Tashkent, Uzbekistan (UzDaily.com) — In the first quarter of 2025, financial agents in Uzbekistan provided factoring services totaling 1.3 trillion soums, according to a market review published by the Central Bank of Uzbekistan.

Of this amount, commercial banks accounted for 1.2 trillion soums, or 90% of the total, while microfinance organizations provided services worth 126 billion soums, or 10%.

Digital factoring made up the majority of the services rendered, amounting to 942 billion soums, or 73% of the total. Of that figure, 544 billion soums (58%) were processed through the Finmakon platform, and 398 billion soums (42%) via the Ozplanet platform.

During the reporting period, factoring services grew in popularity among small and medium-sized enterprises as a tool for securing working capital. This trend led to a 1.1-fold increase in the overall volume of factoring compared to the fourth quarter of 2024. For instance, the volume of factoring services in December 2024 was 630 billion soums, which rose to 680 billion soums by March 2025.

Following Presidential Decree No. PF–109 issued on August 12, 2024, credit institutions provided 1.2 trillion soums worth of factoring services during the last four months of 2024.

In the first quarter of 2025, state-owned commercial banks extended factoring services to business entities totaling 687 billion soums (59%), while private banks provided 476 billion soums (41%).

Among state-owned banks, Asaka Bank led the market with 202 billion soums in transactions, of which 198 billion soums were processed through an electronic platform. Uzsanoatqurilishbank followed with 194 billion soums (182 billion via platform), and Uzmilliybank with 108 billion soums (49 billion through platform).

Among private banks, Kapitalbank provided factoring services worth 130 billion soums (31 billion through platform), Hamkorbank — 128 billion soums (entirely via platform), and Asia Alliance Bank — 66 billion soums (36 billion via platform).

In addition, microfinance institutions financed accounts receivable worth 126 billion soums during this period.

To diversify financial services available to entrepreneurs, expand the range of modern banking products, and promote factoring as an alternative short-term financing solution, active policy measures are being implemented.

As a result, the share of factoring in the total volume of short-term financing increased from 2.9% in October to 6.1% in December 2024. During January–March 2025, this figure rose further to 9.1%, compared to 4.4% in January alone.

Regionally, Tashkent accounted for the largest share of factoring services in the first quarter of 2025, totaling 842 billion soums (65.3%). It was followed by Fergana region with 128 billion soums (9.9%), Andijan region with 106 billion soums (8.2%), and Bukhara region with 52 billion soums (4.1%).

In terms of client legal status, limited liability companies dominated the market, receiving 966 billion soums in services, or 75% of the total. Joint-stock companies received 209 billion soums (16%), enterprises with foreign investment — 102 billion soums (8%), and private, family-owned, and farming enterprises — 11 billion soums (1%).

In terms of maturity, services with a term of up to 30 days made up 24% of the total volume, those from 31 to 60 days accounted for 14%, from 61 to 90 days — 41%, from 91 to 120 days — 12%, and from 121 to 180 days — 9%.

In terms of transaction size, factoring deals under 100 million soums represented 7%, those between 100 and 500 million soums — 32%, between 500 million and 1 billion soums — 17%, between 1 and 5 billion soums — 37%, and over 5 billion soums — 7%.

By sector, the highest volume of factoring financing went to trade and services (587 billion soums, or 46%), followed closely by industry (571 billion soums, or 44%). The construction and agriculture sectors received 69 billion soums (5%) and 61 billion soums (5%) respectively in receivables financing.

To enhance financial services for exporters and further develop the factoring market, 21 commercial banks have introduced international factoring products. In January–March 2025, Uzbek commercial banks provided international factoring with recourse to exporters amounting to the equivalent of 4.6 billion soums, including USUS$245,600 and RUB 9.9 million.

As part of international factoring development, agency agreements were signed between local commercial banks and Asia-Invest Bank. As of the reporting period, Asia-Invest Bank had implemented international factoring deals worth the equivalent of 221.7 billion soums through agreements with O‘zmilliybank, Asaka Bank, and Invest Finans Bank.

Specifically, these agreements facilitated international factoring services totaling USUS$2.5 million and 1.17 billion Russian rubles.