Uzbekistan's fintech sector is entering a new stage of development as companies seek to build integrated digital ecosystems that combine banking, payments, lending and ecommerce services, according to Nikolay Seleznev, co-founder and chief strategy and business development officer at Uzum, who spoke at the fifth annual Tashkent International Investment Forum (TIIF 2026).

During a discussion moderated by John Hyman, partner and head of investment management at Cerity Partners, Seleznev argued that years of government investment in digital infrastructure, combined with rapid adoption of technology among consumers, have created conditions for a shift beyond simple payment services towards broader financial ecosystems that become embedded in everyday life.

A fintech ecosystem goes beyond a traditional financial institution or payment platform. Rather than offering a single service such as card payments or consumer loans, ecosystem companies seek to integrate multiple services into a single platform. Customers can shop online, access credit, make payments, transfer money and manage banking services all via a single application. Similar models have emerged elsewhere, including South Korea's Naver, Latin America's Mercado Libre and most notably Kazakhstan's Kaspi.kz.

According to Seleznev, Uzbekistan combines several characteristics that make it particularly attractive for this model. "In my opinion, Uzbekistan combines three factors that quite rarely exist simultaneously: a large population, very low historic penetration of financial services and a very rapid digital adoption," he said.

Unlike with mature fintech markets where companies often compete for existing customers, Seleznev argued that firms in Uzbekistan are still creating entirely new users and new forms of economic activity. Government reforms and investment in digital infrastructure have accelerated this process, including the development of payment systems, digital identification and broader modernisation efforts. Seleznev noted that card issuance has increased from roughly 34mn cards in 2023 to almost 70mn cards in just a few years, describing the pace of adoption as exceptional.

Hyman and Seleznev discussed the central role that infrastructure has played in enabling the country's digital transformation. Seleznev pointed to state-backed projects such as digital identification systems and open banking frameworks that have reduced barriers for fintech companies while making it easier for consumers to access financial services.

Seleznev said digital identity systems now allow banking-level customer verification within minutes, significantly reducing onboarding costs and helping financial services providers expand more rapidly. He argued that infrastructure is often overlooked by international investors because many of these systems are already taken for granted in developed markets.

At the same time, private-sector companies have also invested heavily in building the infrastructure necessary to support ecosystem models. Uzum, for example, has developed logistics networks, warehousing facilities and delivery systems alongside its financial services operations.

The broader objective, Seleznev argued, is to move millions of consumers from a cash-based economy into the formal digital financial system. According to Seleznev, approximately 20mn people remain underbanked or unbanked, representing one of the largest opportunities for future growth. "What we're fighting here is not competing against the current market players. It's rather cash," he said.

The transition is also expected to support broader economic growth by lowering transaction costs and increasing access to financial products. Embedded finance — where financial services are integrated into non-financial platforms such as ecommerce marketplaces — was identified by Seleznev as a particularly important trend. "Fintech right now is becoming a commodity really, just like telephones maybe 15-20 years ago," Seleznev said. "It will create and essentially be part of your daily life."

Lending was repeatedly highlighted by Seleznev as the next major growth opportunity. As mentioned above, Uzbekistan remains significantly underbanked compared with many international markets. As a result, demand for credit products is expected to continue growing as more consumers enter the formal financial system.

The discussion also touched on the role of artificial intelligence, though Seleznev emphasised practical applications rather than broader technological ambitions. AI is already being used for credit scoring, customer support, software development and price monitoring across ecommerce platforms. Seleznev said the technology allows companies to monitor thousands of products in real time and improve operational efficiency while maintaining competitive pricing.

Hyman raised questions about the sustainability of growth, credit risks and the availability of financing for rapidly expanding fintech businesses. In response, Seleznev argued that Uzbekistan remains in the early stages of its credit cycle and that household indebtedness remains relatively low compared with international benchmarks, leaving significant room for further expansion.

Looking ahead, Uzum said it intends to remain focused on Uzbekistan despite opportunities elsewhere in Central Asia. While the company studies successful ecosystem models from countries including South Korea, Kazakhstan and across Latin America, Seleznev said the priority remains expanding adoption and increasing penetration within the domestic market. "We operate in the segments that have five to 10 times growth potential over the medium term," Seleznev said.

As Uzbekistan's digital economy continues to develop, Seleznev argued that the next phase of growth will depend less on expanding payment infrastructure and more on creating interconnected platforms that bring commerce, finance and digital services together. For policymakers and investors alike, the challenge will be determining whether the country's emerging ecosystem players can convert rapid adoption into sustainable long-term growth.