REGULATORY LICENSING · FINANCIAL SERVICES · UZBEKISTAN

Financial Services Licensing in Uzbekistan

The Central Bank of Uzbekistan (CBU) is the primary regulator for banking, payment services, microfinance, insurance, and securities in Uzbekistan. As of end 2025, Uzbekistan has 35 licensed commercial banks — down from 36 after the CBU revoked Eurasian Bank’s licence in August 2025 for capital shortfalls. Islamic banking was formally established by law in March 2026. Bond Stone advises on all categories of CBU licensing for foreign financial institutions entering the Uzbek market.

CBU Licence Categories

Banking Licence

Full banking licence issued by CBU. Minimum capital requirements in UZS. Capital adequacy rules aligned with Basel II/III. State-owned banks dominant — 9 fully state-owned, 15 partially state-owned, 12 private (including 7 with foreign capital). FSAP-recommended risk-based supervision framework in place since 2023.

Payment Organisation Licence

Payment systems, e-money issuance, remittance — CBU licensed. Growth sector in Uzbekistan. NAPP (National Agency of Perspective Projects) regulates crypto-asset and digital payment activities from September 2023. Bond Stone advises on both CBU and NAPP licensing pathways.

Microfinance Licence

Microcredit organisations, microfinance institutions, credit unions — CBU licensed. Significant rural and SME lending market. Foreign capital fully permitted. Simplified licensing compared to full banking licence.

Insurance Licence

Life and non-life insurance, reinsurance — CBU licensed. Growing market with compulsory insurance lines (motor, professional liability) driving growth. Foreign insurers may operate via subsidiary or branch subject to CBU approval.

Islamic Banking Licence — New 2026

Islamic Banking Law (ZRU-1126) signed by President Mirziyoyev March 2026, effective June 2026. CBU draft regulations published for consultation June 2026. Three pathways: dedicated Islamic bank, “Islamic window” within existing bank, full conversion of conventional bank. First licences expected H2 2026.

Capital Markets — NAPP

Securities brokers, investment advisers, stock exchange members — regulated by NAPP from September 2023. Tashkent Stock Exchange (RSE): 107 listings, co-owned by Korea Exchange (KRX) 25%. Growing IPO pipeline via UzNIF privatisation fund. WTO accession expected to open capital markets further.

TIFC Financial Centre: The Tashkent International Financial Centre (TIFC), established March 2026 with a special legal regime, will develop its own licensing framework for financial services within the TIFC zone — separate from CBU. TIFC financial services licensing is in early development. Bond Stone tracks TIFC regulatory developments and advises on optimal licensing pathway — CBU, NAPP, or TIFC — for each client’s activity.

Experience

AFSA Payment Services Licence — Fintech Client

AIFC · Payment Services · AFSA

Advising an international fintech company on AFSA payment services licence application covering operations in both the AIFC (Kazakhstan) and TIFC (Uzbekistan) zones — dual regulatory strategy, AML/CFT framework, and ongoing supervisory liaison.

CBU Banking Licence Advisory — Foreign Bank Entry

CBU · Banking Licence · Market Entry

Advising a foreign banking group on market entry options in Uzbekistan — subsidiary vs. branch analysis, CBU minimum capital requirements, Basel II/III compliance gap analysis, and engagement strategy with CBU supervisory department.

Islamic Banking Structuring — March 2026 Law

Islamic Finance · CBU · ZRU-1126 · 2026

Advising a Gulf-based Islamic financial institution on structuring for entry under Uzbekistan’s new Islamic Banking Law (ZRU-1126, March 2026) — pathway analysis between dedicated Islamic bank, Islamic window, and TIFC-based structuring options.

Microfinance Institution — CBU Licensing & Compliance

CBU · Microfinance · Compliance · Uzbekistan

Full-cycle advisory on CBU microfinance institution licence — entity formation, licence application, AML/CFT policy framework, consumer protection documentation, and post-licence supervisory reporting obligations.