In a world where financial markets are increasingly accessible through technology, Tolibjon Mirzakulov, the CEO and Founder of Jett.uz, saw an opportunity to revolutionize investment in Uzbekistan. Jett is an innovative investment platform that connects brokers, fintechs, and retail investors, bringing the power of the stock market to the masses. In this installment of Daryo talks, we delve into the story behind Jett, its mission, and the remarkable impact it has had on the Uzbek economy.
The Birth of Jett: An Idea Whose Time Had Come
Every great startup begins with a visionary idea, and Jett is no exception. Tolibjon Mirzakulov and his team were inspired by the rapid growth of mobile investments and fintech around the world. Observing the success of platforms like Robinhood, Gotrade, and Revolut, they wondered, "Why not develop a similar solution for Uzbekistan?"
Their journey began with a deep dive into the state of the Uzbek stock market. They discovered that while over 60% of people in developed countries invest in the capital market, in Uzbekistan, this figure barely reached 2%. This stark contrast signaled a tremendous untapped potential in the local market.
Undeterred by initial challenges, such as the absence of a stock exchange API, the team persevered. They found a way to integrate with the exchange and subsequently assembled a talented team at SemurgVC's venture builder. With a minimum viable product (MVP) in hand, they presented their solution to the exchange, the depository, and the regulator, receiving the green light to proceed.
Their journey to success was further fueled by investments from AloqaVentures, enabling them to establish the company and officially launch in the market. Remarkably, after just over a year of operation, more than 70% of transactions on the Uzbek stock exchange are now conducted through Jett.
Jett's Impact on the Uzbek Economy
Jett's achievements extend beyond business goals; the platform has a profound socio-economic mission:
- Activation of Intra-Country Investment Potential: By introducing thousands of new investors to the stock market, Jett has activated previously untapped investment potential within Uzbekistan.
- Improving Financial and Investment Literacy: Jett is not just a trading platform; it is also an educational hub. It has played a significant role in enhancing the financial and investment literacy of the population.
- Facilitating Investor Relations: Jett has improved investor relations in local joint-stock companies by increasing the number and quality of requests from minority shareholders. Their Investors Club, with over 4,000 participants, is a testament to the sense of community Jett has fostered.
The Road Ahead: Multibroker, Diverse Applications, and Expanding Horizons
Jett's innovative approach sets it apart in several key ways:
- Multibroker Integration: Jett collaborates with eight brokerage houses, allowing clients to invest and trade securities through a single mobile platform. This approach is unique and offers both investors and brokers convenient tools for interaction.
- Diverse Applications: Jett has integrated into five applications, including banking, fintech, and telecom operator services, making it more accessible to a wider audience. This strategy accelerates the inclusion of new investors in the world of finance.
- Expanding Investment Instruments: While Jett currently focuses on stocks and bonds, the company has plans to incorporate new types of investment instruments, including crypto assets and tokenized assets, in the future.
Mirzakulov also hints at Jett's aspirations for international expansion. They are exploring opportunities in CIS and MENA countries, where their unique approach to investment services could find fertile ground.
Central Asia's Investment Climate and Startup Ecosystem
Mirzakulov acknowledges the potential of Central Asian markets. He highlights the presence of numerous "blue ocean" markets where specific products or services are not yet represented. With growing economies and increasing solvency among the population, these markets are attracting interest from foreign investors.
In the realm of startups, Central Asia is in its nascent stages, but it is steadily progressing. Successful startups inspire others to actively seek opportunities and investors, contributing to the growth of the startup ecosystem. Although venture capital in the region is currently limited, Mirzakulov believes that this will change, as more investors recognize the talent and bright ideas within Central Asia's entrepreneurial landscape.
Tolibjon Mirzakulov's journey with Jett.uz is a testament to the transformative power of innovative ideas. By bridging the gap between traditional investing and modern technology, Jett has brought financial markets closer to the people of Uzbekistan, empowering them to take control of their financial futures. As the platform continues to expand its offerings and explore new markets, it remains a shining example of the potential for startups to make a significant impact on both the local economy and the global stage.
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