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.
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