The Central Bank of Uzbekistan has announced an ambitious plan to transform the financial sector: by 2030, the republic aims to attract $1 billion in foreign investment to the fintech industry and train 5,000 young specialists. The key driver of this strategy will be the launch of its own central bank digital currency (CBDC) — the project has already moved into the conceptual development stage.
At the opening of the Silk Road Finance & Technology Forum in Tashkent, the head of the regulator, Timur Ishmetov, presented the National Fintech Development Strategy for 2026–2030. The document consolidates disparate initiatives into a unified state policy, emphasizing innovation, flexible regulation, and modern financial infrastructure. The goal of positioning Uzbekistan as a regional hub for Central Asia is also specifically highlighted.
Next-Generation Infrastructure
As part of the strategy, a specialized Innovation Hub has been established — a structure that will provide a full cycle of project support, from incubation and acceleration to regulatory oversight and pilot testing. The first cohort of residents is scheduled for the fourth quarter of 2026. In parallel, the regulator is setting up a venture fund and holding negotiations with experienced international managers — a signal of readiness for long-term partnerships with global players.
The technological foundation is also being modernized: a national QR system, UzQR, unified payment standards, and open banking APIs are under development. According to Ishmetov, these solutions will allow the financial system to scale and interact with jurisdictions beyond the country's borders. A proprietary alternative credit scoring model based on artificial intelligence has also been announced — a step that will expand access to financing for small and medium-sized businesses.
Digital Sum: A Cautious Approach
The Central Bank is preparing a white paper on the digital currency, which will examine use cases, design options, and potential implications for the financial system. The regulator emphasizes that the decision to launch will be made only after an experimental phase and based on actual data. This measured approach contrasts with the hasty actions of some countries, which, in my view, increases Uzbekistan's chances of avoiding typical mistakes in CBDC implementation.
The demographic factor is also worth noting: the average age of the population is about 29 years, and more than half of the economy is accounted for by SMEs. Already, 57% of payments are made cashlessly, and the share of women with bank accounts has grown from 39% to 61%. These figures indicate high digitalization potential, but they also require significant investment in human capital — which is why the program to train 5,000 students, developed jointly with universities in Singapore and the GFTN organization, looks like a strategically sound move.
My conclusion: Uzbekistan is demonstrating a combination of ambition and pragmatism that is rare for the region. If the plans to attract $1 billion and launch the digital sum are implemented within the stated timeframe, the country could become not just a regional leader, but also an important bridge between Eastern and Western financial ecosystems.