Over 22 million people in Uzbekistan use remote banking services, more than half of the country’s population. However, there are few startups in the Uzbek market, and those that do exist only address users’ pain points while failing to solve fundamental market issues. This article discusses such cutting-edge fintech services as fintech super apps. The industry’s active support from top government officials such as President Mirziyoyev allows us to predict significant modernization in the near future.

Super Apps Features and Trends

When starting a fintech startup, it’s important to consider that if your product is tailored to specific local characteristics, it may take longer to scale up and expand into other markets. This can limit the potential for your business to grow significantly. Therefore, it’s important to ensure that your idea can be easily transferred and adaptable to different contexts from the beginning to build a larger business.

In emerging economies, ecosystem and super app models are becoming more popular among entrepreneurs. This involves identifying an unfulfilled demand and creating a comprehensive solution as the second and third link in a chain. These solutions can be easily adjusted and expanded to suit any market by adding a few extra add-ons.

Kaspi has integrated itself into various aspects of people’s lives by offering various services. Meanwhile, Uzbekistan’s fintech industry needs a comparable ecosystem with multi-purpose apps like Kaspi’s. However, such models will likely shape the future of Uzbekistan’s fintech scene.

To create a successful super-app experience, the various services offered must seamlessly integrate and become an integral part of the user’s daily life. One effective way to achieve this is by starting an ecosystem in a region with a young population by providing mobile connectivity. Clients can access a wide range of digital services through this connectivity. In this scenario, banking can be one of many additional services offered.

Financial technologies

Another example is mobile operator Humans, which initially entered the Uzbek niche market before expanding into other areas such as fintech and marketplace services. Now, customers who register in the ecosystem receive unlimited mobile connection, internet services, and a single account linked to a Humans VISA card.

Although there are no major ecosystem products in Uzbekistan and competition is low, large banks and telecom companies are already exploring this area. Super apps offer them an opportunity to expand their reach.

This means the beginning of competition in the field. This competition will not only be about innovation but also concerning financial resources. Nonetheless, startups benefit from being more flexible than corporations and can promptly examine new products locally.

In conclusion, super apps can potentially revolutionize the fintech industry in Uzbekistan. By providing a comprehensive package of services through an integrated ecosystem model, entrepreneurs can easily tailor their products and expand into different markets.

However, as competition increases with large banks and telecom companies entering the market, startups must be ready to face them on both innovation and financial fronts. With more innovative ideas, super apps could be part of Uzbek’s fintech future!