State of the fintech market in the world and in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) -- Experts from the Institute of Macroeconomic and Regional Research (IMRI) studied the state of the fintech market in the world.

Fintech (financial technology, Fintech) - provision of financial services using innovative technologies: Big Data, artificial intelligence and machine learning, robotization, blockchain, cloud technologies, biometrics and others.

Over 2013-2022, fintech banks had higher asset growth compared to traditional banks - 105% versus 75%.

In 2023, the global fintech market is estimated at US$165.17 billion, which is 57% more than in 2021 (US$105.41 billion). This is due to the growing use of e-wallets, mobile banking and cryptocurrency.

The largest share of fintech startups is in America - 44.1%, followed by Europe, the Middle East and Africa - 36.7% (the largest increase compared to 2018 - 2.7 times) and the Asia-Pacific region - 19. 2%.

The fintech industry is projected to grow to US$324 billion by 2026, driven by advances in automation technology and an ever-growing array of online and app-based services.

Experts expect that in the period 2021-2030, the highest growth rates of the fintech market will be observed in the Asia-Pacific region - the average annual growth rate will be 22.1%. Thus, Asia will become the most promising financial technology market and will overtake the US market in size.

Currently, Uzbekistan is an actively developing fintech market:

1.3 banks operate on a digital basis (TBC Bank JSC, ANOR BANK JSC, UZUM BANK JSC).

2. There are 3 payment system operators (uzcard, humocard, unitedfintech).

3. 52 companies are registered in the register of payment organizations.

4. 6 banks of the country took part in the development and launch of 17 electronic money systems.

5. The volume of rendered services in the financial market rose by 2 times in the last six years.