TASHKENT, Uzbekistan, December 3. Uzbekistan plans to attract $1 billion in investments into fintech startups by 2030, Trend reports via the Central Bank of Uzbekistan.
Major investments will be directed toward fintech companies to boost competition and accelerate the introduction of new technological solutions in the market.
A national fintech strategy will be developed for a five-year period. From that point onward, the development of the fintech ecosystem will be coordinated based on this strategy.
The Central Bank will establish a $50 million Venture Fund and an Innovation Hub. These platforms will bring together financial support, mentorship, training, and acceleration services for startups in one place, enabling faster implementation of new ideas and creating broader opportunities for young entrepreneurs.
On that account, a total of 5,000 specialists will be trained, and 100 startups will participate in acceleration programs. As the number of qualified professionals in the fintech sector grows, the quality, speed, and security of banking and payment services are expected to improve.
Banks will also roll out open banking principles, setting up standardized and secure data exchange among banks, payment organizations, and fintech companies.