.svg "Group 2238 (2)"){kind=small}
.svg)
.svg)
%20(1).svg)
%20(1).svg)
.svg)
Share Article
8,500 delegates from 77 countries and 30 global investors convene in Tashkent as Uzbekistan sets out a US$1 billion FinTech ambition and new cross-border financial corridors
TASHKENT, UZBEKISTAN, 27 AUGUST 2026 – Uzbekistan set out its ambition to become Central Asia’s financial and technology gateway at the inaugural Silk Road Finance and Technology Forum (SRFTF), unveiling a National FinTech Strategy targeting US$1 billion in investment while putting its wider financial reform programme before 30 global investors representing US$4 billion in assets under management.
The three-day Forum, organised by the Central Bank of the Republic of Uzbekistan (CBU) and the Global Finance and Technology Network (GFTN) and co-hosted by Ant International, brought together 8,500 delegates from 77 countries across policy, banking, investment and technology.
At its centre was the Central Bank’s execution of President Shavkat Mirziyoyev’s wider economic and financial reform agenda, translating a decade of structural reform into an investable market and financial infrastructure designed to attract long-term international capital.
The Forum culminated with The Azimuth, a dedicated programme on Islamic finance at Tashkent’s Islamic Civilisation Centre, and the Azimuth Intent, which sets out an ambition to develop a shared regulatory sandbox and common adoption goals for digital Islamic finance across the Gulf, Central Asia and South Asia.
Central Bank of Uzbekistan Turns the President’s Reform Agenda into a FinTech Roadmap
The Central Bank used the Forum to translate President Mirziyoyev’s wider reform programme into a concrete financial innovation agenda.
H.E. Timur Ishmetov, Governor of the Central Bank, announced Uzbekistan’s National FinTech Strategy for 2026–2030, targeting US$1 billion in FinTech investment and 5,000 trained specialists by 2030.
Delivery will be supported by a new Central Bank Innovation Hub, dedicated Venture Fund, upgraded open-banking and regulatory sandbox policies, modernised payment infrastructure and a forthcoming CBDC whitepaper.
Uzbekistan enters this phase with digital-payment adoption above 70%, around 100 FinTech startups and a young population, providing a base from which the country aims to develop financial products domestically and scale them across the region.
A US$50 million venture fund established under the CBU is intended to catalyse private investment into Uzbekistan’s emerging FinTech sector. 30 global investors representing US$4 billion in assets under management used the Forum to explore capital deployment opportunities, engage with founders and assess the conditions needed to build scalable companies from Uzbekistan.
From Fast Domestic Payments to a Connected Central Asia
The regional challenge running through the Forum was straightforward: money can increasingly move instantly within countries, but it remains slow and expensive when it crosses borders.
The issue is particularly significant in Central Asia, where remittances are equivalent to approximately 15% of Uzbekistan’s GDP, 17.6% of the Kyrgyz Republic’s and 46% of Tajikistan’s.
Participants identified fragmented standards, differing KYC requirements, foreign-exchange controls and correspondent-banking structures as key constraints.
Uzbekistan is prioritising interoperability with Kazakhstan, the Kyrgyz Republic and Tajikistan, alongside financial corridors connecting Central Asia with China, India, Gulf markets and Southeast Asia.
Former central bank governors Dr. Patrick Njoroge of Kenya and Dr. Veerathai Santiprabhob of Thailand drew on their countries’ experiences to argue that leapfrogging requires more than new technology. Digital identity, interoperable real-time payments, consent mechanisms and secure data exchange need to form the underlying infrastructure.
The direction emerging from the Forum was not regulatory uniformity, but interoperability: national systems capable of connecting through shared minimum standards and mutual regulatory recognition.
Digital Money, AI and Cyber Risk Move onto the Policy Agenda
The Forum also examined how Uzbekistan should approach the next generation of digital finance.
CBU officials outlined a model under consideration in which a wholesale CBDC could provide a trusted settlement layer for privately issued stablecoins, with licensed institutions managing customer relationships and initial testing taking place through a regulatory sandbox.
Across discussions on tokenisation, regulators confronted a common dilemma: move too early and regulation can constrain innovation; move too late and risks can become systemic.
AI raised a parallel question of accountability. Participants argued that financial institutions cannot outsource responsibility for decisions simply because an AI model, cloud provider or data infrastructure sits outside the bank. As AI becomes more deeply embedded in financial decision-making, governance, explainability and accountability will increasingly need to evolve alongside adoption.
The urgency is reinforced by Uzbekistan’s rapid digitisation. Digital-payment adoption rose from 39% in 2021 to 72% in 2025.
