13:17, 25 June 2025 Page views 121 views

International PLUS-Forum “Digital Uzbekistan” Day 2 roundup

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On the second day of the International PLUS-Forum Digital Uzbekistan (May 29, 2025), the reports covered the following topical issues: Islamic finance and Islamic banking in Central Asian countries, the current state and future of retail in Uzbekistan, the role and place of women in the global business sphere, retail banking, development of marketplaces, popular installment services, digital mortgages, online insurance and more.

The 5th International PLUS-Forum “Digital Uzbekistan”, supported by the National Agency for Perspective Projects and the Chamber of Commerce and Industry of the Republic of Uzbekistan, took place in Tashkent on May 28-29, 2025.

Ulugbek Rashitov

Ulugbek Rashitov

Ulugbek Rashitov, an Uzbek taekwondo fighter, two-time Olympic champion in the up to 68 kg category (2020 and 2024), world championship medalist, and holder of the honorary title “Uzbekiston Iftikhori” (“Pride of Uzbekistan”) became the headliner of the second day. To date, Ulugbek Rashitov is the only representative of Uzbekistan to win Olympic gold in taekwondo. At the same time, he is the only taekwondo fighter in the history of the sport became an Olympic champion among men more than once. The Forum participants had a rare opportunity to take part in an autograph session with the legend of the sport.

Islamic finance is getting increasingly popular in Central Asia. This was discussed at the session “Islamic finance and Islamic banking in Central Asian countries. Current state and prospects”, moderated by

Askhat Giniyatov

Askhat Giniyatov

Askhat Giniyatov, Head of Islamic Banking, T Bank. He analyzed the first stage of the partner banking pilot implemented in the Russian Federation. It involves 32 participants, wth 7 banks. Among them. According to the expert, the first stage of the pilot has improved the level of trust in partner finance and Islamic banking. By 2030, the country will create a legislative framework and pass a fully-fledged law.

Khondamir Nusratkhuzhaev

Khondamir Nusratkhuzhaev

As noted by Khondamir Nusratkhuzhaev, international expert in IF, member of AAOIFI Board (2016-2023), Islamic finance has already become part of the global financial industry. In his report, he compared two models of IF development in Türkiye and Malaysia. In the former, IF began to develop back in 1985, but the share of local population covered by Islamic banking did not exceed 1% until the 2000s, and even now it does not go beyond the 9% mark.

In turn, Malaysia, which initially practiced a systematic approach to IF, today can boast 45% of IF users, while Muslims account for just slightly more than 60% of the population.

 

Valeriy Li

Valeriy Li

Valeriy Li, Head of Department for Development of Issuer Activities and Corporate Management at National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP), spoke about the creation of a legal framework for the adoption of alternative (Islamic) financial instruments in the securities market of Uzbekistan.

 

 

Bakhrom Numonov

Bakhrom Numonov

Bakhrom Numonov, Supervisory Board Member at APEX BANK, Council Chairman of the Association of Islamic Finance and Takaful called his presentation “Islamic Finance in Uzbekistan: The Beginning”. He noted that the global Islamic finance grew by 10.6% in 2024 compared to 2023.

The session was also attended by:

• Alisher A. Djumanov, Founder and Managing Partner, AD Wealth

• Azat Otepbay, fintech entrepreneur and deal structuring advisor. Founder of the Ailat startup

• Jakhongir Imamnazarov, Сo-owner and Director, Islamic Business and Finance (IsBF)

 

The panel discussion “Retail sector in Uzbekistan. Current state. Key trends. Promising solutions” was moderated by Alexander Ponomarev, Founder and CEO, SNRG GROUP. Representatives of leading networks and think tanks exchanged their experiences and forecasts.

Azamat Shaismailov, Co-founder and managing director, retail chain Eeeng ЯQН, spoke about the model of convenience stores with a limited assortment. This format is popular in fast-growing areas and allows for effective control of logistics and inventory.

Ivan Fedyakov

Ivan Fedyakov

INFOLine Founder and CEO Ivan Fedyakov presented the findings of a survey of 100 largest retailers in Uzbekistan. According to the survey, online sales development and increased operational efficiency will be the main priorities in 2025 (50% and 57% of respondents, respectively). At the same time, almost two-thirds of companies called the shortage of skilled specialists an acute problem, which is a key barrier to growth.

