The 6th International PLUS-Forum Digital Uzbekistan. Day Two

Wed, 01 Jul 2026 15:31:21 +0300

The 6th International PLUS-Forum Digital Uzbekistan. Day Two

During the second day of the International PLUS-Forum Digital Uzbekistan (May 20, 2026), reports were presented on such topical issues as: Islamic finance and Islamic banking, the current state and future of retail, retail banking and digital transformation, and much more.

The 6^th International PLUS-Forum Digital Uzbekistan supported by the National Agency for Prospective Projects and the Chamber of Commerce and Industry of the Republic of Uzbekistan, took place in Tashkent on 19-20 May, 2026.

· Event recap video

· Full photo report on how it was there at the PLUS-Forum Digital Uzbekistan 2026

Click here to read the results summary of the first day of the 6th International PLUS-Forum Digital Uzbekistan.

Dr. Tariq Qureishy

The featured speaker on the second day of the Forum was Dr. Tariq Qureishy, a renowned futurist and CEO of the Future Readiness Institute. He studies artificial intelligence, a hot topic that helps society, companies, and government agencies anticipate future changes, utilize new technologies, and build a safer future.

“The foundations of new thinking are trust and creativity. Without these, it is impossible to build a sustainable digital economy of the future,” the speaker noted.

Alexey Maslov

Immediately after the speech of Dr. Tariq Qureishy, a closed VIP business breakfast was held in the Intermezzo hall, moderated by Alexey Maslov, Advisor to the Chairman of the Executive Board, HUMO.

Victor Orlovski

Victor Orlovski, Silicon Valley investor, Managing Partner, R136 Ventures, was a special guest. The breakfast participants—top managers from banks, national and international payment systems, mobile operators, marketplaces, and retail—discussed the real role of artificial intelligence in Uzbekistan, the challenges facing venture capital funds, and the current state of the startup market.

Special attention was paid to cybersecurity and the rise of fraud, as well as the future of payment organizations in the face of increasing competition. Furthermore, discussions focused on the crypto industry in 2026, the range of payment instruments, the development of BNPL, P2P transaction monitoring, and the further development of QR payments in Uzbekistan. The breakfast was held in a business-friendly atmosphere being of clearly intimate nature —it's precisely this format that generates the most profound questions and answers, deserving close attention and analysis.

Denis Tur

The session “Retail banking. Digital transformation. Problems and trends” was moderated by Denis Tur, CEO, STRATTURA Consulting.

Nosir Oripov

Nosir Oripov, Deputy CDTO, Eskhata bank, shared his experience of product and AI transformation in the company. The expert touched on both the successes and mistakes made along this challenging path. Currently, the bank employs 47 teams with an average predictability of task completion timeliness of 89% (as of 1Q 2026).

Denis Romanov

Denis Romanov, Senior Sales and Account Manager at Compass Plus Technologies, discussed current issues related to the digital transformation of the banking industry, paying particular attention to the new banking model – Banking as a Service (BaaS). Market participants are actively using it today as a model for building their own service portfolios. Furthermore, BaaS allows banks to gain access to new clients through partner service networks. The expert noted that, according to research findings, 76% of respondents consider BaaS the shortest route to the market launch of the banking products.

Alexey Puznyak

Alexey Puznyak, Deputy Retail Business Head, Father of MONIX, Ipak Yuli Bank, Uzbekistan, titled his presentation “Even banks need cats: Digital transformation of a traditional bank with expansion into a new segment”. The expert explained why a reputable credit institution with a 35-year history needed a robocat. First and foremost, it was about engaging a new generation of clients. From this perspective, the image of a cat offers a number of advantages for the launch and promotion of one of the first digital banks in the Uzbek market. As practice has shown, the key points were highlighted correctly – today, MONIX services are available throughout the country, with their key indicators demonstrating dynamic growth.

Otabek Kurbanov

Otabek Kurbanov, Founder & CEO of Alphacon, discussed new opportunities for banks’ retail business offered by the digitalization of business processes and the implementation of AI agents. Today, the Alphacon platform offers services from credit institutions and other retail entities, without focusing on the offerings of specific market players, with its services ensuring minimal customer acquisition costs.

