In this episode, we explore how Uzbekistan's first unicorn is transforming financial services across Central Asia through an integrated digital ecosystem approach.

Key Discussion Points:

The Uzbekistan Opportunity - With 37 million people (60% under 30), 87% internet penetration, but 40% financially excluded, Uzbekistan presents a massive fintech opportunity. GDP growth of 6.5% and government support for digital transformation create favorable conditions.

Ecosystem Integration Model - Uzum combines e-commerce (Uzum Market), delivery (Uzum Tezkor), and banking (Uzum Bank) in a unified platform. Over 48% of marketplace purchases use their BNPL solution, while 25% of delivery volume flows through the marketplace app, demonstrating powerful network effects.

Banking Innovation - Uzum Bank launched Uzbekistan's first embedded credit debit card in August 2024, issuing 2+ million cards by H1 2025. The bank captures 13% of online payments market through 100% digital operations supported by 1,500+ physical pickup points across 450 locations.

Impressive Metrics - $6.5B total payment volume (2023), 17 million monthly users (half of adult population), $200M unsecured lending volume (Q1 2025) growing 3.4x year-over-year. All products are Sharia-compliant, appealing to 85% of the population.

Global Investment Interest - Achieved unicorn status in March 2024 ($1.16B valuation), then raised $70M in August 2025 led by Tencent and VR Capital, reaching $1.5B valuation. Plans $250-300M Series B in H1 2026.

Strategic Expansion - September 2025 launches include deposit products, long-term credit facilities, and international merchant integration from China and Turkey. Expected 10-15% cross-border activity.

Regional Impact - As Central Asia's first unicorn, Uzum demonstrates emerging market fintech potential and East-West capital convergence. The hybrid digital-physical model addresses infrastructure challenges common across the region.

In this episode of Deep Dive Central Asia, we explore Uzbekistan's groundbreaking $1.68 billion National Investment Fund (UzNIF) and its strategic partnership with Franklin Templeton Asset Management.

Key Discussion Points:

- Why Uzbekistan chose Franklin Templeton over independent fund management

- Analysis of the 18 state-owned enterprises in UzNIF's portfolio - Franklin Templeton's three-pillar transformation strategy

- Corporate governance reforms and IFRS reporting transitions

- Planned dual listing on Tashkent Stock Exchange and international markets by 2026

Featured Insights:

We examine Franklin Templeton's proven track record with Romania's Fondul Proprietatea, and how this experience applies to Uzbekistan's unique market dynamics.

Portfolio Spotlight:

From energy giants like Navoiazot and Uzbekhydroenergo to banking institutions like Xalq Bank and infrastructure assets including Uzbekistan Airways and Airports - we break down the diverse sectors represented in this landmark fund.

In this episode of Deep Dive Central Asia, we analyze the World Bank Group's Country Climate and Development Report on Uzbekistan. We explore how Uzbekistan’s ambitious development goals are intertwined with its climate challenges, and what this means for investors.

Key Takeaways:

• A Growing Economy at Risk: Uzbekistan's economy, already Central Asia's most populous, is projected to grow to more than 50 million people by 2050. However, without climate action, the economy could be 10% smaller by 2050. Air pollution alone costs the country 6.5% of its GDP annually.
• Decarbonization as Opportunity: The energy sector is responsible for 74% of the country's GHG emissions. The report’s Net Zero 2060 scenario shows a pathway to decarbonization where domestic renewables could provide 70% of the energy supply by 2060. This transition requires a massive investment of $341 billion, with the private sector expected to play a major role.
• High-Return Adaptation: Climate adaptation measures, particularly in water and agriculture, offer a "triple dividend," with benefits estimated to be two to three times higher than the costs. Modernizing irrigation and drainage systems is a key investment area, with needs estimated at $6 billion through 2030.
• Pivotal Role of the Private Sector: Uzbekistan's private sector is pivotal to this transition. The report indicates a strong latent demand for green investments, with nearly 90% of firms having already made some form of green investment by 2019.
• Navigating the Risks: We discuss critical risks for investors, including the plan to remove energy subsidies, which accounted for 6.6% of GDP in 2020. We also highlight the banking sector's growing exposure to transition risk, as 40-50% of bank lending was in high-emission sectors by the end of 2022.

Listen to the full episode for a deep dive into the numbers and a detailed analysis of the opportunities and challenges.

Deep dive into Uzbekistan's comprehensive fiscal roadmap through 2028. This episode analyzes the Ministry of Economy and Finance's official strategy document, revealing critical budget projections and economic planning that will shape the nation's development.

Key analysis includes:

- Macroeconomic forecasts and multi-year budget projections

- Revenue and expenditure allocations across education, healthcare, and infrastructure

- Tax policy reforms and fiscal stability measures

- Public debt management strategies and sustainability metrics

- Macro-fiscal risk assessment including global inflation impacts

- State-owned enterprise and banking sector financial health evaluation

- Modern budgeting framework: performance-based and results-oriented approaches

- Green finance integration and gender-responsive budget practices

- Medium-term fiscal rules and transparency initiatives

Critical intelligence for investors, policy analysts, economists, and business leaders operating in or considering Uzbekistan's evolving economic landscape.

Understand the fiscal foundations driving Central Asia's fastest-growing economy.

Exclusive analysis of Central Asia's booming venture capital and FinTech sectors. This episode unpacks the latest CA-VC-Report-2025 and KPMG's comprehensive FinTech study, revealing why smart money is flooding into Uzbekistan, Kazakhstan, and Kyrgyzstan.

Key insights covered:

- VC funding statistics, deal volumes, and investor activity across the region

- Early-stage investment dominance and global market integration trends

- Uzbekistan's explosive FinTech growth in B2C payments and POS financing

- Buy Now, Pay Later (BNPL) services market expansion and projections

- Regulatory changes shaping the financial technology landscape

- Cashless transaction growth and digital payment adoption rates

- Ecosystem highlights and major market participant insights

Essential listening for VCs, FinTech entrepreneurs, investors exploring emerging markets, and financial services professionals tracking Central Asian innovation.

Discover why Central Asia's FinTech sector is attracting global attention and where the next wave of investment opportunities lies.

Discover why Uzbekistan is becoming Central Asia's most attractive investment destination. This episode breaks down the government's comprehensive economic reforms, from tax reductions and trade liberalization to special economic zones driving foreign investment.

Key topics covered:

- Investment climate enhancements and new business incentives

- Green growth initiatives and renewable energy expansion

- Digital infrastructure modernization projects

- Human capital development in education and healthcare

- Agricultural sector reforms for food security

- Regional integration through new trade corridors

Perfect for investors exploring frontier markets, business leaders considering Central Asian expansion, and anyone tracking emerging economy transformations.

Get the intelligence you need to understand Uzbekistan's $80+ billion economy and its strategic role in connecting Europe and Asia.