Nariman Suleimenov, CEO, Sportmaster Kazakhstan, shared plans for entering the market and scaling the retail chain in Uzbekistan, noting the high potential of the sports retail market and interest in an active lifestyle among the population.

Marina Polyakova, Chief Commercial Officer at Baraka Market, focused on the hybrid format, a combination of traditional retail with digital channels. In her opinion, this approach is the future. At the same time, she pointed out that the problem of staff trainability is a severe restraint on the implementation of new models.

MCosmetic CEO Sergey Irzhavsky shared the secrets of the company's rapid growth. The success is based on a clear understanding of the target segment, full adaptation of the product line to its needs, an effective operating model, precise marketing and a strong team.

The session was closed by representatives of ISHONCH. Nargisa Baymirzaeva shared the experience of business transformation, and Zhasur Karimov spoke about the implementation of a decentralized marketing model, which helped to increase the effectiveness of campaigns and work closer with local audiences.

The session was also attended by:

• Rukhshod Abdullaev, CIO, Bellissimo Pizza

• Artyom Pesterev, Marketing Director, bi1, Daily

• Alexey Orlovsky, CIO, Oqtepa Lavash

“Retail sector in Uzbekistan. Current state. Key trends. Promising solutions”

Retail sector in Uzbekistan. Current state. Key trends. Promising solutions

One of the key events of the second day was a business breakfast organized by Octobank to bring together representatives of banks, fintech companies, and retail. Participants discussed key trends in digital payments, development of payment infrastructure, QR codes, implementation of biometrics and artificial intelligence, as well as prospects for the crypto industry in Central Asia.

Also, within the framework of the PLUS-Forum in Tashkent, a series of cooperation agreements were signed, which, according to experts, may have a significant impact on the market as a whole:

National Agency for Perspective Projects (NAPP) and PLUS Group

National Agency for Perspective Projects (NAPP) and PLUS Group

• National Agency for Perspective Projects (NAPP) and PLUS Group. The cooperation agreement was signed by First Deputy Director of NAPP Vyacheslav Pak and PLUS Group CEO Konstantin Grizov.

• Tenge Bank and UzAuto Motors. The document was signed by Tenge Bank Board Chairman Beibit Faleev and Dzhurat Yuldashev, Managing Director for Finance at UzAuto Motors.


Octobank and BS/2 (Penkių kontinentų bankinėstechnologijos)

Octobank and BS/2 (Penkių kontinentų bankinėstechnologijos)

• Octobank and BS/2 (Penkių kontinentų bankinėstechnologijos). The agreement was signed by Octobank Board Chairman Iskandar Tursunov and BS/2 CEO Idrakas Dadašovas.


Multicloud by OXYGEN and Sarkor-Telekom

Multicloud by OXYGEN and Sarkor-Telekom

• Multicloud by OXYGEN and Sarkor–Telekom. The document was signed by Sergey Kuznetsov, Head of Commerce and Operations at Multicloud, and Sarkor-Telekom CEO Vasily Sereda.


Unified Fintech Forum (India) and PLUS Group

Unified Fintech Forum (India) and PLUS Group

• Unified Fintech Forum (India) and PLUS Group. The agreement was signed by Unified Fintech Forum CEO Jatinder Handoo and PLUS-Forum Steering Committee co-Chairman Konstantin Grizov.


Unified Fintech Forum (India) and PLUS Group

National Interbank Processing Center (NIPC) and MARKAZIY OSIYO FINTEX ASSOTSIATSIYASI

An agreement on joining the Association MARKAZIY OSIYO FINTEX ASSOTSIATSIYASI by the National Interbank Processing Center (NIPC) was concluded. The document was signed by Association Chairman Otabek Nasirov and Acting Board Chairman of NIPC Maksadzhon Mukhitdinov.