Alexander Manayenko

Alexander Manayenko, CEO, YURTA (Republic of Kazakhstan), discussed digitalization of the housing and utilities sector through the implementation of billing and Unified Payment Document (EPD) solutions as part of Smart City concept. According to the expert, this area is “one of the drivers for the development of digital platforms of our partner banks.”

Denis Denisenko

Denis Denisenko, Director & Co-Founder of the Dariger Online Telemedicine Group, dedicated his presentation to the role of telemedicine in the digital transformation of retail banking through care services. By integrating its service platform with various banks' banking apps, the company provides their clients with comprehensive medical online consultations. In Uzbekistan, where multi-child families are common, this service is very popular, particularly among women.

Elyor Rustamov

Elyor Rustamov, Managing Consultant, Mastercard, shared lessons from turning technology implementation into profit growth that can be applied to the digital transformation of retail banking. Experience shows that as few as 30% of banks achieve their business goals when implementing digital transformation projects.

Sergey Shcherbinin

Sergey Shcherbinin, CEO, Faust Consulting, outlined three key trends for success: an AI agenda, well-thought-out product strategies, and a balanced approach to building IT strategies, forming IT teams, etc.

Andreas Kourouklaris

In his online presentation, Andreas Kourouklaris, CEO of Pnyx Hill, and Hoxton Capital Board member, touched on the pressing topic of building credible regulatory sandboxes as market entry infrastructure. The speaker provided practical examples of how a “smart” design attracts cross-border capital.

Ulugbek Tavakkalov

Key elements of retail transformation in present-day conditions were discussed at the session “Retail sector. Current state. Key trends. Promising solutions” moderated by Ulugbek Tavakkalov, an expert with 23 years of experience in the banking industry.

Ivan Fedyakov

In his presentation, INFOLine Founder Ivan Fedyakov, noted the high potential of the Republic of Uzbekistan and characterized consumer lending as one of the key economic growth drivers. This is the primary driver of the consumer market in the coming years. The speaker also highlighted the growing trend in the e-commerce segment, with investments channelled toward opening new pickup points rather than building hypermarkets. Ivan Fedyakov also predicted that the number of motorcycle couriers will increase in the very near future, requiring the creation of a comprehensive infrastructure: loading and unloading areas, parking, and so on.

Nariman Suleimenov

Nariman Suleimenov, CEO, Sportmaster Kazakhstan, Kyrgyzstan, Uzbekistan, focused specifically on the challenges associated with logistics in retail. The speaker also highlighted the various ways to adjust the market depending on the specific characteristics of each country, as each country's entry experience is completely unique.

Marina Polyakova

Marina Polyakova, Chief Commercial Officer, Baraka Market, shared the experience of operating offline stores.

Hayot Kabirov

Hayot Kabirov, CEO, TİİN, outlined key trends in the evolution of retail, such as competition, automation, consumer behavior, digital payment methods, online sales, and tax transformation.

Azamat Shaismailov

Azamat Shaismailov, Co-Founder and Managing Director, retail chain Eeeng ЯQН, dedicated his presentation to the unique format of the Uzbek market.

Dmitry Gorshkov, Owner of the fintech platform Porublyu, delivered his presentation “Fintech Code: Broker evolution in the click era”.

Larisa Berezhnova

Larisa Berezhnova, independent CFO, expert in financial transformation and retail economics, former CFO of large retail companies in Kazakhstan and Uzbekistan, noted that digitalization of retail is the industry's primary driver today. At the same time, external and internal challenges are dictating new market conditions, where only those will survive, who can adequately respond to them, quickly and effectively processing data and controlling business processes. Therefore, the key task is to connect operational events with economic demands.

Ivan Fedyakov

The session “e-Commerce. Marketplaces. Key drivers and new growth points. Logistics and fulfilment today” was moderated by Ivan Fedyakov, INFOLine Founder.

He compared the situation with regard to the development of e-commerce in Central Asia against other regions of the world. In particular, in Uzbekistan the share of e-Commerce is a few as 4%, but this relatively modest figure also indicates the high potential of this sector in the country.

