Ukrainian fintech startup Fintech Farm (co-founded by former PrivatBank top manager Dmytro Dubilet) has entered the Uzbekistan market with a new digital bank, Tezbank, created in partnership with local Hamkorbank.
This is the company’s fifth market, according to AIN.UA.
According to local media reports, Tezbank operates entirely online (without branches), offering mobile banking, cashback, and credit products; Hamkorbank is its licensing and back-office partner.
Context. Prior to Uzbekistan, Fintech Farm launched neobanks in Azerbaijan (Leobank), Kyrgyzstan (Simbank), India (Roarbank), and Vietnam (Liobank); the company previously closed a project in Nigeria. The startup declares plans to enter 2-3 new markets each year, considering Southeast and Central Asia and Morocco.
Fintech Farm was founded in 2020 by Dmitry Dubilet, Alexander Vityaz, and Nikolay Bezkrovny as a “serial producer” of neobanks on a single technology platform. In 2024, the company raised $32 million in investments (a round involving Bank of Georgia) for international expansion.
According to AIN.UA, Fintech Farm’s total customer base exceeds 2.5 million users; the company’s value at the beginning of 2024 is $100+ million.
The Ministry of Energy of Uzbekistan and the Afghan state energy company Da Afghanistan Breshna Sherkat (DABS) have signed agreements on infrastructure development worth a total of $243 million.
In particular, the following major projects have been approved:
During the ceremony, DABS CEO Abdul Bari Omar called these four agreements vital for ensuring a reliable power supply in Afghanistan.
An agreement was also signed between DABS and Uzbek companies for the supply of electricity for a period of 10 years.
For reference: Uzbekistan has been supplying electricity to Afghanistan since 2002. Last December, Uzbekistan extended its agreement to export electricity to Afghanistan until 2025. Afghanistan imports 80% of its electricity from Uzbekistan, Tajikistan, Turkmenistan, and Iran, with the rest produced domestically.
On July 24, the Ministry of Energy of Uzbekistan, the State Oil Company of Azerbaijan (SOCAR), and Uzbekneftegaz signed a production sharing agreement (PSA).
The document provides for geological exploration and further production of hydrocarbons in investment blocks of the Ustyurt oil and gas region.
Within the framework of the PSA, 3D seismic exploration is planned to be carried out on an area of at least 1,000 square kilometers. If a commercial deposit is discovered, the parties will proceed to its development and production.
“The partnership with SOCAR reflects New Uzbekistan’s strategic desire to diversify its sources of investment and introduce best international practices. The Ustyurt region has high potential, and the signing of the PSA opens up new horizons for its effective development. We are confident that this project will be an important driver of technological progress and economic growth,” said Minister of Energy Dzhurabek Mirzamahmudov.
“The signing of this agreement is evidence of our long-term strategy for the development of the energy sector in Central Asia and the Caspian region. SOCAR is enthusiastic about implementing the project, applying its accumulated experience and advanced technological solutions,” said SOCAR President Rovshan Najaf.
Uzbekneftegaz Chairman Bakhodir Sidikov said the agreement would strengthen the company’s position as a “reliable and innovation-oriented partner open to international cooperation and large-scale investments.”
In May 2018, Uzbekneftegaz SOCAR and BP Exploration (Caspian Sea) signed a memorandum proposing that the companies consider joint geological exploration of the Aralmore, Samsko-Kosbulak, and Baiterek investment blocks in the Ustyurt district.
President of Ukraine Volodymyr Zelenskyy has dismissed Mykola Doroshenko from the post of Ambassador Extraordinary and Plenipotentiary of Ukraine to the Republic of Uzbekistan by decree No. 506/2025.
At the moment the decree on appointment of a new ambassador to this post has not been published. Thus, the diplomatic mission of Ukraine in Tashkent temporarily remains without a head.
Diplomatic relations between Ukraine and Uzbekistan were established in 1992.
The Uzbek Industrial Metals Plant has made the first export delivery of rhenium metal with a purity of 99.9%.
The contract was concluded with the Estonian company VLCor Baltic OU, a supplier of raw materials for the foundry, aerospace and machine-building industries. This is the first time Uzbekistan has exported this strategic metal.
Rhenium is one of the rarest and most expensive elements of the periodic table. It is used in the production of heat-resistant superalloys, in particular for jet engine turbines, as well as in the petrochemical and electronics industries. The main consumers of rhenium in the world are the United States, Europe and China.
The global rhenium market is about 50-60 tons per year, with prices ranging from $2000 to $4000 per kilogram, depending on the purity level and form of delivery. The largest producers are Chile, the United States, Kazakhstan, and China.
The emergence of Uzbekistan among the suppliers may to some extent change the situation in the niche market, which is characterized by high dependence on a limited number of sources and unstable pricing.
According to UzCTM, the technology for producing rhenium by hydrogen reduction of ammonium perenate was mastered in 2021. In 2025, the company plans to produce 3 tons of rhenium metal.
UzKTM’s total exports in the first half of the year amounted to $21.3 million, up 118% year-on-year.
By the end of the year, the plant also plans to produce 842 tons of molybdenum, 96 tons of tungsten, 5 tons of selenium and 1 ton of tellurium. Exports are expected to account for more than $50 million of the planned $70 million in revenue.
Earlier, First Deputy Minister of Mining and Geology of Uzbekistan Omonullo Nasriddinhodzhayev said that in 2024-2028, UzKTM would implement more than 70 projects in the field of critical minerals. The total cost of the program is estimated at $1.6 billion.
Uzbekistan has deposits of more than 30 strategic metals, including lithium, molybdenum, tungsten, germanium, vanadium, graphite, and titanium. The country’s government expects that the development of deep processing in this area will help ensure sustainable export positions in the markets of rare and rare earth elements.
As a reminder, in April 2024, Uzbekistan and the EU signed a memorandum of understanding on the development of sustainable value chains in the field of critical raw materials. This is expected to help Uzbekistan develop its mining industry, and for the EU, guarantee access to minerals such as copper and molybdenum.
In September 2024, Uzbekistan also signed a memorandum on critical minerals with the United States.
You can learn more about the prospects for rare earth mining in Ukraine in the video: https://www.Youtube.Com/watch?V=uhebfpywpqc&t
UzTemiRContainer, part of Uzbekistan Temir Yulary, held talks with a number of Asian logistics operators on the development of the China-Kyrgyzstan-Uzbekistan-Afghanistan multimodal corridor on the sidelines of the Investment and Trade Fair in Lanzhou, China.
The meeting was held in a quadrilateral format with the participation of Gansu International Logistics Group, the Afghan diplomatic mission in China, and Xinjiang Union of International Railway Logistics.
The key topics were the launch of return container shipments from Afghanistan and Uzbekistan to China, increasing the route’s capacity, and developing logistics infrastructure in Central Asia, including the construction of terminals in Uzbekistan and Kyrgyzstan.
On the sidelines of the forum, a separate bilateral meeting between representatives of Uztemiryulcontainer and Gansu International Logistics Group took place, during which the parties visited the facilities of the international dry port in Lanzhou.
They inspected container and bulk terminals, car handling areas, and a refrigeration complex for working with refrigerated containers. The delegation from Uzbekistan also familiarized itself with Gansu’s digital solutions in the field of logistics management.
Following the talks, the companies announced the launch of a pilot container route between China, Kyrgyzstan, Uzbekistan, and Tajikistan/Turkmenistan. The first train is scheduled to depart in the third quarter of 2025.
The parties confirmed their intentions to expand cooperation in the field of multimodal transport and expressed their readiness to increase the volume of container transport in the Eurasian direction by at least 1.5 times by 2030.
