The Central Bank of Uzbekistan has announced large-scale plans to transform the financial sector. At the opening of the Silk Road Finance & Technology Forum in Tashkent, the head of the regulator, Timur Ishmetov, presented an ambitious strategy that includes the creation of an Innovation Hub, a venture fund, and the development of a national digital currency (CBDC) concept. By 2030, authorities aim to attract $1 billion in foreign investment to the fintech industry and train 5,000 young specialists.
Digitalization is already showing impressive results: 57% of all payments in the country are made in non-cash form, and the share of women with bank accounts has grown from 39% to 61%. These figures reflect systemic changes that create a solid foundation for further growth.
National Fintech Strategy until 2030
A key element of the new policy will be a unified National Fintech Development Strategy for 2026–2030. Ishmetov emphasized that the document will consolidate disparate initiatives within a coherent state policy focused on innovation, proportionate regulation, and modernization of financial infrastructure. Special attention is paid to access to talent and capital.
The strategy also positions Uzbekistan as a regional fintech hub for Central Asia. The regulator continues to improve the "sandbox" for testing new products, making conditions more transparent, including for international companies. Ishmetov stressed the country's openness to investment, technology, and long-term partnerships, inviting foreign players to collaborate on infrastructure and standards that will connect the region's markets with the global ecosystem.
Innovation Hub and Venture Fund
The Central Bank has created its own Innovation Hub, with the admission of the first residents set to begin 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 preparation for market entry. In parallel, a specialized venture fund is being established—negotiations are currently underway with experienced international managers.
The goal is to create a direct link between innovation and international expansion, which should attract larger investments and foreign co-investors. According to the regulator, this approach will strengthen capital inflows into the local ecosystem and ensure long-term partnerships.
UzQR, Open Banking, and AI Scoring
Among the five development priorities is financial infrastructure. The Central Bank is developing the national QR system UzQR and unified payment standards, as well as open banking APIs for interaction between various digital platforms. These standards will allow the financial system to scale and integrate with other jurisdictions.
Additionally, a proprietary alternative credit scoring model based on artificial intelligence has been announced. The regulator is developing it independently, aiming to strengthen competition and expand choices for clients. Policies on payment systems, open banking, and operational resilience will also be updated—the foundational regulatory framework and technical architecture have already been established.
Digital Sum and Workforce Training
An important step will be a white paper on the central bank digital currency (CBDC). The document will examine use cases, design options, trade-offs, and implications for the financial system. Ishmetov emphasized that the regulator is taking a measured, data-driven approach and will first conduct an experimental phase to assess the potential of the digital currency.
Workforce training will be a separate focus: by 2030, the plan is to train 5,000 students. The first cohort will begin training before the end of 2026 under a program developed by Singaporean universities in partnership with GFTN—a non-profit organization affiliated with the Monetary Authority of Singapore. Given that the median age of Uzbekistan's population is around 29 years, the country has a significant demographic advantage that requires sustained investment in human capital.
My analysis: Uzbekistan is demonstrating a consistency in financial digitalization that is rare for the region. Creating its own venture fund and hub at the central bank is a bold step that could attract international players seeking new markets. However, success will depend on the speed of implementation and the regulator's willingness to engage in flexible dialogue with businesses. If the plans to attract $1 billion materialize, the country could become a genuine bridge between East and West in the fintech industry.