Freedom Pay Uzbekistan and the Central Asian Fintech Association (CAFA)

Freedom Pay Uzbekistan and the Central Asian Fintech Association (CAFA)

An agreement on joining the Central Asian Fintech Association (CAFA) by Freedom Pay Uzbekistan was concluded at the Digital Uzbekistan platform on May 28, 2025. The document was signed by Freedom Pay Uzbekistan CEO Nazokat Rashidova and CAFA Chairman Otabek Nasirov.

The above mentioned agreements became part of the Forum business agenda and emphasize the role of the Forum as a platform for establishing partnerships and professional dialogue.

Worthy of separate attention is the fact that in followup of the PLUS- Forum, the Central Bank of Uzbekistan signed a memorandum of understanding with the Global Finance & Technology Network (GFTN), operating under the Monetary Authority of Singapore. The document provides for the launch of a joint program to develop the country's fintech ecosystem.

The parties intend to cooperate in a number of key areas, including developing a strategy for the growth of the fintech sector, organizing specialized training programs and events for the professional community.

It is also planned to introduce digital platforms to stimulate venture financing, support startups and promote “green” economy projects.

The signing of the memorandum opens up new opportunities for sharing international experience and accelerating the digital transformation of the financial sector of Uzbekistan.

How digitalization keeps changing the payments business was discussed by the participants of the session “Payments business in the context of digitalization. Customer journey. Embedded finance. Subscription based services and payment applications” moderated by Maksim Mitusov, expert in payments and money transfers, ex-YandexFintech. He predicted that Uzbekistan would turn into a truly cashless society within 3-5 years, “and all of us will feel as though it has always been the case.”


Sevara Khidoyatova

Sevara Khidoyatova

Sevara Khidoyatova, Team Lead of Export Department (CIS), IT Park Uzbekistan, outlined the ambitious role of the country as an export hub for digital solutions. Uzbekistan ranks third in terms of financial attractiveness, has a high human resources potential, and the multilingual population, which are important competitive advantages when entering international markets.


Kirill Antonov

Kirill Antonov

Kirill Antonov, Chief Commercial Officer at Liptsoft, who has over 20 years of experience in the IT sector, reviewed current trends in the formation of products for bank clients. He emphasized that development of individual products for each specific client is a very attractive idea for banking.

 

Azer Karimov

Azer Karimov

Azer Karimov, Chief Business Office, WealthDoor USA, spoke about the integration of wealth management digital technologies/ platforms to ensure global access to investments and the formation of new sources of income by the example of Central Asia. He identified certain gaps in the market participants’ knowledge of investment technologies. However, with the right approach, the countries in the region could hope for a significant increase in international investment, the speaker believes.


Artem Popov

Artem Popov

AVO bank CEO Artem Popov spoke about the transformation of financial habits in the digital age. Today, the clients expect the bank to stay with them round the clock. This is no longer an option, it is a basic need, he noted. The speaker also emphasized the importance of non-standard approaches to user training. Instead of traditional lectures on financial literacy, the bank launched a mini-series about fraudsters in order to convey important information about security in a readily understandable and interesting form.


Stanislav Skvirsky

Stanislav Skvirsky

Further to the topic of new user models, Payme Business Owner Stanislav Skvirsky presented the experience of launching a subscription model in the application. In the face of rising customer acquisition expenses and growing transaction costs, the subscription became a response to market challenges. “In the first six months of the pilot, we saw a fivefold increase in ARPU,” the expert noted.

The session was also attended by:

• Kirill Sosnin, Head of Consulting at the Center for Corporate Innovation, IIDF Accelerator

• Bauyrzhan Aubakir, Chief Data Officer at Ipak Yuli Bank


“Payments business in the context of digitalization. Customer journey. Embedded finance. Subscription based services and payment applications”

“Payments business in the context of digitalization. Customer journey. Embedded finance. Subscription based services and payment applications”

The participants in the session “eCommerce.Marketplaces. Key drivers and new growth points. Logistics and fulfillment today” discussed the development of e-commerce in Central Asia. The session was moderated by INFOLine Founder and CEO Ivan Fedyakov


Ivan Fedyakov

Ivan Fedyakov

who noted that the consumer market of Uzbekistan has almost doubled over the past five years.