Akhmadjon Juraev

Akhmadjon Juraev, Deputy Head of the Department for the Development and Regulation of E-commerce, National Agency of Prospective Projects of the Republic of Uzbekistan (NAPP), noted that over the past five years, Uzbekistan's e-commerce market has grown nearly 20-fold to reach $1.8 billion, with nearly 100 marketplaces operating there. Against this backdrop, the official statistics of e-commerce accounting for 4-5% of total retail turnover may not fully reflect the current reality. The expert informed about recent legislative initiatives aimed at supporting this industry in Uzbekistan, including new tax regulations for foreign merchants and regulations for establishing bonded warehouses in the country.

Kamronbek Mukhammadiyev

Kamronbek Mukhammadiyev, Head of the Department of Development and Regulation of E-Commerce, National Agency of Prospective Projects of the Republic of Uzbekistan (NAPP), reviewed the current challenges of marketplace taxation and their impact on business. He noted that the targets for e-commerce development in the Republic, as outlined in the Presidential Decree, are, as always, ambitious but entirely achievable. Among the novelties are provisions that oblige marketplaces to pay VAT for merchants operating on their platforms. And starting January 1, 2026, merchants with annual turnover of up to 1 billion soums will be taxed at mere 1%. This measure should contribute to a more transparent economy.

Muzaffar A'zamov

Muzaffar A'zamov, Chairman of the Association of e-commerce of Uzbekistan; founder of mato.uz, stressed that tax exemptions are not as important for market participants as the simplification of procedures and regulation in general. Most of the problems in e-commerce in Uzbekistan stem from inconsistencies in current legislation, and all the associated inconveniences play into the hands of the shadow economy, making consumers incur additional costs.

Saidakbarhon Mirzaev

Saidakbarhon Mirzaev, Deputy General Director, Wildberries, informed about the prospects for creating a regional e-commerce hub, focusing on improving logistics and fulfillment. In Uzbekistan, Wildberries has already launched construction of the region's largest logistics facility in the Tashkent region, with a total area of over 100,000 square meters. Investments will exceed 11 billion rubles, creating 7,500 jobs. This will allow the government to increase tax revenues from e-commerce and boost local employment.

Azamat Shaykaliyev

Azamat Shaykaliyev, Head of Partner Acquisition and Business Support Department, Uzum Market, outlined the key drivers of e-commerce growth in Uzbekistan to name four of them:

· Market and population readiness

· Product range

· Availability of modern payment solutions

· Customer proximity

Mansur Usmanov

Mansur Usmanov, Director of YandexAds in Uzbekistan, noted that the most popular consumer demand on Yandex platforms is for lending services. Furthermore, consumer interest in financial products spans virtually every life scenario. The speaker paid special attention to the Yandex ecosystem, which accompanies consumers everywhere in Uzbekistan.

Anastasia Lomachenko

Anastasia Lomachenko, Chief Marketing Officer at AUTORUS, informed about new application areas of artificial intelligence, machine learning and forecasting systems in e-commerce.

Participants in the session “Business investments: The capital market on its path to liberalization and development” discussed global sustainable finance trends and their impact on Central Asian markets.

Odil Musaev

The session was moderated by Odil Musaev, Managing Director, ALKES, who thanked the organizers of the PLUS-Forum, particularly noting the wide range of topics and current trends that formed the basis for interesting discussions.

Konstantin Saroyan

Konstantin Saroyan, Secretary General of the Federation of Euro-Asian Capital Markets, spoke about the implementation of platforms that facilitate the unification of local exchanges and attract additional investment, thereby increasing the liquidity of local capital markets.

Rosanna Sarkeyeva

Impact investment professional Rosanna Sarkeyeva, (PhD, Switzerland), Supervisory Board Member at Ipak Yuli Bank, Uzbekistan, discussed corporate governance from an investor perspective. The speaker identified key trends such as transparency, risk management, and digital maturity. Rozanna Sarkeeva highlighted global standards of trust and sustainable finance as the main driver of capital market liberalization in Central Asia.

Kirill Sosnin

Kirill Sosnin, Head of Consulting and Analytics, IIDF, discussed how startups are transformed into large companies through leaning into venture capital investments.

Napil Kultegin

Napil Kultegin, Business Development Director at MOST Holding, noted that venture capital funds today take a very systematic approach to investments, meticulously assessing the transparency and risk management in each specific project.

Dimitriy Abbasov

Dimitriy Abbasov, Investment Banking Director at Avesta Investment Group, believes that opportunities for investors in Uzbekistan today offer great potential. The speaker is convinced that the local capital market is still in its infancy, so this period is creating new opportunities. And the main factor driving the country's growing economy is demographics.

