Uzbekistan seeks to strengthen Central Asia finance hub role

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan is seeking to strengthen its role as a financial hub in Central Asia as the Silk Road Finance & Technology Forum 2026 opened in Tashkent on 24 August, bringing together more than 6,000 participants from 74 countries to discuss financial technology, investment and cross-border financial connectivity. The forum is organized by the Central Bank of Uzbekistan and Singapore-based Global Finance & Technology Network (GFTN), with Ant International as co-organizer.

The forum brings together nearly 200 speakers and more than 25 investors whose combined assets under management total US$4 billion. The main program is being held on 24–25 August at the CAEx exhibition center, while the forum will continue on 26 August at the Center for Islamic Civilization as part of The Azimuth initiative, which focuses on Islamic finance and entrepreneurship.

Participants are discussing the creation of a new Central Asian financial corridor across five key areas: digital payments and infrastructure, Islamic finance and new corridors, artificial intelligence and advanced technologies, tokenization and digital assets, and cross-border finance and regulation.

Opening the forum, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and Central Bank Chairman Timur Ishmetov outlined the next stage of Uzbekistan’s financial transformation. Priorities include turning reforms into investment-attractive markets, attracting long-term capital, expanding access to Islamic finance and creating interoperable cross-border financial infrastructure.

Ishmetov called on international investors and technology companies to develop projects in Uzbekistan. He said the country was open to investment, technology, expertise and long-term partnerships.

According to the organizers, Uzbekistan is approaching the forum amid continued economic growth and financial reforms. The country’s gross domestic product grew by 8.5% in the first half of 2026, while foreign investment amounted to US$8.3 billion in the first quarter. In June, international ratings agency Moody’s raised Uzbekistan’s sovereign rating from Ba3 to Ba2.

The reforms include the development of open banking, digital payments and licensing for innovative solutions.

Uzbekistan’s national fintech development strategy envisages attracting US$1 billion in fintech investment by 2030, increasing the number of licensed market participants to more than 200, incubating 100 startups and training 5,000 specialists.

The penetration of digital payments in the country increased from 39% in 2021 to 71% in 2025, according to forum materials.

Islamic finance is another major focus of the program. A new law on Islamic banking that entered into force in June 2026 established a legal framework for banking activities compliant with Shariah principles. According to the organizers, this could open a new channel for Uzbekistan to attract Islamic capital, with global Islamic finance assets approaching US$6 trillion.

The Azimuth program on 26 August will focus on Islamic finance standards, Shariah governance, liquidity, digital infrastructure and cross-border capital.

Cross-border payments and settlements are another key focus of the forum. Participants are discussing ways to connect the national payment systems of Central Asian countries, which could help reduce the cost of money transfers and accelerate settlements.

Forum materials also highlight the need to develop corporate governance, cybersecurity, financial market liquidity and predictable regulation. These factors are viewed as necessary conditions for scaling solutions involving artificial intelligence, tokenization and digital assets.

Sopnendu Mohanty, chief executive of the Global Finance & Technology Network group, said Uzbekistan was developing institutions and infrastructure for digital finance and strengthening Central Asia’s links with international markets.

The forum is also examining opportunities to expand industrial and financial cooperation across the region, develop infrastructure for the movement of capital and data between markets, and increase the participation of institutional investors.