Uzbekistan Pushes for a More Connected and Competitive Central Asia

The Silk Road Finance & Technology Forum 2026, convened by the Central Bank of the Republic of Uzbekistan and Singapore-headquartered Global Finance & Technology Network (GFTN), and co-hosted by Ant International, brings together more than 6,000 participants from 74 countries, almost 200 speakers and more than 25 investors representing US$4 billion in assets under management.

Held at CAEx on 24–25 August, the Forum moves to the Islamic Civilisation Centre on 26 August for The Azimuth, a dedicated programme on Islamic finance and entrepreneurship.

Uzbekistan’s Reform Push Opens the Door to Global Investment Opening the Forum, H.E. Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Uzbekistan, set out the next phase of the country’s economic transformation: converting a decade of reform into deeper markets, greater private-sector participation and long-term investment.

“Over the past 10 years, as a result of structural reforms, our economy has demonstrated strong and steady growth. During this period, the size of our economy has tripled. Going forward, we will work to achieve investment-grade credit ratings, complete accession to the World Trade Organization, further reduce the state’s presence in the economy, and continue market-oriented reform. This effort will strengthen the role of the private sector, deepen Uzbekistan’s integration into the global economy and create greater opportunities for domestic and international investors,” said H.E. Jamshid Kuchkarov.

Uzbekistan enters the Forum with strong economic and regulatory momentum. GDP grew 8.5% in the first half of 2026, foreign investment reached US$8.3 billion in the first quarter, and Moody’s upgraded the sovereign rating to Ba2 in June. Presidential Decree PQ-359 and the National FinTech Strategy are advancing open banking, digital payments and financial innovation, with a target of US$1 billion in fintech investment by 2030. Digital-payment adoption rose from 39% in 2021 to 71% in 2025.

In his opening address, The Silk Road Initiative: Turning a Socio-Economic Heritage into Central Asia’s Financial Innovation Corridor, H.E. Timur Ishmetov, Governor, Central Bank of the Republic of Uzbekistan, framed the country’s fintech strategy through five building blocks drawn from the region’s intellectual and commercial heritage: Al-Jabr, restoring what is missing; Al-Muqabala, balancing the elements of a sustainable financial ecosystem; Zarkaynar, creating a marketplace where innovation meets opportunity; Saroy, building shared financial infrastructure; and Madrassa, developing talent.

With 57% of payments now cashless, SMEs accounting for more than half the economy and a target of 5,000 young people trained in financial technology by 2030, the Central Bank is translating these principles into its regulatory sandbox, open-banking APIs, payments infrastructure and innovation framework.

“Scale alone is not sufficient. The objective must be to translate technological adoption and transaction growth into sustainable economic value, competition and broader financial development, while maintaining financial stability, resilience and public trust,” Governor Ishmetov said.

Sopnendu Mohanty, Group CEO, Global Finance & Technology Network added:.

“Uzbekistan has the ingredients to become Central Asia’s digital finance gateway: strong political commitment, bold regulatory reform, growing digital adoption and a clear ambition to attract international investment. The next step is to turn those foundations into investment, partnerships and financial corridors that connect Central Asia to the world. That is what the Silk Road Finance & Technology Forum is designed to accelerate.”

That opportunity comes as fintech moves firmly into the global financial mainstream. In 2025, global fintech revenues reached US$504 billion, growing 22% and more than four times faster than incumbent financial institutions, while 74% of the largest public fintechs were profitable, according to the 2026 Global Fintech Report by BCG and FT Partners.

For Central Asia, the opportunity is to capture more of that growth by combining financial innovation, inclusion and regional connectivity with the regulatory and institutional foundations required to attract long-term capital.

From Domestic Reform to a Financial Silk Road The Forum is examining how Uzbekistan’s domestic transformation can support a more connected Central Asian financial system, with priorities spanning investable markets, interoperable payments, digital identity, open APIs, tokenisation, digital money, cross-border settlement and long-term institutional capital.

Central Asia’s relatively young financial infrastructure creates an opportunity to build interoperable systems without inheriting all the constraints of legacy architecture. The next step is moving from domestic digitalisation to cross-border connectivity, with faster settlement, lower remittance costs and infrastructure capable of connecting national financial systems.

The wider ambition is to recast the historic Silk Road for the digital economy, extending its role from the movement of goods to the movement of money, capital and data between Central Asia and markets across the Middle East, China, South Asia and Southeast Asia.

Greater connectivity, however, will require more than technology. Predictable regulation, deeper markets, institutional capital, cybersecurity and trusted governance will determine whether new payment rails, AI, tokenisation and digital assets can scale safely across borders.

New Islamic Banking Law Opens Uzbekistan to US$6 Trillion Market

Uzbekistan’s new Islamic banking law, effective from June 2026, creates the country’s first legal framework for Shariah-compliant banking and opens a potential channel to a global Islamic finance market approaching US$6 trillion in assets.

The Forum culminates on 26 August with The Azimuth at the Islamic Civilisation Centre, focused on the standards, Shariah governance, liquidity, digital infrastructure and cross-border capital required to scale the sector. The opportunity extends beyond domestic Islamic banking to positioning Uzbekistan as a bridge between Central Asia and Islamic finance markets across the Gulf, Türkiye, South Asia and Southeast Asia.

Governor Ishmetov issued a direct invitation to international investors and innovators: “Uzbekistan is open to investment, technology, expertise and long-term partnership. Build here. Test new solutions here. Invest here. Develop talent here. With the right partnerships, Central Asia can become a more connected, competitive and internationally integrated financial region.”

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