An innovation hub, a venture fund, and a digital sum. The head of the Central Bank on the development of fintech in Uzbekistan.

Innovation Hub, Venture Fund, and Digital Currency: Governor of the Central Bank of Uzbekistan on Fintech Development

The Central Bank of Uzbekistan announced the creation of an Innovation Hub and a specialized venture fund, as well as plans to publish a document on a central bank digital currency (CBDC). Central Bank Governor Timur Ishmetov made this announcement on August 24 at the opening of the Silk Road Finance & Technology Forum in Tashkent, as reported by Gazeta.

According to Ishmetov, by 2030, the Uzbek government intends to attract $1 billion in foreign investment to the fintech sector and train 5,000 young specialists. Currently, 57% of payments in the country are made non-cash, and the proportion of women with bank accounts has increased from 39% to 61%.

The governor emphasized Uzbekistan's ambition to become a leading fintech development hub in Central Asia, inviting international companies to invest, test solutions, and develop projects in the country.

"Uzbekistan is open to investment, technology, expertise, and long-term partnership. Regional financial connectivity cannot be built by a single country alone. We invite our partners to work with us on infrastructure and standards that will connect the markets of Central Asia and other regions," said Timur Ishmetov.

He added: "Create here, test new solutions here, invest here, and develop talent here. With the right partnerships, Central Asia can become a more interconnected, competitive, and integrated region into the global financial system."

Among the key areas, the head of the Central Bank highlighted the National Fintech Development Strategy of Uzbekistan for 2026–2030.

"We are presenting the National Fintech Development Strategy of Uzbekistan for 2026–2030." "It integrates the sector's development within a unified national policy with a focus on innovation, proportionate regulation, modern financial infrastructure, access to talent and capital, and positioning Uzbekistan as a fintech development hub in Central Asia," said Timur Ishmetov.

According to him, the regulator also continues to improve the regulatory sandbox to create more transparent conditions for testing new financial products, including solutions from international companies.

**Innovation Hub and Venture Fund**

The Central Bank has established its own Innovation Hub, which plans to begin accepting its first group of residents in the fourth quarter of 2026.

"The Hub will provide a full service—from incubation and acceleration to regulatory support, pilot testing, and preparing solutions for market launch," explained Timur Ishmetov.

Furthermore, a specialized venture fund has been established.

"We are currently negotiating with experienced international fund managers and simultaneously establishing a direct link between the Innovation Hub and projects' entry into international markets. The goal is to enable larger investments and attract international co-investors," the head of the Central Bank said.

Among the five priorities for developing the fintech ecosystem, Timur Ishmetov specifically highlighted financial infrastructure.

According to him, the Central Bank is actively developing the national QR system UzQR, an open banking API (an interface for interaction between various digital systems), and unified payment standards.

"We are also currently developing an open banking API and payment standards that will allow the financial system to scale and interact across different jurisdictions," he said.

The head of the Central Bank stated that the goal of these changes is to increase competition, expand customer choice, and create a financial ecosystem where "data can be used safely and responsibly to improve services."

He also announced the Central Bank's development of its own alternative credit scoring model using artificial intelligence.

Furthermore, the Central Bank intends to "take to the next level" its policies on payment systems, open banking, and operational resilience. Timur Ishmetov noted that the basic regulatory framework, governance model, and technical architecture have already been created.

Another important announcement was the preparation of a white paper (concept document) on the Central Bank Digital Currency (CBDC).

"The document will examine potential use cases, design options, key tradeoffs, and implications for the financial system," the Central Bank Governor stated.

According to him, the results of the study should form the basis for moving to the experimental stage.

"The findings should form the basis for moving to the experimental stage to test optimal approaches and assess the potential of the digital currency to promote innovation and the digital economy in Uzbekistan," Timur Ishmetov said.

The head of the regulator emphasized that the Central Bank is still in the research and development phase when it comes to digital assets and new forms of money.

"Our approach will be balanced and evidence-based," he noted.

Training specialists in financial technology will be a separate focus. By 2030, 5,000 students are expected to be trained.

The first cohort is scheduled to begin training by the end of 2026 under a program developed by Singapore universities in collaboration with GFTN (a non-profit organization established by the Monetary Authority of Singapore).

"It will combine fundamental academic training with practical fintech skills," said Timur Ishmetov.

The Central Bank Governor noted that the median age of Uzbekistan's population is approximately 29 years old, which creates a "significant demographic advantage," but requires continued investment in skills and human capital.

According to Timur Ishmetov, 57% of payments in Uzbekistan are currently made non-cash, and this figure is growing annually.

"Small and medium-sized businesses account for more than half of the economy. Therefore, increasing attention is being paid to expanding access to finance. "Our goal is to develop a sustainable financial system and support productive economic activity," he stated.

The head of the Central Bank also reported that the share of women with bank accounts has increased from 39% to 61%.

According to him, the development of fintech should be accompanied not only by an increase in the number of transactions and the implementation of technologies, but also by the creation of sustainable economic value and increased competition.

"Increasing scale alone is not enough. The goal must be to transform the implementation of technologies and the growth of transaction volume into sustainable economic value, competition, and the broader development of the financial system," said Timur Ishmetov.

Earlier at the same forum, Deputy Prime Minister Jamshid Kuchkarov stated that Uzbekistan expects to reduce inflation to 5% in 2027, maintain the budget deficit below 3% of GDP, and achieve an investment-grade credit rating. The authorities also intend to complete the country's accession to the WTO and reduce the state's presence in the economy.