CBU officials also set out the Central Bank’s move towards risk-based cyber supervision, including a new four-level cybersecurity maturity framework for banks.
Uzbekistan Builds a Three-Stage Islamic Finance Market
The final day of the Forum moved to the Islamic Civilisation Centre for The Azimuth, linking Uzbekistan’s historic position on the Silk Road with its ambition to become a modern Islamic finance market.
Uzbekistan is building the market sequentially across three stages.
Islamic microfinance is already operational, with 12 institutions offering Shariah-compliant products, creating an initial market for Islamic financial services.
Islamic banking forms the second stage. Legislation took effect on 29 June 2026, establishing a dedicated licensing framework for Islamic banks and Islamic windows, two-tier Shariah governance and tax neutrality.
Islamic capital markets form the third stage, with proposed legislation containing a dedicated sukuk chapter now advancing through the legislative process.
A five-year national roadmap developed with the Islamic Financial Services Board (IFSB) and approved by the Cabinet of Ministers contains 39 actions across five thematic areas for 2026–2030.
Azimuth Intent Takes the Proposition Across Borders
The Forum closed by taking that ambition beyond Uzbekistan.
The Azimuth Intent sets out two initial areas for international cooperation: a shared regulatory sandbox for digital Islamic finance and a joint objective to increase customer adoption of Islamic financial products.
The longer-term ambition is to bring additional markets into the framework, allowing regulators, financial institutions and technology companies across the Gulf, Central Asia and South Asia to test solutions across jurisdictions, reduce regulatory friction and develop more interoperable Islamic financial services.
Forum Produces New Cross-Border Partnerships
The Forum also resulted in a series of commercial and institutional agreements spanning AI-agent payments, cross-border payment connectivity, FinTech market access and regulatory cooperation.
Key agreements included:
- HUMO and Gorgona AI – to jointly explore infrastructure for AI-agent payments, including agent identification, authorisation limits and revocation.
- OSON and Tenpay Global (Weixin/WeChat Pay) – to develop payment connectivity between Central Asia and China.
- The Central Bank of Uzbekistan and the National Bank of Cambodia – on institutional cooperation covering monetary policy, payment systems, financial inclusion, training and research.
- The Fintech Association of Uzbekistan and the Fintech Latvia Association – on institutional cooperation and support for FinTech companies entering new markets.
- The Fintech Association of Uzbekistan and Innovance Azerbaijan – on FinTech cooperation between Uzbekistan and Azerbaijan, including startup support and cross-border projects.
- The Fintech Association of Uzbekistan and UPT (Türkiye) – on cross-border payments, remittances and a regional FinTech Corridor.
- Alipay+ and HUMO – launched full interoperability, enabling Alipay+ users to make QR-code payments in Uzbekistan via HUMO infrastructure.
Together, the agreements reinforced the Forum’s wider objective of connecting Uzbekistan and Central Asia to financial and technology networks beyond the region.
CBU Coding Hackathon 2026: From Innovative Solutions to New Opportunities
The CBU Coding Hackathon 2026, organised by the Central Bank of Uzbekistan with the Bank's Main Informatization Center and the Artificial Intelligence Alliance, named its winners in the Smart Banking and FinTech categories.
The six-month competition drew more than 65 teams, with the top 20 teams, comprising 75 participants, advancing to a two-day Grand Final on 24–25 August. Finalists presented solutions to real banking and financial-sector challenges before a panel of judges.
The Hackathon formed part of the CBU’s broader effort to build domestic FinTech capability and develop the talent pipeline underpinning Uzbekistan’s ambition to train 5,000 financial technology specialists by 2030.
The Global Finance & Technology Network (GFTN) awarded trips to Singapore to FUSION and PLOV LOVER, the first-place winners in the Smart Banking and FinTech categories, respectively.
Connecting Uzbekistan to Capital and Markets Beyond Its Borders
The wider message from three days in Tashkent was clear: Uzbekistan’s next phase of financial reform is not simply about digitising its domestic market. It is about connecting it to capital and markets beyond its borders.
The historic Silk Road connected economies through trade. Uzbekistan is now making the case that its modern successor can connect them through capital, payments, technology and trusted digital finance.
Full Day-by-Day Session Summaries
Day 1: https://srf.gftn.co/day-1
Day 2: https://srf.gftn.co/day-2
Day 3: https://srf.gftn.co/day-3
Watch the Forum Online
Day 1 — Silk Road Finance & Technology Forum 2026
Day 2 — Silk Road Finance & Technology Forum 2026
Financial Times Live Panel — “Scaling Up International Investment in Central Asia: What Comes Next?”
Financial Times Live — Interview with Central Bank Governor Timur Ishmetov
Watch the FT Live Interview