Barriers and Opportunities for Fintech in Central Asia

The e-commerce and fintech markets in Kazakhstan and Uzbekistan are rapidly growing, largely due to the impact of the COVID-19 pandemic; however, they are also facing challenges related to low financial literacy rates and establishing efficient relationships with regulators. In both countries, there is a competitive market that has driven the need to ensure qualitative services are provided for customer retention. Against this backdrop, fintech companies are seeking transparent dialogues with government regulators to improve payment systems, increase their participation in discussions regarding the development and implementation of new measures, improve standardization and increase regional integration.