Government officials, investors and technology leaders have gathered in Tashkent for the inaugural Silk Road Finance and Technology Forum, a new platform aimed at exploring how financial technology can drive economic growth across Central Asia.
Held under the theme "Al-Jabr", meaning "bringing parts together", the forum focuses on some of the most significant trends reshaping global finance, including open banking, digital assets, cross-border payments, Islamic finance and financial innovation.
As Central Asian economies look to reduce their reliance on natural resources and remittances, many participants see fintech as a potential catalyst for diversification and long-term development.
Uzbekistan has emerged as one of the region's fastest-growing fintech markets. According to officials, more than 100 fintech companies are currently operating in the country, with the government aiming to increase that number to 200 by 2030.
The country is also targeting $1 billion in foreign fintech investment and plans to train more than 5,000 specialists to support the industry's growth.
Those ambitions form part of a broader strategy to establish Uzbekistan as a regional investment and innovation hub.
One country frequently highlighted during the forum was Singapore, often regarded as one of the world's leading fintech centres.
Sophendu Mohanty, Group CEO of the Global Finance & Technology Network (GFTN), said collaboration is a key reason for Singapore's success.
"Singapore is disproportionately collaborative. Because we are a small country, the only way we can survive is to collaborate, connect our systems and work as a global hub."
Mohanty drew parallels with Uzbekistan's ambitions, suggesting Tashkent has the potential to play a similar role in Central Asia.
Sophendu Mohanty
CEO, Global Finance & Technology Network
The rapid expansion of digital financial services is already changing how people access banking and payments in Uzbekistan.
Ravshan Kadirov, Head of FinTech at the Central Bank of Uzbekistan, said the country's digital ecosystem has made significant progress in recent years.
Payment systems such as Uzcard and Humo now support more than 35 million cards, while platforms including Payme, Alif and Uzum continue to expand their services.
Kadirov said the next stage of growth will depend on building a stronger and more innovative financial ecosystem.
While fintech growth has accelerated, experts say one of the region's biggest challenges remains access to financial services.
According to International Monetary Fund data, only about 45 per cent of people in the Caucasus and Central Asia have bank accounts, leaving millions outside the formal banking system.
For policymakers, this presents both a challenge and an opportunity.
Digital financial services have the potential to reach people in underserved communities, improve access to credit and create new economic opportunities for small businesses and entrepreneurs.
The broader question facing Uzbekistan and its neighbours is whether fintech can evolve from a fast-growing sector into a globally competitive industry.
The forum's discussions suggest confidence is growing. However, success will depend on attracting investment, developing talent and creating regulatory frameworks that encourage innovation while maintaining financial stability.
For now, Uzbekistan appears determined to position itself at the centre of Central Asia's digital transformation. Whether fintech becomes the region's next major economic engine remains to be seen, but the conversation in Tashkent shows that leaders are increasingly betting on technology to drive the next phase of growth.
The German-Azerbaijani Connectivity Conference 2026 commenced on 6 October in Baku under the title “Mobilising Finance for Infrast...
An Azerbaijani citizen died and another is missing after a cargo ship was attacked by a drone in the Black Sea, near the coast of Romania on Monday...
South Korea is preparing a response to press North Korea into apologising for a landmine explosion in the Demilitarized Zone (DMZ) that seriously w...
Australian counterterrorism authorities are examining the links of the co-pilot accused of attacking the captain and attempting to take control of a flydubai flight bound for Israel. Authorities in New Zealand have also said they are investigating reports the suspect had spent time in that country.
Right-wing Brazilian Senator Flavio Bolsonaro will face leftist President Luiz Inacio Lula da Silva in a runoff of the presidential election later this month, after he exceeded expectations in Sunday's first-round vote with a slight lead over the incumbent.
Iran's Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, chief executive of the state-owned National Iranian Oil Company (NIOC), appointed as acting oil minister, according to Iranian state media.
U.S. President Donald Trump has said that the United States will 'help' Russia after a laboratory worker died at a plague research institute in Siberia.
Candidates elected to Bosnia and Herzegovina's three-member presidency declared victory after preliminary unofficial results showed Denis Becirovic leading the Bosniak seat, Darijana Filipovic ahead in the Croat seat and Zeljka Cvijanovic likely retaining the Serb seat.
The German-Azerbaijani Connectivity Conference 2026 commenced on 6 October in Baku under the title “Mobilising Finance for Infrastructure, Transport, Logistics, Green Energy, and Digitalisation along the Middle Corridor.”
Saudi Arabia, Pakistan and Türkiye on Monday agreed at an emergency meeting in Riyadh to put their Mecca Joint Defence Agreement into practical effect, deciding to deploy agreed military forces and capabilities rapidly to the kingdom as Houthi attacks and a Saudi-backed offensive in Yemen continue.
The International Astronautical Congress (IAC) opened Monday in Antalya, bringing together space agencies, companies, and researchers from more than 100 countries.
Azerbaijan and Russia are stepping up efforts to expand the International North-South Transport Corridor (INSTC), with their deputy prime ministers pressing for greater capacity and better logistics infrastructure.
Türkiye and Pakistan are to deploy military personnel to Saudi Arabia, after the three countries agreed to activate their joint defence pact in response to attacks by Yemen's Houthi militants.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment