Financial Services

Financial services in Uzbekistan are in a transitional moment. After decades of limited activity on the international scene, the sector is coming alive. In 2024, FDI has risen 47% and the region is becoming a prominent player within green finance. Much of Uzbekistan’s growth can be attributed to the sector – with it contributing a significant 43.3% of the country’s GDP.

The establishment of the Tashkent International Finance Center (TIFC) is expected to transform banking, capital markets, and insurance services in Uzbekistan by generating between 15,000 and 20,000 jobs and providing tax benefits and simpler regulations for international investors.

Fintech is also a rapidly growing subsector. Uzum, Uzbekistan’s first unicorn, has put the country on the map. It’s fintech arm, Uzum Bank, provides various products, enhancing financial inclusion and digital payments adoption.

Let’s not forget: small and medium-sized enterprises (SMEs) are at the heart of the country's economy. In 2021, SMEs accounted for approximately 54% of Uzbekistan's GDP and employed about 78% of its workforce​. A major initiative supporting SMEs is the International Islamic Trade Finance Corporation's “Trade Connect Central Asia+ Program”, which aims to facilitate trade finance and boost regional economic cooperation.