“Every economy is an equation, and we’re all trying to solve it,” said Timur Ishmetov, governor of the Central Bank of Uzbekistan, in an announcement of the country’s new national FinTech strategy.

Speaking at the Silk Road Finance and Technology Forum in Tashkent, Uzbekistan, Ishmetov unveiled the country’s four-year plan to develop into the primary FinTech hub for Central Asia.

Uzbekistan has undergone an extensive internationalisation programme since its current president, Shavkat Mirziyoyev, took power in 2016. This has included opening its economy to attract foreign investment and bring its financial services sector in line with global standards.

The policy has largely paid off, according to deputy prime minister Jamshid Kuchkarov. Since 2016, the economy has grown an average of between six and seven per cent per year, excluding 2020. Monetary policy has remained strict, bringing inflation to single digits in 2024 for the first time since 2016.

Now, the country is looking to transform this period of “strong and steady growth” into a long-term advantage.

The strategy, set to be revealed in full at an undisclosed later date, intends to secure $1 billion in foreign investment in the FinTech sector by 2030. Alongside this, the central bank is planning to reform its existing regulatory structure to make it “future-proof” and launch a series of initiatives focused on digital finance.

Between 2026 and 2027, Ishmetov said, the bank intends to launch an enhanced regulatory sandbox, enabling companies to test new financial instruments in a safe environment, alongside a new innovation hub which will begin taking on residents from the fourth quarter of this year.

The country is also investing in training, working with the National University of Singapore and the Monetary Authority of Singapore-backed Global Finance and Technology Network to educate 5,000 young people in financial best practices by 2030.

Finally, the bank is currently trialling a central bank digital currency, Ishmetov said, and hopes to highlight its results “very soon”.

---