The Central Bank of Uzbekistan has announced the launch of a large-scale transformation of the financial sector, presenting an ambitious fintech development strategy through 2030. As part of this initiative, the regulator has established its own Innovation Hub and venture fund, and has begun developing a concept paper on the introduction of a central bank digital currency (CBDC). By 2030, $1 billion in foreign investment is expected to be attracted to the industry, and 5,000 young specialists will undergo training.
National fintech strategy: focus on innovation and regulation
Central Bank Governor Timur Ishmetov, speaking at the opening of the Silk Road Finance & Technology Forum in Tashkent, outlined key priorities. The 2026–2030 strategy unites sector development within a single national policy, emphasizing innovation, proportional regulation, and modern financial infrastructure. Access to talent and capital is highlighted separately, which should position Uzbekistan as a fintech development hub in Central Asia.
The regulator continues to improve the "sandbox" for testing new products, making conditions more transparent, including for international companies. Ishmetov emphasized the country's openness to investment and long-term partnerships, inviting foreign players to collaborate on infrastructure and standards that will connect Central Asian markets with other regions.
Innovation Hub and venture fund: the path from idea to market
The Central Bank has established its own Innovation Hub, with the first group of residents expected to be admitted in the fourth quarter of 2026. The hub will provide a full cycle of project support: from incubation and acceleration to regulatory guidance, pilot testing, and bringing solutions to market. In parallel, a specialized venture fund is being formed, with negotiations underway with experienced international managers.
The key goal is to ensure a link between the hub and the entry of projects into international markets, which should attract larger investments and foreign co-investors. Ishmetov counts on long-term partnerships with external participants, which will strengthen capital inflows into the local ecosystem.
UzQR, open banking, and AI-based scoring
Among the five priorities for fintech ecosystem development, financial infrastructure stands out. The Central Bank is developing the national QR system UzQR and unified payment standards. Open banking APIs are also being developed — interfaces for interaction between various digital systems. According to the Central Bank Governor, these standards will allow the financial system to scale and interact across jurisdictions.
The goal of the changes is to strengthen competition and expand choice for clients. Ishmetov plans to create an ecosystem to improve services, where data will be used safely and responsibly. The regulator is also developing its own alternative credit scoring model using artificial intelligence.
Digital sum and training 5,000 specialists
A separate focus will be workforce development: by 2030, the plan is to train 5,000 students. The first group will begin training before the end of 2026 under a program developed by Singaporean universities in collaboration with GFTN — a non-profit organization affiliated with the Monetary Authority of Singapore.
Regarding the digital sum, the Central Bank is preparing a white paper that will examine potential use cases, design options, key trade-offs, and implications for the financial system. The findings of the study should serve as the basis for transitioning to an experimental phase, during which the regulator will test optimal approaches and assess the extent to which a digital currency can support innovation and the digital economy. Ishmetov stressed that the approach to digital assets will be measured and evidence-based.
The median age of Uzbekistan's population is about 29 years, which creates a significant demographic advantage but requires continuous investment in skills and human capital. More than half of the economy is accounted for by small and medium-sized businesses, so increasing attention is being paid to expanding access to financing.
My view: Uzbekistan demonstrates a consistency rare for the region in building a digital financial ecosystem. The combination of a venture fund, an innovation hub, and a well-developed CBDC strategy is not just a set of trendy initiatives but a systematic approach that could propel the country into a leadership position in digitalization among emerging markets. However, success will depend on real capital inflows and the regulator's ability to maintain flexibility in a rapidly changing market.