Uzbekistan explores Islamic finance and fintech standardization at Tashkent forum

The Silk Road Finance & Technology Forum in Tashkent is focusing on the development of an Islamic digital economy and the standardization of fintech infrastructure. Following the implementation of a new Islamic banking framework in Uzbekistan on June 29, 2026, the country has established a dual banking system. This framework allows Islamic financial institutions to operate alongside conventional banks, supported by a dedicated licensing regime and a Council for Islamic Finance at the Central Bank.

At the forum, Vince Henry Iswaratioso, CEO of the Indonesian payment platform DANA, emphasized that standardized payment infrastructure is essential for fintech growth. He noted that while bilateral agreements offer control during early market stages, a centralized approach and standardized infrastructure, such as common QR payment standards, allow companies to focus on product improvement rather than building individual payment rails.