Fintech market in Uzbekistan
This study will familiarize you with the fast-growing financial technology market of Uzbekistan, its development history, state of affairs and perspectives
© 2023, by Mastercard
------------ Uzbekistani Fintech
Market Study
Research partners
• content overview
Unlocking financial frontiers: a glimpse into Uzbekistan's thriving fintech ecosystem
Infrastructure and growth factors
▸Economy in figures
▸Digital infrastructure
▸Banking industry
Fintech ecosystem
▸Ecosystem map
▸Access to capital
▸Government support and IT Talents
Major fintech trends
▸Digital wallets
▸E-commerce
▸Superapps
▸Neobanks
▸Buy Now, Pay Later
▸Islamic fintech
▸Crypto
Rising fintechstars
▸Zood
▸Billz
▸Iman
▸Marta
▸Sug'urta Bozor
Lesson learned and perspectives
▸Market opportunities
▸Restraints
▸Perspectives and future trends
• Get access •
The research results
• Market in numbers
The fintech landscape in Uzbekistan - key statistics and drivers of growth (as of 31 December 2022)
77
%
Internet penetration
76
%
Smartphone penetration
35
banks*
The 5 largest state-owned commercial banks account for 62% of total sector assets
49
Payment organizations that have obtained a license*
70
+
Fintechs
61
%
Venture funds in last 2 years was allocated to fintechs*
2.2
%
E-commerce market penetration (as a % of retail)
10
Licensed crypto-stores*
2
Crypto-exchanges*
*As of 15 November 2023
4 market opportunities
Young, fast-growing, and urbanizing population
Uzbekistan is one of the fastest growing population in Central Asia. As of July 1, 2023, population stands at 36.4 mln, surpassing UN DESA predictions of 35.1 mln. The country's relatively young population, with a median age of 29, presents opportunities for the fintech sector
Push for financial inclusion
The government is actively addressing financial inclusion, while also fostering an enabling fintech ecosystem
Increases in spending and GDP growth
In 2022, urbanization, lifestyle changes, increased purchasing power and a thriving economy drove growth in the fintech market. Further fintech development expected due to rising prosperity and reduced inequality
White spaces are emerging across the market
Past uneven access to banking services, particularly for various population segments and SMEs, has created growth opportunities. While fintechs have made progress in digital wallets and payments, there's still room for expansion as the market matures
• market players •
Fintech ecosystem map
Mobile Banks
Payments and Transfers
BNPL Services
Electronic Money Issuers
Processing Сenters and Payment Systems
Internet acquiring
Blockchain Initiatives
Digital Insurance
POS
Scoring
Investments
Financial Marketplace
SME Accounting and Finance Management
Associations and Unions
Technology Parks
Venture Capital
Public Authorities
International Organizations
Incubators and Accelerators
Education
Mobile Banks
Payments and Transfers
BNPL Services
Electronic Money Issuers
Processing Сenters and Payment Systems
Internet acquiring
Blockchain Initiatives
Digital Insurance
POS
Scoring
Investments
Financial Marketplace
SME Accounting and Finance Management
Associations and Unions
Technology Parks
Venture Capital
Public Authorities
International Organizations
Incubators and Accelerators
Education
• Venture capital
From 2022 to 2023, $7.1 mln was invested in 25 companies across industries, with over 61% of these funds allocated to fintech companies
• High potential segments •
Major fintech trends
• Challengers •
Rising Fintechstarts
E-commerce & lending
It is an ecosystem that combines an e-commerce lending platform (ZoodPay), a marketplace (ZoodMall), delivery and logistics services (ZoodShip), and a digital bank
Mobile acquiring
A fintech startup that provides mobile acquiring services for small businesses. The company offers a mobile terminal with which you can connect to a smartphone and accept payments from cards of various payment systems
SaaS for retail
Provides all-in-one store management automatization solutions for companies in retail business. The company offers 3 types of monthly and yearly subscriptions with a variety of services for retail companies, in addition it began providing financing and development of an online store for its customers
BNPL & investments
The company has two divisions, which are IMAN Invest and IMAN Pay. IMAN Invest provides Mudarabah investment account for its users via a mobile application. IMAN Pay is a Sharia-compliant financing solution that provides installment plans for purchasing consumer goods (buy now pay later)
Insurance marketplace
The first insurance marketplace that consolidates insurance packages from insurance companies in Uzbekistan and provides the most relevant insurance policy based on the inputs made by the user. The startup has introduced a monthly car insurance subscriptions. Car insurance policies can be purchased without the inspection of the vehicle
