From July 1, 2024, all payment organizations in Uzbekistan must operate in the form of a joint-stock company. Along with this change, fintech companies also had to undertake the obligation to publish their financial statements. For the first time, many companies have released their financial data, and these data show that almost all payment organizations made a profit in the first half of the year.
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These results show that Paynet and Uzum Nasiya were the payment organizations with the highest revenue in the first half of the year.
In turn, the operator of the Uzcard payment system earned $33,572,607, and Humo earned $71.85,924,092. The license of the third private operator Gulay Pul was taken back by the Central Bank in July.
In addition, 2 payment institutions operated at a loss:
- YuzPay $24,752;
- A-Pay — $4.5,371,287.
The company with the biggest loss was Zplat, whose first half-year loss was $90,759,075. This is because of the high total farm costs.
Non-Reporting Companies:
Currently, there are 43 payment institutions in the register, but financial statements have been published by only 14 companies. The remaining companies, including Atmos, Freedom Pay, Upay, MyUzcard, and others, have not published their reports, which may be due to the fact that they still remain in LLC form.
The Central Bank of Uzbekistan has begun revoking the licenses of companies that do not comply with the new requirements, and several companies have already had their licenses revoked in the past few months.
Expect more updates in the future:
These ongoing changes in the fintech sector indicate that more companies will change their organizational form and adapt to new requirements in the coming months. This, in turn, may affect the future development of the sector.
