Djasur Djumaev is the founder of Uzum.
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In fintech, the spotlight often points to the usual hubs — London, New York, Singapore. But real transformation is unfolding elsewhere, in places where digital infrastructure is still taking shape and the rules haven’t been written yet. That’s not a weakness. It’s an opening.
Emerging markets are becoming testbeds for innovation — not because they mimic what’s already worked, but because they demand new approaches. Building in these regions means dealing with legacy gaps, trust challenges, and logistical limits. It also means having the chance to create financial systems that are more inclusive, more adaptable, and more reflective of how people actually live and work.
Uzbekistan is one of those markets. And its fintech sector is moving faster than most expect — powered by a young population, rising digital access, and a government that’s leaning into tech. But there’s more to the story than market momentum. The real difference comes from the people behind the companies — those who are solving real problems with local insight, not imported playbooks.
This week, we hear from Djasur Djumaev, an entrepreneur working at the center of Uzbekistan’s digital economy. From misconceptions about risk to the strategic value of local context, he offers a grounded perspective on what it takes to build fintech in Central Asia — and why these markets might just be the future’s most important proving grounds.
Enjoy the full interview.
1. What made you decide to become a founder?
I’ve always believed that entrepreneurship is about solving problems that truly matter and giving people tools to improve their lives.
2. What do people often misunderstand about building businesses in places like Uzbekistan?
One of the biggest misconceptions is that building in emerging markets is too risky or slow. In reality, markets like Uzbekistan offer unmatched opportunities to build foundational services that are not there yet.
It’s a greenfield environment, and that is powerful. Infrastructure is improving fast, consumer appetite is strong, and regulation is moving in the right direction. What many people get wrong is underestimating the pace of transformation with a tendency to apply developed-market assumptions to very different environments.
In our case, we could scale rapidly because we listened closely to users, worked hand-in-hand with regulators, and focused on solving local problems - like lack of credit access or logistical issues.
3. How important is local context when designing digital products?
Important is not the right word. I would say it is essential. Every market has its own financial behaviours, trust dynamics, and limitations. In Uzbekistan, for example, part of the population remains unbanked, and many users are still getting familiar with digital payments or online shopping.
That’s a very different environment than, say, the UK or Singapore. You can’t just copy-paste a product from elsewhere. Local adaptation isn’t a constraint, it’s a competitive advantage. Products that resonate with real user needs are the ones that scale.
4. What makes Uzbekistan’s fintech sector exciting right now?
Uzbekistan's fintech grows exponentially. A young, tech-savvy population and strong government commitment to digital innovation drive these advancements. Initiatives such as the launch of fully digital banks, biometric payment systems, and national open APIs are excellent examples of Uzbekistan's proactive approach to integrating advanced technologies into everyday life, fostering an environment ripe for fintech growth and innovation.
At the same time, the market is still early-stage, which means massive room for first-movers to define core infrastructure: from digital lending to embedded insurance, from eKYC to cross-border payment rails.
5. How is the digital economy evolving in Central Asia?
Central Asia is currently undergoing a digital transformation, with countries like Uzbekistan leading the way. Historically, the region has been underinvested and underreported. But now, we’re seeing the change: mobile internet access is improving, smartphone penetration is high, and local startups are gaining traction.
6. Where do you see the biggest fintech opportunities over the next 5 years?
The next big wave will be in products that seamlessly integrate financial services into everyday consumer platforms — lending, payments, and insurance embedded directly into e-commerce, mobility, and lifestyle ecosystems.
We see growing interest in contextual financial tools — smart credit, dynamic savings, and AI-driven risk scoring — that are tailored not just to income levels but to behavior and purpose. The goal is to make financial products invisible yet indispensable.
There's also huge potential for regional expansion.
Central Asia is still largely untapped, and fintech players who succeed in one market will have an edge when scaling across borders. Regulatory frameworks are converging, infrastructure is improving, and most importantly, digital trust is growing. Those who localize well and build with long-term relevance — not just speed — will define the market.
7. What’s next for digital transformation in places like Uzbekistan?
We’re entering a phase where digital is the foundation of how people work, shop, bank, and build businesses. In Uzbekistan, we expect deeper service integration and a rise in local innovation.
We’re seeing growing collaboration between the private sector and government to support digital identity, e-payments, and fintech regulation. What’s next is more scale, more partnerships, and more user-driven innovation. Uzbekistan is setting new standards of how digital transformation in emerging markets can look like.