Munir Yakubov

Munir Yakubov, Founder & CEO, Portfolio Investments; Chairman of the Board at the National Association of Investment Institutions, spoke about privatization and M&A in Uzbekistan, summing up the results of 2025 and outlining market expectations for 2026.

Start-up Elevator’s pitch

Also, the second day of the PLUS-Forum Digital Uzbekistan featured a unique session – Start-up Elevator’s pitch.

Invited startup founders got the opportunity to present their projects to Victor Orlovski, Silicon Valley investor, Managing partner at R136 Ventures (USA).

The speaker shared with the masterclass participants how to properly prepare for pitches, what investors really want to hear, and what can kill interest in a project from the very first seconds.

For Uzbek startups and IT companies, this was a rare chance to receive feedback from a top global expert. And judging by the lively reaction from the audience, they took full advantage of the opportunity!

Maksim Mitusov

The session “Technologies and Digitalization 2.0. AI – from Public Services to Banking. Fintech Evolution. Open Banking. Crypto – in Search of a Model for Central Asia” was moderated by Maksim Mitusov, expert in payments and money transfers WalletOne, ex-YandexFintech.

Jahongir Kagirov

Jahongir Kagirov, CEO, IT Park Capital, discussed the financial instruments his organization offers for IT companies and startups. According to the expert, there are approximately 4,000 IT companies operating in Uzbekistan with a total turnover of approximately $3 billion per year, and these are not very large banking clients. Against this backdrop, IT Park Capital offers startups unique financing terms, including loans of up to 300 million soums, which they can receive without collateral, for the purpose of recruiting staff, getting an office, purchasing servers, and training employees. The speaker also discussed the ZERO RISK program, under which IT Park Capital is ready to reimburse up to 50% of employee training costs.

Egor Pustovit

Egor Pustovit, Associate Managing Consultant, Mastercard, emphasized that there's too much hype surrounding the successful implementation of AI, but in practice, it often turns out to be ineffective. According to the expert, problems need to be identified first, and then the technology chosen. For example, if your business processes are poorly streamlined, an AI agent won't bring order to them, but will only add complexity.

Vadim Tiurin

Vadim Tiurin, Head Agile Office, AgroBank (Uzbekistan), discussed how companies are turning their apps into full-fledged platforms, with Uzum and Click being prime examples. “The bank of the future: what should it be like?” the speaker asked. No bank in the world has yet demonstrated that it's earning so much from its ecosystem that it can abandon banking services themselves. Thus, banks are becoming more like platforms than ecosystems. A key distinction of the platform approach is not immediate profit, but rather its focus on meeting the client's vital needs.

Pavel Khristolubov

Pavel Khristolubov, Chief Operating Officer, Wallet in Telegram, offered his perspective on AI as an active participant in robotic automation projects in retail banking. Among the areas most promising for implementation, he named user interfaces, chatbots and messengers, as well as smart billing. The expert concluded that AI will gradually become the standard interface for user interaction with the entire world, and financial transactions are no exception.

Konstantin Kondratiouk

Konstantin Kondratiouk, ex-Portfolio Director, MTS AI, discussed how digital services and facilities help create a seamless customer journey. According to his data, approximately 70% of young customers still prefer voice communication to text, and banks in Uzbekistan, where the average age is 29, should take this into consideration.

Vitalii Kopysov

Vitalii Kopysov, Innovation Director, Sinara bank, shared his practical experience in implementing a project based on the Open API and creating a partner network based on the Banking as a Service model.

Maxim Mitusov

At the end of the session, moderator Maxim Mitusov delivered a rather skeptical presentation focused on the question: “AI, digital currencies, and other digital artifacts—how badly do Uzbek banks need them today?" As an example of the differences in consumer habits across countries, he cited China, where QR payments have become so commonplace that contactless transactions don’t impress the mass-market client at all. “Which path Uzbekistan will take—I don't yet know!” the expert admitted.

Dr. Jakhongir Imamnazarov

The session “Islamic finance and Islamic banking in Central Asian countries. Main trends” was moderated by Dr. Jakhongir Imamnazarov, Co-founder of Islamic Business and Finance (IsBF), who called Islamic banking one of the most promising areas of the financial sector in Uzbekistan.

