Uzbekistan Fintech Firms Target UAE Market with DIFC License
Expansion into the Middle East
Fintech platform OSON, originally established in Uzbekistan, is making significant strides towards enhancing its presence in the Middle East. The company has recently obtained In-Principle Approval (IPA) from the Dubai Financial Services Authority (DFSA) for its new entity, OSON DIFC Limited, located within the Dubai International Financial Centre (DIFC). This strategic move paves the way for OSON to extend its multi-currency wallet infrastructure into the Middle East and North Africa (MENA) region.
Growth Across Central Asia
Since its inception in Uzbekistan, OSON has rapidly expanded and now services over three million users in various markets, including Kazakhstan, Kyrgyzstan, and Tajikistan. The platform operates under multiple regulatory licenses and maintains partnerships with various banks and payment services across the region. This robust growth has established OSON as a significant player in the fintech landscape of Central Asia.
Innovative Financial Solutions
At the center of OSON’s offerings is the OSON Wallet, a multi-currency digital payment solution that facilitates peer-to-peer transfers, merchant payments, and wallet-based financial services across borders. The wallet is built on the company’s proprietary technology stack, which emphasizes compliance, scalability, and regional interoperability. This focus on technology enables OSON to meet the diverse financial needs of its users effectively.
Vision for Digital Finance
Farkhod Makhmudov, the founder and CEO of OSON, emphasized the company’s vision by stating, “We view digital finance as a bridge, not a barrier.” The entry into the UAE is a vital step in connecting users, banks, and businesses across dynamic markets, leveraging trusted fintech infrastructure as a foundation for growth.
Future Endeavors in the UAE
With the DFSA’s IPA now in hand, OSON is positioned to move toward full licensing in the UAE. This pivotal step will facilitate the introduction of wallet-based payments, remittances, and various fintech solutions across the region. Analysts see this expansion as a telling sign of how Central Asian startups are increasingly pursuing opportunities in global financial ecosystems.
Focus on Cross-Border Payments
In the MENA region, OSON plans to concentrate on cross-border payments, regional wallet services, and collaborations with local banks and payment institutions. This approach aligns well with the MENA region’s broader objective of transforming its digital economy, capitalizing on the growing demand for seamless financial services.
Preparing for Investment
As OSON prepares for its upcoming investment round, the company aims to position itself as a fintech bridge between Central Asia and the Gulf. Its proven technology and adherence to regulatory compliance are expected to serve as critical components of its growth strategy and regional expansion.
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