Ministry of Economy and Finance of the Republic of Uzbekistan

Taking place in Tashkent on 24–26 August, the international forum is being held by the Central Bank of the Republic of Uzbekistan in cooperation with the Global Finance & Technology Network (GFTN), established by the Monetary Authority of Singapore. The forum is aimed at bringing together discussions on finance, innovation and public policy, facilitating the exchange of international experience, and creating new opportunities for cooperation in the development of financial technologies in Central Asia.

The opening session focused on Uzbekistan’s priorities in developing financial technologies, attracting private capital and introducing new financial instruments.

In particular, the development of financial technologies was highlighted as an important factor in enhancing the competitiveness of the national economy, expanding access to financial services and supporting sustainable economic growth. Modern FinTech solutions are creating new opportunities for more efficient allocation of capital, faster movement of financial resources and greater efficiency in economic processes.

From this perspective, the importance of establishing a stable and predictable macroeconomic environment as a foundation for the development of financial technologies was emphasized.

In particular, over the past decade, as a result of structural reforms being implemented under the leadership of President of the Republic of Uzbekistan Shavkat Mirziyoyev, the national economy has been growing at an average rate of 6–7 percent, with GDP increasing nearly threefold from US$60 billion to US$180 billion, while GDP per capita has risen from US$1,900 to US$4,600 and inflation has declined from double-digit levels to single-digit levels.

At the same time, economic stability is further strengthening Uzbekistan’s investment attractiveness. Looking ahead, achieving an investment-grade sovereign credit rating, completing the accession process to the World Trade Organization (WTO), reducing the state’s presence in the economy, and continuing market-based reforms have been identified as priority areas.

Further discussions within the forum will also focus on building a modern, competitive and inclusive financial system in Uzbekistan.

In this regard, reducing existing barriers to access to financial services through technology, encouraging innovation, strengthening the integration of the financial system with the global economy, and reinforcing trust are being considered important areas of focus.

In particular, Uzbekistan’s market potential provides an important foundation for the development of its FinTech ecosystem. With a population of more than 38 million, a large share of the population is under the age of 30, while the level of digital technology adoption has reached nearly 70 percent.

Under the development objectives for the sector through 2030, targets have been set to attract US$1 billion in foreign investment, train more than 5,000 specialists, establish more than 200 licensed market participants, and graduate 100 startups from incubation programmes.

In addition, the forum’s agenda covers such strategic areas as Open Banking, digital assets and stablecoins, cross-border payments, Islamic finance, innovation and investment. The programme also includes sessions dedicated to artificial intelligence, quantum technologies, cyber resilience, regulation of digital assets, and startup development.

The forum’s concept is aligned with the idea of “Al-Jabr”, meaning “bringing parts together”. The concept is associated with the legacy of the great scholar Muhammad al-Khwarizmi, who originated from the land of Khorezm, and reflects the spirit of the forum, which seeks to bring finance, technology, capital and international cooperation together within a single ecosystem.

PR and Communications Department
Ministry of Economy and Finance