Alisher A. Djumanov

Alisher A. Djumanov, Founder and Managing Partner, AD Wealth, noted that significant changes in legislation have taken place in many Central Asian countries, thus facilitating the introduction of Islamic finance in the region.

Abduboriy Tursunov

Abduboriy Tursunov, Head of Innovative Products at Hayot Bank, shared real-life examples of Islamic banking implementation.

Khondamir Nusratkhuzhaev

Khondamir Nusratkhuzhaev, international expert in IF, member of AAOIFI Board (2016-2023), noted that for traditional banks, which consider launching Islamic financial products, it is important to decide upon their appropriate operating model in advance—either establishing a full-fledged Islamic bank or opening an Islamic window within an existing structure. According to the speaker, launching an Islamic bank requires significant resources, time, and comprehensive institutional preparation, while an Islamic window could be a less expensive and faster way to enter the market.

Parvona Raupova

Parvona Raupova, Risk monitoring Division Head at Tawhidbank, noted that the share of the Islamic banking sector in Tajikistan remains small, amounting to just over 1% of the total banking system, but that this figure could grow to 4–5% by 2030. She stated that the emergence of new players, the development of the regulatory framework, and interest from international investors could contribute to the market growth.

Timur Mussin

Timur Mussin, Board Member, Chief Risk and IT Officer, Al Safi Bank, noted that Islamic finance in Central Asia is gradually expanding beyond its narrow scope and gaining new momentum. He added that interest in Islamic financial services is growing not only among banks and investors, but also among the general public. The development of digital services, which enable the integration of Islamic products into traditional banking apps and platforms, is playing a key role.

Hayotjon Azimov

Hayotjon Azimov, Head of Advisory, Al Muamalat Consulting, Republic of Uzbekistan, discussed the segregation of accounts in Islamic banking operations, highlighting the main legal requirements and key operational points.

Bakhrom Numonov

Bakhrom Numonov, Council Chairman of the Association of Islamic Finance and Takaful; Member of Supervisory Board, APEX BANK, spoke in detail about how to properly implement Islamic banking in Uzbekistan. The speaker focused on regulation, emphasizing the most important requirement for Islamic banking—trust—which should be reflected primarily in the development of business models. Sixteen Uzbek banks are preparing to launch Islamic finance in 2026. Two Islamic banks are to be established by 2030.

As noted, Islamic finance is no longer a niche segment. The field is rapidly developing, and Central Asia is witnessing a new wave of increased attention to this area.

At the end of the event, Alexander Grizov, Head of the Steering Committee, and Konstantin Grizov, Co-Chairman of the PLUS-Forum, addressed the participants. They noted that Digital Uzbekistan 2026 once again confirmed the international level of its agenda and its status as one of the most attended events in the industry, both in terms of its audience size and the composition of its participants—owners, top managers, and key employees, both in terms of its audience size and composition – business owners, top managers, and key personnel.

In 2026, Digital Uzbekistan demonstrated record-breaking attendance: over 2,600 delegates from 38 countries applied to participate in the Forum, including the United States, China, India, Indonesia, South Korea, Russia, Germany, France, the United Kingdom, Spain, Hungary, Poland, Portugal, the United Arab Emirates, Singapore, Türkiye, Switzerland, Cyprus, Haiti, the Baltic and CIS countries, and many others.

Over 130 speakers took part in the event, and more than 100 exhibitors presented their products, technologies, and services in the exhibition area.

Key sponsors of Digital Uzbekistan 2026

Title Sponsor

· Octobank

Strategic Sponsor

· TUSSON

National Sponsor

· HUMO

The full list of partners is available on the official website of the event.

PLUS-Forum means effective digital transformation of the state infrastructure, giving an additional impetus to the development of the economy of the Republic of Uzbekistan, and supporting international cooperation and the development of new promising large-scale projects.

We invite you to take part in the upcoming PLUS-Forum:

Digital Tajikistan 2026 – November 26, 2026, Dushanbe, Tajikistan

The next PLUS-Forum Digital Uzbekistan will be held in 2027.

Stay tuned for announcements!

News

The 6th International PLUS-Forum Digital Uzbekistan. Day Two