Market profile · Updated June 16, 2026
A fast-growing mobile-first market with a Click + Payme duopoly, two national card systems (UzCard/Humo), strong embedded finance around Uzum, and independent fintech BNPL.
Context
Uzbekistan is the primary growth market in the regional sample. A large mobile-first audience, the Click + Payme duopoly, two national card systems (UzCard/Humo), and the vertically integrated Uzum holding form a fintech model distinct from Kazakhstan.
The market cannot be read as a scaled-down copy of Kazakhstan. Mature banking ecosystems and the AIFC/AFSA framework set the tone in Kazakhstan, while Uzbekistan's main engine is the combination of national processing, payment apps, e-commerce, and embedded finance.
The scale is already comparable to a large consumer market: a population of about 37.9 million, a 2025 nominal GDP of around $147 billion, and incoming remittances providing crucial payment and credit-risk context. According to the Central Bank of Uzbekistan, the country received $14.8 billion in remittances in 2024 and $18.9 billion in 2025; 77% of the flow came from Russia.
The payment layer is changing rapidly. Humo has already been privatized by Paynet, UzCard and Humo completed cross-acceptance, and the unified UzQR standard is set to become mandatory on July 1, 2026. Click, Payme, Uzum, and independent BNPL players compete on top of this layer.
The strongest structural signal is Uzum Group: a vertical holding built around e-commerce, a bank, BNPL, and payments. In BNPL, Uzbekistan differs from Kazakhstan because independent fintechs play a significant role. Alif Nasiya, ZoodPay, and Uzum Nasiya shape an installment market with different competition than bank-led BNPL in KZ.
The index's main constraints are state bank dominance, the lack of an AIFC equivalent, weak WealthTech, an almost empty digital InsurTech sector, and lagging open banking. Index growth depends not only on payment volumes but also on whether open infrastructure emerges for non-bank TPPs, SME lending, RegTech, and investment services.
Central Asia's main growth market and embedded-finance benchmark.
Uzum, UzCard/Humo, Click + Payme, BNPL, remittances, UzQR, Islamic banking, and open banking.
The index is driven by Uzum, the payment duopoly, and independent BNPL. It is held back by WealthTech, digital InsurTech, and the lack of an AIFC equivalent.
Macro & regulator
Market and scale
Digital infrastructure
Fintech specifics
Regulatory environment
Venture landscape
Embedded finance
Uzum Group / Uzum Bank
Vertically integrated e-commerce + bank + BNPL + payments holding; the main anchor of the UZ profile, with no equivalent in KZ.
Digital bank and payments
TBC Bank UZ / Payme
TBC Bank UZ operates under license N86; Payme is a 100% subsidiary of TBC Bank Group, not Click.
Structural context
State-owned banks
9 state-owned banks hold about 65% of sector assets; the 2026 privatization remains incomplete and is postponed to 2027+.
Foreign private bank
Ipoteka-bank
No longer a state-owned bank: the sale to OTP Group closed in the first half of 2023.
Digital bank
Anor Bank
Since December 2025, the majority shareholder is the Dutch Bekamin B.V. (50% + 1); has a $10 million ICD line.
New block 2026
Islamic banking
The law was signed on 27.03.2026 and took effect on 29.06.2026; 10 banks are preparing windows, with a goal of 2 full-fledged Islamic banks by 2030.
E-commerce platforms and order aggregators must submit data via the agency’s system using OneID. The regulator will compile a public registry of legal operators.
Uzbekistan will allow foreign banks to establish a physical presence within its new special economic zone.
Despite broad access to banking services, the culture of saving through deposits remains low in Uzbekistan.
В Узбекистане завершена пилотная программа по выпуску и размещению ипотечных облигаций на сумму 200,88 млрд сум среди пяти коммерческих банков.
The new project allows citizens and foreigners to buy and sell USDT for cash after mandatory identity verification.
В первом полугодии 2026 года общий объём денежных переводов в Узбекистан составил $9,3 млрд, увеличившись на 13% год к году, при этом поступления из стран ЕС выросли на 27% до $319 млн, а из Великобритании — на 62% до $144 млн.