Steven Pope

Steven Pope

Steven Pope, Sieg Trade Solutions Founder, Ex-Vice-President DHL Group, agreed with the thesis that e-commerce has recently been gaining momentum and is becoming a tough competitor to offline commerce. At the same time, the speaker called Central Asia a promising region, where businesses should have closer contacts with government agencies. Of no less importance for the development is the training of young entrepreneurs, especially in the SME sector. He also spoke about the need for careful regulation of commercial processes and about the prospects for the adoption of new technologies that open a digital door to the global market for local groups.


Kamronbek Mukhammadiyev

Kamronbek Mukhammadiyev

Answering a question about the dialogue between businesses and government agencies, Kamronbek Mukhammadiyev, Head of E-Commerce Development and Regulation at the National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP), dwelt on the issues of legislation in the field of electronic commerce. The speaker also informed about regulatory changes and outlined the current situation in electronic commerce in Uzbekistan. The expert noted that, according to preliminary data, the electronic commerce in the country currently amounts to 5% of the total turnover, thus showing confident growth year on year.


Kirill Gromov

Kirill Gromov

Kirill Gromov, CEO, WEE.ae marketplace (UAE), spoke about the prospects for the development of e-commerce in the Middle East. The speaker identified the main trends in eCommerce in the UAE, where, given the high solvency of the population, the e-commerce sector is developing at a rapid rate. The UAE and Saudi Arabia atr the industry leaders.

Yaroslav Eferin, analyst, Global Practice for Digital Development, IBRD, spoke about how e-commerce contributes to regional integration in Central Asia, using the example of the E-GATE project. The project is aimed at developing the export of goods from regional SMEs, helping them to enter global marketplaces.


Ilshat Khametov

Ilshat Khametov

Ilshat Hametov, General Director, Uzum Market, informed how the marketplace can master the optimal model to capture a real market share. The speaker referred to real practices and the dynamics of Uzum Market development. Speaking about plans for the current year, he mentioned the following: expansion of the DBS scope, an increase in the number of delivery points, growth of GMV and orders, as well as increasing the efficiency of all business processes.


Molder Ryssalieva

Molder Ryssalieva

Molder Ryssaliyeva, CEO Halyk Finservice Molder Ryssalieva, CEO of Halyk Finservice (the Halyk Market operator), presented in-depth analysis of the evolution of a banking marketplace by the example of Halyk Market. The speaker noted that one of the key prerequisites of the e-commerce development in the region is creation of an ecosystem where each client can find everything s/he needs without leaving home.


Muzaffar A'zamov

Muzaffar A'zamov

Noting the role of government agencies in regulating e-commerce, Muzaffar A'zamov, Chairman, Association of e-commerce of Uzbekistan, Founder mato.uz, dwelt upon the regulatory burden optimization and trade facilitation. The speaker paid special attention to the use of new AI-based technologies, which will help optimize the regulatory process and reduce the number of duplicating regulations.

 

Dmitriy Komissar, Leader of E-commerce practice at Strategy& Eurasia, dedicated his report to the development of banking ecosystems. The speaker outlined the key success strategies, informed about the pitfalls along the way, and identified key trends.


Dmitry Komissar

Dmitry Komissar

The session was also attended by:

• Abdesslam Benzitouni, VP, Head of Public Affairs and Communications, Jumia 

• Aleksandr Logunov, Managing Partner of the LegalTech company IQ Technology

 

The session “Current problems of the HR market in Uzbekistan and their solutions. Business cases from those best” was moderated by Elena Aleksandrova, HR expert, Human Capital project manager.

The participants discussed which digital tools help to cope with the staffing bottleneck, how companies adapt to the hybrid work environment, which competencies become key in 2025 and how strategies for their development are formed. A lot of attention was paid to the role of HR analytics and the adoption of artificial intelligence, in particular in the recruitment process. According to surveys, companies show a growing interest in the experimental use of AI in recruiting, especially as regards chatbots, screening and automatic candidate search.

