New York, NY, United States, 25th Aug 2025 – Fitch Ratings, a leading global credit rating agency, has upgraded Uzbekistan’s banking operating environment outlook from “Stable” to “Positive.” The decision, announced in July 2025, reflects significant macroeconomic progress, stronger regulatory oversight, and improved corporate governance in the country’s financial system.
The move marks a major milestone for Uzbekistan, which has been steadily implementing reforms that are reshaping its banking sector. Key measures include tighter capital requirements, stricter financial reporting, and reduced risks in retail lending. Fitch Ratings noted that these improvements are strengthening the resilience of local financial institutions and building greater trust among international stakeholders.
Uzbekistan’s economy continues to grow at a solid 6–7% annually, positioning the country as one of Central Asia’s most dynamic markets. The financial sector, in particular, has become a hub for fintech innovation and digital banking solutions.
“Fitch’s upgrade is more than a rating adjustment — it’s a signal that Uzbekistan’s financial reforms are creating a more resilient and well-regulated banking environment,” said John Ashbourne, an analyst at a London-based emerging markets investment firm.
Digital Transformation Led by Key Banks
Several major institutions are at the forefront of this transformation:
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Kapitalbank – The largest Visa card issuer in Uzbekistan and recognized with Uzcard’s “Most Technological and Agile Bank” award.
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Uzpromstroybank (SQB) – Named Best Bank in Uzbekistan 2025 by Euromoney, with assets exceeding $6.9 billion.
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Octobank – A leader in e-commerce acquiring and IT partnerships, holding international ratings from S&P and Moody’s.
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TBC Bank Uzbekistan (TBC UZ) – Operator of the Payme ecosystem, a leading digital finance platform, and a subsidiary of TBC Georgia, listed on the London Stock Exchange.
Why the Upgrade Matters
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Fintech Growth: Uzbekistan is advancing Open Banking, sandbox regulations, and cross-border payments.
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Resilience: Fitch’s upgrade underscores reform maturity and strengthens the case for long-term stability.
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Scalable Models: Digital platforms from Octobank and TBC UZ highlight exportable fintech solutions.
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Geo-Economic Role: The country’s stability supports its growing role as a financial hub between Europe and Asia.
Looking Ahead
Uzbekistan plans further privatization of state-owned banks by the end of 2025, continued fintech integration in SME lending and merchant services, and alignment with international ISO and ESG standards.
About Fitch Ratings
Fitch Ratings is a leading provider of credit ratings, commentary, and research. With offices worldwide, Fitch offers objective and forward-looking analysis to help investors, policymakers, and market participants make informed financial decisions.
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