Central Asia is emerging as a new market for fintech investment, with Uzbekistan and Kazakhstan leading the region’s push to attract venture capital, develop startups and build digital financial infrastructure.
The region’s venture capital market reached around $320 million in 2025, according to data presented at the Central Eurasia Venture Forum. But investment is concentrated in its two largest fintech and startup ecosystems: Uzbekistan and Kazakhstan.
Uzbekistan is pursuing an increasingly state-backed strategy. The country has more than 100 licensed fintech companies and aims to reach 200 by 2030. Its targets also include attracting $1 billion in foreign fintech investment and training more than 5,000 specialists. A $50 million sovereign venture fund is also being formed.
Kazakhstan, meanwhile, has a more established venture ecosystem and financial infrastructure. Its venture investment reached around $209 million, while the country’s startup ecosystem was valued at more than $2.1 billion. Artificial intelligence has become a major driver, accounting for more than half of venture investment in the sector in recent years.
The competition, however, is not simply about which country attracts more money. Central Asian startups still face a common challenge: relatively small domestic markets and fragmented regulations make it difficult to scale across borders.
That makes regional connectivity increasingly important. Uzbekistan is positioning itself as a gateway between Central Asia, Europe, the Middle East and Asia, while Kazakhstan has the Astana International Financial Centre as an established platform for international investors.
The Silk Road Finance & Technology Forum, held in Tashkent in August, reflects this broader ambition. Co-organised by the Central Bank of Uzbekistan and Singapore-headquartered GFTN, the forum brought together more than 6,000 participants from 74 countries, including investors representing around $4 billion in assets under management.
Uzbekistan is focusing on building a larger fintech ecosystem, attracting foreign investment and developing digital infrastructure. Kazakhstan, meanwhile, is advancing its established venture capital market, financial infrastructure and technology sector, with artificial intelligence becoming an increasingly important area for investment.
But for both countries, attracting capital is only part of the challenge. The bigger question for the coming years will be where that money goes and whether it produces successful, scalable companies.
More investment does not automatically mean more growth. Without strong projects, smart allocation and companies capable of expanding beyond their home markets, even large amounts of capital can fail to deliver results.
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