The session was also attended by:

• Elena Filianova, International Consultant, Corporate Culture and Employer Brand development Project Leader, Octobank

• Oksana Tkachenko, Director of Recruitment at ANCOR Uzbekistan

• Arseniy Kucheryuk, Head of Antal Uzbekistan

• Tatyana Skachko, СEO, Smart Solutions

Central Asia and Caucasus

• Roman Mazur, CEO, Mountain Ridge: Executive Search

• Ekaterina Nurmukhamedova, Head of Training and Development at TBC Bank|payme

• Hilola Suleymanova, CEO, DaVinci; former Chief Happiness Officer at UZCARD


“Current problems of the HR market in Uzbekistan and their solutions. Business cases from those best”

“Current problems of the HR market in Uzbekistan and their solutions. Business cases from those best”

The session “Retail banking business XXI. Digitalization of SMEs. The best business cases of retail banking” was moderated by Ulugbek Tavakkalov,


Ulugbek Tavakkalov

Ulugbek Tavakkalov

Deputy Board Chairman, KAPITALBANK.

 


Dzhemal Agrba

Dzhemal Agrba

Djemal Agrba, Regional Director, SME Products, Mastercard, brought up the topic “SMEs and banking services: an untapped engine of economic growth”. According to the expert, not only banks are aspiring to offer their services to SMEs today, but also fintech firms, which are gradually beginning to eat into an increasing share of this segment, often offering what banks have failed to offer so far. The governing factors there are fast servicing, convenience and security.


Nodir Badriddinov

Nodir Badriddinov

MAYASOFT Founder & CEO Nodir Badriddinov noted that the role of the regulator is very important in terms of stimulating the activity of banks in the SME segment. Many things there should be simplified.


Khorlan Adilova

Khorlan Adilova

Khorlan Adilova, Associate Director, Head of financial services under strategy and operations consulting group, KPMG CCA, named the reasons why factoring is becoming popular and relevant for SMEs, and predicted the further development of this financial instrument. According to the speaker, with the share of SMEs in Uzbekistan at about 54%, they play a major role in the economy.

The session was also attended by:

• Sam Boboev, Founder at Fintech Wrap Up & Product Manager at The Payment Factory

• Bayan Abildaeva, Managing Partner, Tenge Bank

• Dmitry Saava, Managing Partner, Stan Advisory

• Albert Magsumov, Deputy Director, Corporate Business Department,

KAPITALBANK

 

Marketplaces are energetically introducing alternative points of lending, including BNPL services. This and other current trends in e-commerce and retail were discussed at the session “BNPL. Leveraging the BNPL potential. Focus. Plans. Results”


Otabek Nasirov

Otabek Nasirov

moderated by Otabek Nasirov, Chairman of the Central Asian Fintech Association.

 


Bekhzod Botirov

Bekhzod Botirov

Bekhzod Botirov, fintech expert, co-owner and member of the PayWay Supervisory Board, spoke about how the logic of lending is changing in Uzbekistan, taking into account the adoption of new digital technologies. In particular, the speaker noted that lending was traditional banking entities’ domain, then MFIs began to play a significant role in this process, and now alternative lending points have appeared, including BNPL services, intensively introduced by marketplaces. The total volume of loans to the country population amounted to 104 trillion soms in 2024.


Andrey Nazarenko

Andrey Nazarenko

Andrey Nazarenko, CNFS CEO, Sberbank Group, ‘Plati chastyami’ BNPL Platform, dwelt on how BNPL is changing the fintech market. Speaking about the popularity of this type of service, he emphasized the growing role of e-commerce, when traditional financial institutes were initially unable to offer clients simple tools for this type of lending. In Russia, Sberbank was among the few structures that began to energetically implement such technologies; in particular, the service “Plati chastyami” (Pay in installments) was launched. As the speaker noted, BNPL is currently becoming the standard for all major marketplaces. This service currently accounts for 5% of online purchases in the electronics and clothing segment, with growth potential of up to 7% by 2026.


Shukurullo Muminov

Shukurullo Muminov

Shukurullo Muminov, Deputy Head of Department, Customs Committee of the Republic of Uzbekistan, devoted his speech to the optimization of customs processes.

The speaker paid special attention to innovations in the field of product examination using artificial intelligence technologies.


Denis Romanov

Denis Romanov

Denis Romanov, Senior Sales and Account Manager, Compass Plus, paid special attention to the issues of BNPL regulation. Also, analyzing the adoption of this service in Central Asian countries, the speaker not only noted its convenience, but also the fact that BNPL does not contradict the concept of Islamic banking.

