How Finco facilitates access to financing for businesses in Uzbekistan

Khayitjon Azimov, City — Tashkent, consultant

 How It All Began

I am a financier and an expert in structuring financial products in the field of Islamic banking. After a successful career in Southeast Asia, I decided to return to my homeland, where Islamic finance was underdeveloped at the time, with the exception of a few international organizations such as ICRCS and ADB. My goal is to apply the accumulated knowledge and experience to develop this field in our country. Currently, we are launching a startup for which a financial regulatory environment based on English law is important.

Team

One of our main tasks is to form a team with a limited budget. At first, we looked for like-minded people among our acquaintances whom we respected for their professionalism. At the same time, we particularly valued qualities such as proactivity and responsibility, which we considered no less important than professional skills.

Target Audience

Our main focus is small and medium-sized enterprises in the manufacturing sector. We are working to expand their access to financing, which helps increase the utilization of production capacities. We understand that industrial production creates economic value. By providing enterprises with access to financing, we help reduce their costs, which in turn allows us to pass on this savings to consumers through affordable product prices. 

Incubation Programs

Direct networking brings results, but participation in events and activities plays no less a role. 2024 was particularly active for us. We won the Pizza Pitch XL competition with our startup and, among other prizes, won a trip to Web Summit in Lisbon, the capital of Portugal. This event was organized by UNDP and the Ministry of Economy. 

In the early stages, we also relied on the support of the "three Fs" — Friends, Family, and Futurists money.

Challenges

For us, as a FinTech startup, it is important to find a balance between Web3 innovations and the desire to make our product simple and accessible, minimizing dependence on third-party service providers. 

I have gone through failures in several startups, but I learned the main lesson: never give up. As Henry Ford said: "Whether you think you can, or you think you can't – you're right." We are driven forward by constant self-improvement and the search for solutions to real problems that can change the world for the better.

Achievements

Our main priority is to form a team of like-minded people. The best reward for us is successfully implemented projects in which we put our hearts. We are open to change, but always maintain a clear focus on achieving our goals.

Plans

Our goal is to launch a commercial solution as soon as possible to start creating value for our clients and founders. We continue to develop new partnerships and strive for full integration of blockchain technologies to increase the efficiency and transparency of our product.