A study of the fintech market of the CIS countries, Central Asia and Mongolia is presented

The Astana International Financial Center (AIFC) presented a study of the fintech industry in the CIS countries, Central Asia and Mongolia. The document discusses the features of the development of the fintech market in Russia, Kazakhstan, Ukraine, Uzbekistan, Kyrgyzstan, Belarus and Mongolia. Rusbase was informed about this in the press service of the center.

A study of the fintech market of the CIS countries, Central Asia and Mongolia is presented

The main findings of the study are presented below.


  • In 2019, investments in fintech startups in Russia reached $ 216 million.According to Deloiite, by the end of this year, the size of the country’s fintech market will reach $ 940 million.
  • Banks are the main driver of growth in the fintech market through the creation of super applications and the growing potential for the development of open banking.
  • Accelerators and incubators are catalysts for the creation and development of innovations in companies, including through the piloting of projects and support for the launch of technologies to the market.

  • The main problems of the country’s financial technologies market: general investment climate, distrust in new financial technologies, relatively low financial literacy.


  • The country’s policy towards promoting the digital economy and innovation is in the process of development.
  • There are two regulatory sandboxes in the country: one is managed by the National Bank and the Financial Agency, the second is the Fintech Lab, launched by the AIFC.
  • Growing demand for fintech products due to the relatively high percentage of unbanked consumers and high internet penetration.
  • The country’s government established QazTech Ventures to promote venture funding tools and support startups.


  • The imperfection of Ukrainian legislation makes it difficult for foreign companies to enter the fintech market of the country, but contributes to the development of local technology companies.
  • Traditional financial institutions are ready to cooperate with the fintech industry.

For example, the National Bank of Ukraine supports the diffusion of innovations through the implementation of BankID, an open API, instant payments, digital currency and other initiatives.

  • Most Ukrainian fintech companies are at the stage of entering the market or expanding their business, and only one in five is a mature business.
  • Fintech companies founded in 2018 and later are more globally oriented: only 43% of them operate exclusively in the domestic market.
  • The main problems of the Ukrainian fintech market are excessive regulation, lack of legal framework and low financial literacy of the population.


  • State support in the country is focused on the development of blockchain technology and cryptocurrencies. These fintech segments are currently attracting the largest amount of foreign investment.
  • The fintech ecosystem of Uzbekistan is represented by two payment processing services Humo and UZcard, more than 10 payment companies, about 30 banking mobile applications and one digital bank.
  • Electronic commerce in the country is underdeveloped, most of the payments are made in cash.
  • The venture ecosystem is in its infancy, with virtually no access to capital.
  • The main problems of the fintech industry in Uzbekistan: a relatively low level of the Internet, lack of government regulation and low level of public confidence in traditional banks – more than half of the country’s adult population do not use banking services.
“Uzbekistan is a country that has financial problems. I think launching a fintech startup in the country can become economically profitable if it solves the existing difficulties. However, this is somewhat risky. The majority of Uzbeks are not very familiar with technologies, ”said Shoyad Abdurasulov, a spokesman for Infobank.uz.


  • The Belarusian Hi-Tech Park is a driver of the country’s fintech development due to the simplification of immigration rules, exemption from currency control and the use of tools of English law on its territory.
  • Belarus became the first country in the world where operations with cryptoassets were legalized.
  • The National Bank plans to launch a pilot project to raise funds by commercial banks by issuing digital tokens.
  • To support local start-ups, the National Bank is considering using an innovative sandbox approach.
  • Digital payments are relatively new in the country’s market.
  • The fintech industry in Kyrgyzstan is formed by telecommunications companies that adapt their solutions to provide financial services to certain groups of the population.
  • The National Bank seeks to promote the development of fintech using the adopted Concept for the Development of Digital Payment Technologies for 2020-2022.
  • The main problem is limited access to capital.


  • The country’s central bank launched the use of digital currency as a new electronic payment instrument for settlements.
  • SMEs account for 90% of enterprises registered in Mongolia, they provide about 50% of all jobs in the country, but about 90% of such companies do not have permanent access to bank financing.
  • The venture system is under development.
  • The main problems of the country’s fintech market: high costs of starting a new business, limited access to financing, low financial literacy of the population.
Photo: Zapp2Photo / Shutterstock

Source: Rusbase by rb.ru.

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