Cultural Insights and Innovation: A Journey into Uzbekistan’s Financial Ecosystem

A seasoned professional with a diverse background in Anthropology, Copywriting, Project Management, Agile Coaching, and Startup Founding embarked on a new journey with Space International as a Scrum Master, soon transitioning into the role of Product Owner in the Accounts and Cards domain. With prior experience at the one of the Bank in Georgia, At first, I thought adapting financial products for the Uzbekistan market would be straightforward, but it turned out to be a much bigger challenge than I anticipated.

First of all, the overall business format is somewhat complex, but it creates a unique and highly engaging flow. Space International initially developed the first digital banking app in Georgia as a proof of concept. They then expanded into Uzbekistan, where they launched the country’s first fully digital banking app, TBC UZ, which is technically powered by Space International and plays a key role in its growth and innovation. Part of the TBC Group in Uzbekistan are also payme, a leading payment provider, and payme Nasiya, a POS lending service.

Understanding a Unique Market

The Uzbekistan market presented complexities unlike anything previously encountered. Cultural nuances, customer behaviors, and mobile app usage patterns required a fresh perspective. Familiarity with cards and accounts did not translate to an understanding of how Uzbek customers perceived these products. Immersion in the local market became essential to grasp their specific needs. The prevalence of local payment systems such as Humo and UZ card, rather than more recognized international options like Visa and Mastercard, underscored the market’s distinctiveness.

The Challenge of Product Adaptation

Navigating the complexities of Uzbek payment systems — complete with unique features and regulations — proved to be a formidable challenge. Crafting a product vision tailored to this market while developing a customer-aligned roadmap was crucial. A common pitfall for Product Owners is to replicate features that have been successful elsewhere; however, this approach was not viable in Uzbekistan. Recognizing that local priorities differ, it became vital to utilize data, actively listen to customer feedback, and adapt the product to meet the specific needs of Uzbek users.

The Evolution of Mobile Banking

Why has mobile banking remained relatively new in Uzbekistan? The country has undergone significant transformations in recent years, opening up to new opportunities. Economic reforms and modernization efforts signal a new chapter for development, with the government acknowledging the importance of a robust financial sector for sustained progress. This shift has attracted both local and international companies, such as TBC, eager to provide innovative financial solutions.

Bridging Tradition and Innovation

From the outset, the focus has been on developing a mobile banking app tailored for this evolving market. The task goes beyond merely building a product; it involves educating customers on effective financial management with these tools. One of the major challenges lies in changing deeply entrenched habits — many middle-aged individuals still prefer cash over digital alternatives. While shifting this mindset is critical for promoting financial inclusion, there is optimism among younger generations, who are more tech-savvy and willing to adopt digital banking solutions. This demographic presents an opportunity to bridge the gap between tradition and innovation.

Continuous Learning and Adaptation

Active analysis of market data, product performance, and customer feedback is essential to ensure the creation of products that genuinely resonate with Uzbek customers. A valuable lesson learned is that knowledge can be specific to the market in which one operates. Transitioning to a new market often means leaving behind certain assumptions. However, the skills developed — such as data interpretation, customer behavior understanding, and strategic adaptability — remain crucial in navigating unfamiliar environments.

Conclusion: Building Meaningful Products

Working in the Uzbekistan market has been a transformative journey that challenges conventional notions of product development. It reinforces that being a Product Owner is not about merely replicating successful models; it’s about understanding the unique needs of customers and creating tailored solutions.

The drive now lies in the potential to introduce innovative financial products that empower Uzbek citizens to manage their finances more effectively. This market is brimming with opportunities, and the groundwork laid today paves the way for something far greater.

For those in the product development field, whether as Product Owners, team members, or passionate innovators — remember: success stems from continuous learning, deep customer empathy, and purposeful building. Every challenge faced today shapes future leaders, and each obstacle presents an opportunity for innovation.

Embrace the unknown, adapt to the market, and always prioritize your customers. That is the true path to creating something meaningful and lasting.