The Central Bank of Uzbekistan has approved the National Strategy for the Development of Financial Technologies for the period 2026–2030. This strategy envisions the creation of a comprehensive fintech ecosystem, the expansion of digital financial services, and the establishment of conditions for transforming Uzbekistan into a regional fintech hub.
The strategy is divided into three sequential phases. During 2026–2027, the main focus will be on creating the necessary infrastructure and launching basic market support mechanisms. Subsequently, in 2028–2029, the implementation of Open Banking concepts, further development of digital identification, and integration of payment systems are planned. By 2030, Uzbekistan aims to achieve the status of a regional fintech center.
A key component of the new system will be an Innovation Hub, which will provide support to startups at all stages of their development. Companies will be able to receive assistance from the initial idea to entering international markets. The ecosystem will also include a regulatory sandbox, specialized training programs, financing tools, and mechanisms for cooperation between banks and fintech companies.
The regulatory sandbox will allow market participants to test new financial products and technologies in a controlled environment before full-scale launch. Following this, startups can pass through sequential stages of incubation, testing, licensing, and scaling.
The strategy presentation also includes plans to establish a Fintech Office and an Innovation Hub at the Central Bank with the involvement of specialists from Singapore.
By 2030, the strategy targets attracting up to $1 billion in investments into the fintech sector. Furthermore, it provides for the annual preparation of 20–30 fintech startups for entry into foreign markets.
Open Banking is a separate priority of the strategy. It is expected that Open Banking and open APIs will enable controlled exchange of financial data between banks, fintech companies, and other market participants with customer consent. According to the regulator, such infrastructure will create prerequisites for the emergence of new business models and financial products. Central Bank Governor Timur Ishmetov previously noted that Open Banking will give fintech companies the opportunity to compete with traditional banks by offering personalized banking products and stimulating innovation.
Digital customer identification will also be developed. Pilot projects using digital credentials are planned for 2026–2027, followed by the expansion of the relevant infrastructure across the entire financial sector in 2028–2029. This technology will be used for remote identification, which will reduce fraud risks and simplify access to financial services.
In the area of digital assets, the strategy provides for experiments related to the tokenization of real assets, including securities. Such projects must be implemented under controlled conditions.
The strategy also considers ways for different financial services to interact with each other. Artificial intelligence is another area of technological development in the financial sector. The Central Bank intends to define priority areas for AI application and launch pilot projects. AI is expected to be used for supervising the financial sector and detecting financial crimes.
As part of SupTech development, the strategy provides for the automation of information collection via APIs, monitoring of operational incidents, and strengthening the cybersecurity of financial institutions.
The strategy also includes the development of cross-border financial infrastructure. Among the initiatives under consideration is the creation of a wholesale centralized digital currency (wCBDC). Its development is being considered in parallel with the creation of interconnected regional payment systems. The goal of these measures is to simplify international transactions and reduce the cost of money transfers.
Concurrently, the strategy proposes increasing the transparency of commissions and exchange rates for cross-border transfers, as well as implementing digital solutions for trade finance.
Pilot cross-border projects and initiatives to connect regional payment systems are planned for 2028–2029. To attract foreign market participants, the strategy suggests utilizing the Innovation Hub, Enterprise Uzbekistan, and the Tashkent International Financial Centre. It is also planned to hold the Silk Road Finance and Technology Forum and establish partnerships with foreign fintech hubs.
By 2030, an increase in the number of international fintech companies operating in Uzbekistan and growth in investment activity in the sector are expected. In the long term, these measures are intended to support deeper financial integration in Central Asia.
The strategy also ensures more reliable protection for users of digital financial services. Plans include creating a unified system for combating financial crime in the financial sector, increasing the transparency of credit products, improving credit information infrastructure, and expanding financial literacy programs.
The regulatory approach will be based on risk levels, with requirements for market participants taking into account the scale and nature of their activities. At the same time, there is an expectation of strengthening consumer rights protection and the quality of disclosure of financial product terms.
The Central Bank stated that the strategy aims to solve several existing market problems, including limited coverage of international money transfers, difficulties for small and medium-sized businesses in obtaining financing, disparities in the availability of financial services among population groups, new risks for users of digital services, and a lack of long-term financing.
According to the presentation, 94% of the population of Uzbekistan has internet access, and digital payments account for about 72% of total payments. The number of users of remote banking services has increased by almost 70%.
Among the main expected outcomes of the strategy, the Central Bank highlights the expansion of the fintech market, increased foreign investment, improved access for SMEs to financing, enhanced security and accessibility of digital financial services, development of cross-border payments, and deepening of regional financial integration.
