Pivot Global

Islamic Finance is taking shape in Uzbekistan, with the market expected to reach up to UZS 15 Trillion by 2030

Uzbekistan’s Islamic finance sector is still in its early stages, but it is emerging as one of the country’s fastest-growing segments within the financial industry. According to data from the Central Bank of Uzbekistan 2025 became the first year in which Islamic finance could be considered a distinct market, marking an important milestone for the country’s financial ecosystem.

By the end of 2025, the total volume of Islamic finance products reached UZS 21.1 billion, establishing the first meaningful benchmark for measuring the sector’s future growth. Although the market remains relatively small, its expansion has been remarkably rapid.

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Has China's new AI model become the safest path amid US bans?

Following the US government's latest export control directive and Anthropic's decision to take its new Claude Fable 5 model entirely offline for all users, certain limitations have emerged for enterprises and developers relying on proprietary AI infrastructure.

Against this backdrop, Chinese startup Z.ai (formerly Zhipu AI) has unveiled GLM-5.2, a model engineered for long-horizon autonomous coding and engineering tasks. According to the developers, the model has outperformed even GPT-5.5 on long-horizon coding benchmarks.

Whether this new open-weights system will prove reliable in practice and at what scale it will emerge as a credible alternative globally remains to be seen — real-world project experience will tell in the coming weeks.

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SpaceX acquires AI-Powered coding platform Cursor for $60 Billion

Over the past two years, Cursor has become one of the fastest-growing AI products among developers. Founded in 2022 by MIT graduates, the startup has attracted millions of users with its AI-assisted code writing and editing capabilities. The company has successfully pushed its Annual Recurring Revenue (ARR) past the $4 billion mark.

After achieving unicorn status in 2024, Cursor previously acquired the startup Koala in 2025.

👉 Read the full story on Pivot.uz

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Imkon Ventures Invests $100,000 in Avtomato.uz to Support the Future of Retail Technology in Uzbekistan

Avtomato.uz was launched in April 2025 by Yuldoshboy Sultanov, the founder of REVO, one of Uzbekistan’s leading IT companies, as well as a software engineer and entrepreneur from Khorezm.

To date, Avtomato.uz has earned the trust of more than 100 corporate clients and helps automate their business processes. The company aims to grow its customer base to more than 500 clients by the end of 2026.

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Asaxiy Invest opens $1 Million investment round to expand SME Finance across Uzbekistan

Asaxiy Invest, one of Uzbekistan’s fast-growing Shariah-compliant investment platforms, has officially announced the opening of a $1 million fundraising round. The round aims to accelerate the growth of Shariah finance solutions across the country and provide Shariah-compliant funding to more than 100 small and medium-sized businesses (SMEs).

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Askar Ismailov, the founder of Didox and other popular services, has acquired the factoring company Aloqa Finance

This move completes a comprehensive and seamless infrastructure chain tailored for businesses:

• Venkon — automates internal company processes.
• Didox — facilitates B2B collaboration and electronic document exchange.
• iHamkor — provides vital data for strategic decision-making.
• Finmakon — coordinates and structures transaction financing.
• Aloqa Finance — supplies proprietary capital for direct financing.

👉 Read the full story on Pivot.uz

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Paynet launches its own venture capital company

One of the major players in Uzbekistan's fintech market, Paynet JSC, is officially entering the venture capital sector. The company has established a new subsidiary, Paynet Venture Vectors LLC, with 100% ownership.

About the company:
Authorized capital: 1 billion UZS.
Head of Company: Sarvar Tulaganov (previously served as the Head of the Financial Planning and Analysis Department at Paynet).

CEA (OKED) code 64990 — other financial services. As the name suggests, the entity will focus on venture capital investments.

With the addition of this new structure, the number of subsidiaries under Paynet's ownership has reached 4.

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TBC Group expands: acquisition of OLX Uzbekistan officially approved

The Competition Committee of Uzbekistan has officially approved the economic concentration transaction for Tapuz Limited (a UAE-based company under TBC Bank Group) to acquire a 100% stake in OLX Classifieds.

