The Investment Association, a prominent British trade organization representing the investment management industry in the UK, has recently included Uzbekistan's Ministry of Digital Technologies in its esteemed global partners list. This development signals a new era of collaboration and opportunities for Uzbekistan’s IT and FinTech sectors.
This strategic partnership grants IT and FinTech companies from Uzbekistan unprecedented access to UK investment firms and major global players. The Investment Association collectively manages over £8.5 trillion ($10.9 trillion) in assets for clients in the UK and worldwide, a substantial 13% of the £67 trillion ($85.5 trillion) in global assets under management.
Starting in 2024, Uzbekistan, through the Ministry of Digital Technologies, joins an exclusive group of 15 global partners of The Investment Association. This collaboration marks a milestone for Uzbekistan, setting the stage for increased investment and growth in the country’s IT market.
“We are thrilled about the opportunities this partnership will bring, fostering innovation, growth, and investment in Uzbekistan's IT sector. Stay tuned for more updates on this exciting journey!” Rustam Karimjonov, Deputy Minister at the Ministry for the Development of ITC of Uzbekistan, shared on LinkedIn.
FinTech Industry in Uzbekistan
The FinTech industry in Uzbekistan is experiencing rapid growth, driven by several key factors:
- Increasing Smartphone and Internet Penetration: With more people gaining access to smartphones and the internet, the demand for convenient and secure payment solutions has surged.
- Innovative FinTech Players: Both local and foreign fintech companies are entering the market, offering innovative products and services.
- Government Initiatives: The government’s efforts to digitize services and payments, including initiatives like the “Digital Uzbekistan – 2030” strategy, aim to increase digital literacy and funding for the sector.
- Rise of Digital Payments: Digital payments accounted for 97% of the total transaction value in 2021. Leading players like Uzum, CLICK, and Payme are competing for market share by offering features such as mobile wallets, QR codes, and bill payments.
- E-commerce Growth: E-commerce is one of the fastest-growing fintech segments in Uzbekistan.
Despite these advancements, challenges such as low internet penetration, lack of trust in online transactions, and regulatory barriers persist. This new partnership with The Investment Association is expected to catalyze further growth and development in Uzbekistan's IT and FinTech sectors.
By connecting with UK investment firms and global players, Uzbekistan can attract more investments, foster innovation, and enhance the overall competitiveness of its digital economy.
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