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    Uzbekistan Money Economics

    Uzbekistan's financial technology market set to double by 2027

    Uzbekistan's financial technology market set to double by 2027

    The financial technology (fintech) sector in Uzbekistan is poised for exponential growth, with projections indicating a doubling of cash payments and transfers by 2027. A study conducted by KPMG Caucasus and Central Asia revealed significant advancements in non-cash payments, underlining the country's evolving fintech landscape.

    Photo: Projected non-cash pavments as a percentage of GDP
    Source: KPMG
    In 2022, non-cash payments and transfers accounted for approximately 58% of Uzbekistan's GDP, marking a substantial increase from previous years. The consumer retail lending market experienced a remarkable 66% cumulative annual growth from 2020 to 2023.
    Photo: Total value of P2P transactions is expected to increase by an
    average of 2.2 times with a 22% CAGR over 2023-2027
    Source: KPMG

    The turnover of non-cash transactions, including payments and money transfers facilitated by banks and payment organizations, amounted to $36.2 bn and $10.5 bn, respectively, in 2022. Projections suggest that by 2027, the total volume of non-cash transactions could range from $107 bn to $125 bn.

    Farrukh Abdullakhanov, a partner at KPMG Caucasus and Central Asia, emphasized the digitalization of various sectors as a priority for Uzbekistan's development until 2030. The burgeoning fintech sector has attracted considerable attention from both domestic and foreign investors, with a trend of market consolidation expected to continue in 2024 following the implementation of updated regulations for payment organizations.

    The study also examined the point-of-sale (POS) financing and installment financing markets, estimating a combined turnover (GMV) of $450 mn to $500 mn. By 2027, the POS financing and Buy Now, Pay Later (BNPL) market is forecasted to reach a turnover ranging from $1.5 bn to $2 bn, with an annual cumulative growth rate of 38% to 42%.

    Photo: Projected POS financing and BNPL market share in e-commerce
    Source: KPMG

    Vitaly Yakovlev, another partner at KPMG Caucasus and Central Asia, highlighted the increasing adoption of online installment services, particularly within the e-commerce segment. 

    "In the POS financing and installment plan market, more aggressive growth is expected in the online e-commerce segment, although historically installment payment is more popular and developed in the offline segment. We see that with the growth of e-commerce, consumers show more confidence in online installment services. In turn, market participants use their own scoring models based on machine learning, which make it possible to reduce the decision-making process on providing financing to 1 minute based on electronic data of the population available on government portals," Vitaly Yakovlev says.

    The study further noted a surge in investor interest in Uzbekistan's fintech market in recent years, underscoring the sector's potential for robust growth and innovation in the years ahead.

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    01.05.2024, 23:41   Comments (0)   2331
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