Uzbekistan’s fintech sector has revealed its financial performance for the first time under new disclosure requirements, highlighting a varied financial landscape with many companies reporting losses. According to third-quarter financial reports, more than half of fintech companies disclosing data ended the period with net losses, while some high-profile players demonstrated substantial profitability.
The reporting changes follow a legal requirement introduced on July 1, 2024, requiring all payment organizations in Uzbekistan to operate as joint stock companies (JSC) and publish their financial statements.
The majority of companies faced financial difficulties, with 13 of them reporting losses.
Among the companies that made the highest profits, Uzum Nasiya leads with 238.1 billion Uzbek UZS in profits, followed by Paynet with 208.4 billion UZS, Payme with 186.9 billion UZS and Click with 179.2 billion UZS. Other notable beneficiaries include MyUzcard (UZS 78.1 billion), IT Unisoft Group (UZS 56 billion) and Alif Mobi (UZS 42.4 billion).
Uzcard, a payment system operator, recorded UZS 660.4 billion in profits over the nine months of 2024, while Humo, another system operator, reported UZS 119.2 billion.
A smaller group of companies made profits below UZS 10 billion, with ATTO reporting UZS 9 billion, followed by Multicard Payment (UZS 7.9 billion), Devhub (UZS 1.49 billion). ), Humans Pay (1.44 billion UZS) and Pay-Way (1.3 billion UZS). billion UZS).
However, financial reports also revealed significant losses among 13 fintech companies. Notable losses include Sello (UZS 23.8 billion), OSON (UZS 11.9 billion) and A-Pay (UZS 5.1 billion), among others.
Of the 43 registered payment organizations, only 25 had publicly available financial data at the time of the report’s publication. The lack of reporting from some companies, including Atmos, Tezpay, Nationalpay, Marta and others, may indicate delays in the transition to the JSC structure or in meeting the Central Bank’s licensing standards.
The regulator enforced the new organizational requirements and revoked the licenses of some companies that did not comply. This year alone, seven to eight companies, including Payment Aggregation Systems and Qulay Pul, have had their licenses revoked, while in October the Central Bank suspended Humans Pay’s Maroqand operations for six months over related transactions to gaming activities. Central Bank President Mamarizo Nurmuratov said the service facilitates fund transfers to betting operators.