As a reminder, TBC Group reached an agreement to acquire the full controlling stake of OLX Uzbekistan from Prosus back in August of last year. The transaction has now received official regulatory approval.

This deal further strengthens TBC Bank Group’s position as one of the leading players in Uzbekistan's digital market.

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Alipay+ launches international QR payment services in partnership with Kyrgyzstan’s national payment operator, Elcard

Central Asia’s fintech market has taken another major step toward international integration. Supported by the National Bank of the Kyrgyz Republic, Ant International’s global payment solution — Alipay+ — has successfully integrated into the country's digital financial ecosystem.

Now, ELCARD Mobile app users can make instant QR code payments at millions of retail outlets worldwide within the Alipay+ network — without the hassle of foreign exchange or downloading additional local apps.

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Uzbekistani IT companies may enter the European market: IT Park and Schwarz Digits discussed cooperation opportunities

IT Park Uzbekistan held a meeting with representatives of the major German technology company, Schwarz Digits. The parties discussed the entry of Uzbekistani IT companies into the European market and new opportunities for cooperation.

If these negotiations translate into practical cooperation, Uzbekistani IT companies will not only acquire new clients but also gain vital experience in operating within the European market.

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Tingla AI secured $80,000 in investment from Yoshlar Ventures

The platform offers the key insights from world bestsellers in the form of 15-minute audio and text summaries. For those who want to read more but lack the time, it provides a personalized library, high-quality audio, and professionally crafted book reviews.

The investment will be used to further develop the platform, expand its library, and acquire new users.

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MobiUz mobile network operator sold for $351 Million

The consortium led by the US-based company “McKim and Company”, which includes financial investors and the sector-specific technological partner “JVR Enterprises LLC” (DBA – “JVR Capital Group”), has been declared the winner of the privatization process for the 100% state-owned stake in the charter capital of “Universal Mobile Systems” LLC (MobiUz).

According to this proposal, the value of MobiUz is estimated at $351 million. Additionally, there are plans to invest up to $500 million. This planned investment will provide a new impetus to the development of the country's digital infrastructure, internet quality, and 5G technologies.

👉 https://pivot.uz/mobiuz-mobile-operator-sold-for-351-million/

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ScaleNexus has raised $3M in angel investment in the US!

Founded by Uzbeks in California, the startup ScaleNexus has successfully secured $3 million in angel funding in the United States.

The company operates in the deeptech and hardtech sectors, helping to transition successful lab-scale scientific results into large-scale industrial production.

What is the challenge? For many tech companies, proving that a technology works in a laboratory setting is not the hardest part; the real challenge lies in manufacturing it reliably, safely, and cost-effectively at an industrial scale.

What ScaleNexus does:
• Minimizes risks and errors during the transition from lab to industry;
• Prevents redundant trial-and-error and financial losses;
• Accelerates the integration of scientific research into real-world industrial applications.

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Laws on Tashkent International Financial Centre and International Digital Technologies Centre Sent to Senate

The Legislative Chamber has passed constitutional laws on the Tashkent International Financial Centre and the International Digital Technologies Centre, where English and Welsh law will apply.

Amendments are also being made to the Constitution of Uzbekistan to establish a special legal regime in specific territories.

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Central Asia emerges as the world's fastest-growing startup region

And Uzbekistan stands at the very epicenter of this growth! In the latest report, our country has been officially crowned "Country of the Year 2026."

According to the Global Startup Ecosystem Index 2026 report published by StartupBlink, the region's startup ecosystem has expanded by 81% over the past year. This marks the highest growth rate among all global sub-regions.

👉 https://pivot.uz/central-asia-emerges-as-the-worlds-fastest-growing-startup-region-uzbekistan-named-country-of-the-year/

#YC26

Beknazar, well-known to many for his successful journey with the Hupo startup, has relocated to San Francisco to launch a new global project in the Voice AI segment.

Speko (speko.ai), the startup he founded, has been accepted into Y Combinator, the world's most prestigious summer accelerator program!

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