​​​​​​​Uzbekistan’s Fintech Market Shows Some of the Fastest Growth Rates in the Region

Tashkent, Uzbekistan (UzDaily.uz) —  Uzbekistan is undergoing a rapid digital transformation of its financial sector. Under Presidential Decree No. UP-246, the country aims to reduce the share of the shadow economy relative to GDP by 1.3 times by 2030, while raising the share of cashless payments in trade and services to 75%. A separate resolution sets a target of growing the number of local fintech market participants to 200 companies by 2030 and attracting up to $1 billion in foreign investment into the sector over five years.

Against this backdrop, international fintech holding OSON stands out for its active investment in developing its Uzbekistan division, continuing to grow its OSON Wallet product. Founded in 2016, the holding now operates across five countries — Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and the UAE — with more than 3 million users relying on its services.

Notably, competition in the market is shifting from launching standalone services toward integration — bringing different payment tools together within a single user experience. OSON recently rolled out a universal scanner that recognizes all major QR standards used in the market (Tez QR, UzQR, Xolis) within one app, alongside support for Uzcard and HUMO cards and its own e-wallet.

“We’re building the product so that the level of convenience for users in Uzbekistan matches the best global practices. The unified QR scanner is a step in exactly that direction — the market should offer people the same seamless payment experience they’ve come to expect in countries with more mature fintech ecosystems,” said Farkhod Makhmudov, Founder and CEO of the company.

These developments reflect a broader trend: fintech in Uzbekistan is moving from simply replacing cash to a phase of consolidation and convenience — where what matters to users isn’t just the ability to pay cashlessly, but doing so without needing to figure out which standard a given checkout counter uses.

Given the current momentum and the tight regulatory timeline (2026–2030), Uzbekistan has a strong chance of becoming one of Central Asia’s key fintech hubs — and the companies already investing in infrastructure and user convenience today will help determine how quickly the market gets there.