The session was also attended by:

Yuriy Andryushkov, Head of Alif Shop, Alif Uzbekistan

Alexander Rubtsov, Chief Product Officer, Foyda!

The discussion “Investments in business. Venture capital market in Uzbekistan” brought together experts, investors and representatives of the banking and business community. The session was moderated by Azizbek Kurbonov, CEO, Samsara.

 

One of the key topics of the discussion was the legal environment, in which investors and startups operate in Uzbekistan. Nodira Sadikova, Managing Director of ADW Group (UAE), expert in investment banking and M&A in the banking and fintech sectors, compared the current situation in Uzbekistan with other countries in the region. In her opinion, the republic demonstrates a steady growth of interest in venture investments, but the lack of legal transparency and predictability hinders raising the international capital.

Khurshida Igamberdieva, LLM, Head of the Corporate Governance Department of Ipak Yuli Bank, independent researcher for TSUL, agreed with her. She drew attention to the instability of the judicial system, the inconsistency of regulations and frequent changes in the legislation of Uzbekistan. When legal norms are not coordinated, and the practice of their application is ambiguous, this scares off not only external but also internal investors.

Nurulla Turaev, Managing Director, TMT Global Advisers (UK), shared his practical experience in venture investments. In his opinion, Uzbekistan needs a unified strategy for the development of the startup ecosystem.

Anvar Irchaev, Chairman of the Supervisory Board of АКВ Universal Bank, Head of Investment Association of Uzbekistan, stressed that the country still experiences a deficit of both domestic and foreign investment, and measures are needed to ensure access to financing. Money in Uzbekistan is too expensive, this hinders the growth and scaling of businesses, he summarized.

Rustam Rakhmatov, Rustam Rahmatov, CEO & Founder of IMAN Holding, spoke about the difficulties of raising capital

within the country.


“Investments in business. Venture capital market in Uzbekistan”

“Investments in business. Venture capital market in Uzbekistan”

The session “Women In Tech. Technologies as the foundation of business. The role of women in the transformation of industries” was moderated by Botagoz Kassabek, entrepreneur, independent director at National companies in Kazakhstan; co-owner and trustee of the Public Fund for Sustainable Development of Cities and Communities “Alma”.

Speaking about her personal experience and career path, Anna Ambrozevich, Director, Women in Tech Uzbekistan, noted the special role of personal position.

Dildora Tursunova, Director of Strategic Development, Single Integrator UZINFOCOM, spoke about women's contribution to the creation of innovations aimed at success, using her company's initiatives as an example. The speaker paid special attention to popularizing the role of women in the IT sector.

Regina Kosobokova, Chief Marketing Officer, transformation, Hamkorbank, spoke about the strategies the Central Asian banking sector applies to create an inclusive corporate culture, ensuring the full participation of women in professional activities.

Mira Kuderinova, Managing Director, Kolesa Kazakhstan (Kolesa Group); Advisor to the Chairman of the Digital Kazakhstan Association, spoke about the contribution of women to business development.

Olga Amangeldyeva, Chief Business Development Officer, National Interbank Processing Center of Uzbekistan (national payment system HUMO), and Sitora Tulyaganova, Chief Operating Officer, TBC Bank, also took an active part in the discussion.



“Women In Tech. Technologies as the foundation of business. The role of women in the transformation of industries”

“Women In Tech. Technologies as the foundation of business. The role of women in the transformation of industries”

The final session “Finservices in the digital era. From digital mortgages to online insurance and digital car sales. Promising areas of the Uzbekistan market” was moderated by Bekhzod Botirov,


Behzod Botirov

Behzod Botirov

fintech expert, co-owner and member of the PayWay Supervisory Board.



Alibek Esov

Alibek Esov

Alibek Yessov, Director of consulting business development, Mastercard, devoted his speech to the business models Banking-as-a-Service (BaaS) and Fintech-as-a-Service (FaaS). The speaker considered their roles and popularity in the financial market, highlighting three stages of implementation: embedded finance, white label and neobank. As the expert noted, these models have the broadest prospects in the Uzbek market today. He also named the main criteria a bank or fintech firm should use to select a partner within the BaaS or FaaS models.

