory switch will process all soum‑denominated transactions, linking banks, payment organisations, and the QR standard.
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