Uzbekistan’s fintech evolution reveals why native context and long-term pondering matter greater than ever. Insights from founder Djasur Djumaev.
Djasur Djumaev is the founding father of Uzum.
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In fintech, the highlight typically factors to the same old hubs — London, New York, Singapore. However actual transformation is unfolding elsewhere, in locations the place digital infrastructure remains to be taking form and the foundations haven’t been written but. That’s not a weak spot. It’s a gap.
Rising markets have gotten testbeds for innovation — not as a result of they mimic what’s already labored, however as a result of they demand new approaches. Constructing in these areas means coping with legacy gaps, belief challenges, and logistical limits. It additionally means having the prospect to create monetary programs which can be extra inclusive, extra adaptable, and extra reflective of how individuals truly stay and work.
Uzbekistan is a kind of markets. And its fintech sector is transferring quicker than most count on — powered by a younger inhabitants, rising digital entry, and a authorities that’s leaning into tech. However there’s extra to the story than market momentum. The actual distinction comes from the individuals behind the businesses — those that are fixing actual issues with native perception, not imported playbooks.
This week, we hear from Djasur Djumaev, an entrepreneur working on the middle of Uzbekistan’s digital economic system. From misconceptions about danger to the strategic worth of native context, he presents a grounded perspective on what it takes to construct fintech in Central Asia — and why these markets may simply be the long run’s most necessary proving grounds.
Benefit from the full interview.
1. What made you determine to turn out to be a founder?
I’ve at all times believed that entrepreneurship is about fixing issues that actually matter and giving individuals instruments to enhance their lives.
2. What do individuals typically misunderstand about constructing companies in locations like Uzbekistan?
One of many largest misconceptions is that constructing in rising markets is just too dangerous or sluggish. In actuality, markets like Uzbekistan provide unmatched alternatives to construct foundational companies that aren’t there but.
It’s a greenfield surroundings, and that’s highly effective. Infrastructure is enhancing quick, shopper urge for food is robust, and regulation is transferring in the best path. What many individuals get incorrect is underestimating the tempo of transformation with a bent to use developed-market assumptions to very completely different environments.
In our case, we might scale quickly as a result of we listened carefully to customers, labored hand-in-hand with regulators, and centered on fixing native issues – like lack of credit score entry or logistical points.
3. How necessary is native context when designing digital merchandise?
Necessary shouldn’t be the best phrase. I might say it’s important. Each market has its personal monetary behaviours, belief dynamics, and limitations. In Uzbekistan, for instance, half of the inhabitants stays unbanked, and plenty of customers are nonetheless getting aware of digital funds or on-line purchasing.
That’s a really completely different surroundings than, say, the UK or Singapore. You may’t simply copy-paste a product from elsewhere. Native adaptation isn’t a constraint, it’s a aggressive benefit. Merchandise that resonate with actual consumer wants are those that scale.
4. What makes Uzbekistan’s fintech sector thrilling proper now?
Uzbekistan’s fintech grows exponentially. A younger, tech-savvy inhabitants and powerful authorities dedication to digital innovation drive these developments. Initiatives such because the launch of totally digital banks, biometric cost programs, and nationwide open APIs are wonderful examples of Uzbekistan’s proactive strategy to integrating superior applied sciences into on a regular basis life, fostering an surroundings ripe for fintech development and innovation.
On the similar time, the market remains to be early-stage, which suggests large room for first-movers to outline core infrastructure: from digital lending to embedded insurance coverage, from eKYC to cross-border cost rails.
5. How is the digital economic system evolving in Central Asia?
Central Asia is presently present process a digital transformation, with nations like Uzbekistan main the best way. Traditionally, the area has been underinvested and underreported. However now, we’re seeing the change: cell web entry is enhancing, smartphone penetration is excessive, and native startups are gaining traction.
6. The place do you see the largest fintech alternatives over the subsequent 5 years?
The following large wave will likely be in merchandise that seamlessly combine monetary companies into on a regular basis shopper platforms — lending, funds, and insurance coverage embedded straight into e-commerce, mobility, and way of life ecosystems.
We see rising curiosity in contextual monetary instruments — good credit score, dynamic financial savings, and AI-driven danger scoring — which can be tailor-made not simply to revenue ranges however to conduct and function. The purpose is to make monetary merchandise invisible but indispensable.
There’s additionally enormous potential for regional growth.
Central Asia remains to be largely untapped, and fintech gamers who achieve one market could have an edge when scaling throughout borders. Regulatory frameworks are converging, infrastructure is enhancing, and most significantly, digital belief is rising. Those that localize nicely and construct with long-term relevance — not simply pace — will outline the market.
7. What’s subsequent for digital transformation in locations like Uzbekistan?
We’re getting into a section the place digital is the muse of how individuals work, store, financial institution, and construct companies. In Uzbekistan, we count on deeper service integration and an increase in native innovation.
We’re seeing rising collaboration between the non-public sector and authorities to assist digital identification, e-payments, and fintech regulation. What’s subsequent is extra scale, extra partnerships, and extra user-driven innovation. Uzbekistan is setting new requirements of how digital transformation in rising markets can appear to be.