The Central Bank of Uzbekistan has announced a major step toward digitalizing the financial sector. During the Silk Road Finance & Technology Forum in Tashkent, held on August 24, the head of the regulator, Timur Ishmetov, presented ambitious plans: the creation of an Innovation Hub, the launch of a venture fund, and the preparation of a concept document on a central bank digital currency (CBDC). These are not just statements—they are part of a long-term strategy that could radically change the country's positioning on the global financial map.
National Fintech Strategy until 2030
A key element is the National Fintech Development Strategy for 2026–2030. It consolidates efforts to create a unified ecosystem, focusing on innovation, balanced regulation, and modern infrastructure. Priorities include access to talent and capital, which is critically important for a young economy. The goal is to position Uzbekistan as a regional fintech hub in Central Asia.
Another goal of the document is positioning Uzbekistan as a center for fintech development in Central Asia. The country aims to secure an important place in the region.
The regulator is already working to simplify conditions for testing new products, including international companies. Ishmetov emphasized openness to investment and long-term partnerships, which should boost capital inflows into the local ecosystem.
Innovation Hub and Venture Fund
The central bank is creating its own Innovation Hub, which will begin accepting its first residents in the fourth quarter of 2026. The hub will cover the full cycle: from incubation and acceleration to regulatory support and pilot testing. In parallel, a specialized venture fund is being formed—negotiations are currently underway with experienced international managers. This is a direct link between innovation and bringing projects to global markets, which should attract major foreign co-investors.
UzQR, Open Banking, and AI-Based Scoring
Among the five priorities is the development of the national QR payment system UzQR and unified payment standards. APIs for open banking are also being developed, allowing the financial system to scale and interact across jurisdictions. Ishmetov emphasized the importance of strengthening competition and expanding choices for clients. Separately, the regulator reported on its own alternative credit scoring model using artificial intelligence—the development is being carried out in-house.
Digital Sum and Training 5,000 Specialists
An important area is the preparation of a white paper on the central bank digital currency (CBDC). The document will examine use cases, design options, key trade-offs, and implications for the financial system. The findings will form the basis for an experimental phase, where the regulator will test optimal approaches. Ishmetov noted that the approach will be measured and data-driven.
A separate focus will be workforce training: by 2030, the plan is to train 5,000 students. The first group will begin studies before the end of 2026 under a program developed by Singaporean universities in partnership with GFTN—a nonprofit organization affiliated with the Monetary Authority of Singapore.
The average age of Uzbekistan's population is about 29 years, creating a significant demographic advantage but requiring constant investment in skills and human capital. More than half of the economy relies on small and medium-sized businesses, so attention to expanding access to financing is no coincidence.
Uzbekistan also aims to reduce inflation to 5% by 2027, keep the budget deficit below 3% of GDP, and achieve an investment-grade credit rating. The authorities intend to complete WTO accession and reduce the state's presence in the economy.
My analysis: Uzbekistan is demonstrating a consistency in financial digitalization that is rare for the post-Soviet space. Creating a CBDC and a venture fund in parallel with workforce training is a strong signal for institutional investors. However, success will depend on how well the regulator can maintain a balance between innovation and control, especially amid global uncertainty around digital assets. If the strategy is implemented, Uzbekistan could become not just a regional hub but also an example for other developing economies.