TIIF 2026: Uzbekistan Focuses on Fintech Ecosystems

Uzbekistan is focusing on building integrated fintech ecosystems as it moves into the next phase of its digital transformation. According to industry representatives, the sector’s growth will no longer be driven by individual financial services, but rather by interconnected platforms that combine banking, payments, lending, and e-commerce.

At the Tashkent International Investment Forum (TIIF 2026), Nikolay Seleznev, co-founder and Chief Strategy and Business Development Officer of Uzum, explained that the Uzbek fintech market is entering a new phase of development. In a discussion moderated by John Hyman, partner and head of investment management at Cerity Partners, he emphasized that government investment in digital infrastructure and the population’s rapid adoption of new technologies had laid the foundation for this transformation.

From Payment Service to Digital Ecosystem

A fintech ecosystem goes far beyond traditional banking or payment services. Users can shop, take out loans, make payments, transfer money, and access other financial services all within a single platform. Similar models have already established themselves in markets such as South Korea, Latin America, and Kazakhstan.

According to Seleznev, Uzbekistan has ideal conditions for this approach. The country combines a large population, historically low penetration of financial services, and exceptionally rapid digitalization.

“Uzbekistan combines three factors that rarely occur simultaneously: a large population, historically very low use of financial services, and rapid digital development,” said Seleznev.

Unlike in established markets, fintech companies in Uzbekistan do not primarily compete for existing customers. Instead, they are tapping into new user groups and integrating previously informal economic activities into the digital financial system.

This transformation is particularly evident in the proliferation of payment cards. According to Seleznev, the number of cards issued rose from around 34 million to nearly 70 million within just a few years.

Infrastructure as the Foundation for Growth

Government investments in digital identity systems, modern payment solutions, and open banking structures play a central role. These measures have lowered barriers to market entry for fintech companies while simultaneously improving the population’s access to financial services.

Today, digital identity solutions make it possible to verify new customers within minutes. This significantly reduces customer acquisition costs and allows companies to expand more quickly.

In addition to government initiatives, private companies are also investing heavily in the necessary infrastructure. Uzum, for example, has built its own logistics networks, warehouse capacity, and delivery systems to expand its ecosystem.

The long-term goal is to integrate millions of people from the cash economy into the formal financial system. According to Seleznev, around 20 million people still have no or only limited access to banking services.

“We’re not competing with established market players—we’re competing with cash,” he explained.

Lending and AI as the Next Growth Drivers

Lending is considered particularly promising. By international standards, access to financing in Uzbekistan remains underdeveloped. As the population becomes increasingly integrated into the formal financial system, demand for credit products is expected to rise significantly.

Artificial intelligence is also becoming increasingly important in the sector. AI is already being used today for credit checks, customer support, software development, and price monitoring on e-commerce platforms.

Seleznev emphasized, however, that the focus is currently on practical applications. The technology enables companies to analyze thousands of products in real time while simultaneously increasing their operational efficiency.

When asked about potential credit risks and the sustainability of growth, Seleznev pointed out that Uzbekistan is still in an early phase of its credit cycle. Household debt remains low by international standards, leaving considerable room for further growth.

Focus Remains on the Domestic Market

Despite attractive expansion opportunities in other Central Asian countries, Uzum intends to focus on the domestic market for the time being. Although the company is analyzing successful ecosystem models from Kazakhstan, South Korea, and Latin America, the priority remains on achieving greater market penetration within Uzbekistan.

“We operate in segments that have the potential to grow five- to tenfold in the medium to long term,” said Seleznev.

For investors and policymakers, the key question now will be whether the country’s companies can translate the rapid pace of digitalization into sustainable, long-term growth. Industry representatives are convinced that the next phase of development will no longer be characterized by the expansion of individual payment services, but rather by the emergence of comprehensive digital ecosystems.