Михаил ХомутовMikhail Khomutov

In his presentation “BaaS - the Present and the Future”, Mikhail Khomutov, Head of OpenBanking, QazPost Digital, recalled that the BaaS model is a cloud service that provides access to banking products and operations via API. The speaker highlighted two key types of products: management of partner banking services and agent engagement. These are the so-called B2B2C solutions, where banking tools are integrated into partner ecosystems.


Pavel Butenko

Pavel Butenko

Further to the topic of transformation, Pavel Butenko, Expert in Digital Transformation, ex-SOGAZ, Aviva, Intouch, in his report “Digital insurance: how to make money from proactive customer behavior management and service model of interaction”, outlined the current window of opportunity: “It is the best time now to launch an insurance company.” The market in Uzbekistan is growing, it maintains high profitability and remains less saturated than mature markets. According to the speaker, the basis of success is the customer base and the ability to manage user behavior. The proactive insurance model can generate up to 30-40% marginality, focusing not on one-time sales, but on long-term interaction and integrating services into the client's daily life. “The future belongs to the humanless approach, human-centricity and embedded insurance,” he noted.


Dmitry Zavisha

Dmitry Zavisha

Dmitry Zavisha, CSO, Apelsin loyalty service, shared his vision of a new approach to loyalty, analysing the key drivers for involvement in financial services. According to him, loyalty today is a unifying service element that ensures the emotional involvement of the client in banking products and services.


Evgeniy Li

Evgeniy Li

An unusual growth outlook for the digital economy was offered by Evgeniy Li, executive director, Uzbekistan Cybersport Association. According to him, prize funds in esports tournaments are not just motivation, but part of a sustainable and profitable industry. “The global video game market is estimated at $110 billion in 2024, which is a 25-35% increase compared to 2023,” the speaker said. He noted the high potential of Central Asia: the region can reach $1.13 billion in 2025.


Bongjun (Brett) Kang

Bongjun (Brett) Kang

Bongjun (Brett) Kang, Team leader, Korea Deposit Insurance Corporation, spoke about the system to support the recovery of misdirected wire transfers in Korea. He paid special attention to the creation of digital infrastructure in Korea. Thus, Korea was the first to launch a system of instant (faster) payments, which helped to noticeably improve competition in the market.



Dias Savetkanov

Dias Savetkanov

The session ended with a report by Dias Savetkanov, CEO, Kazakhstan Fintech Network, focused on the prospects for further digitalization.

In 2025, Digital Uzbekistan hits record highs: more than 2,000 delegates from 36 countries took part in the Forum, over 150 rapporteurs spoke at the conference, while innovative solutions, products and services were demonstrated by more than 100 exhibitors from a wide variety of markets including the USA, China, Russia, Germany, France, Italy, UAE, Portugal, Singapore, Türkiye, Switzerland, South Korea, the Baltic and CIS countries and many others.

Key sponsors of Digital Uzbekistan 2025:

 

Title sponsor

• Mastercard

Strategic sponsor

• Octobank

National sponsor

• HUMO

Chief sponsor

• BS/2

Communications partner

• Ucell

Official sponsor

• Smartone

Platinum sponsors

• M4Bank; Nexign: Jet;Arenadata

In 2025, “Digital Uzbekistan” brought together key market stakeholders from Central Asian countries and the EAEU members, as well as world-class international and regional experts.

The Forum once again confirmed the international level of the agenda and the status of one of the most attended events in the industry in terms of both size and composition of the audience – business owners, top managers and key employees. PLUS-Forum means the effective digital transformation of the state infrastructure, giving additional impetus to the development of the economy of the country, supporting international cooperation and the development of new promising large-scale projects.

     

Click here to read about the key takeaways of the first day of Digital Uzbekistan 2025!

Click here to see the photo report from the PLUS-Forum Digital Uzbekistan 2025!

 

See you at the next PLUS-Forum editions in 2025!

• FinnoWay Armenia / November 11–12 / Yerevan, Armenia

• Digital Kazakhstan / November 26 / Almaty, Kazakhstan

• Digital Tajikistan / December 4 / Dushanbe, Tajikistan