Uzum, a local technology company in Uzbekistan, has successfully secured a joint investment of 70 million US dollars from China's Tencent Group and international investment fund VR Capital. This financing has skyrocketed the valuation of this three-year-old company to $1.5 billion, making it the first digital platform in Central Asia to achieve unicorn status in the global capital market. This investment not only demonstrates the optimistic outlook of international capital on the development prospects of Uzbekistan's digital economy, but also reflects the accelerating shift of global technology industry layout to Central Asia.

According to UzDaily, a local media outlet in Uzbekistan, this round of financing is jointly led by China's Tencent Holdings Limited and VR Capital, with investment institutions such as FinSight Ventures participating. The raised funds will be mainly used for the construction of financial technology infrastructure on the Uzum platform, the upgrading of e-commerce platforms, the optimization of Buy Now Pay (BNPL) services, and the expansion of local distribution networks.

Uzum founder and CEO Jasur Jumaev revealed that the platform currently has 17 million monthly active users, covering 50% of the total population of Uzbekistan. The platform has established a comprehensive distribution network in 25 cities across Uzbekistan. Uzum Bank has issued over 700000 Visa credit cards, with an annual transaction volume of $421 million for its Buy Now Pay service, an increase of 2.7 times compared to the same period last year.

Unlike other international technology companies, Uzum focuses more on localized innovation while drawing on successful global experiences. The platform provides an interface in Uzbekistan's national language, supports local payment systems, develops digital functions for traditional markets, and has established partnerships with over 40000 small and medium-sized enterprises to provide them with online sales channels. Financial data shows that the total transaction volume (GMV) of Uzum platform in fiscal year 2024 reached 345 million US dollars, a year-on-year increase of 2.4 times; Annual revenue exceeded 150 million US dollars. Thanks to its unique community-based operation model, Uzum's cost of acquiring a single user is only $5, far below the global industry average, achieving rapid growth in user base.

From a geopolitical perspective, this investment holds special significance. This is the first important scientific and technological investment of China Tencent Holdings Co., Ltd. in Central Asia, marking that China's digital capital is accelerating its layout along the the Belt and Road Initiative. Against the backdrop of relatively weakened influence in the Russian region and policy contraction in Western countries, Central Asia is becoming a new focus of global digital infrastructure competition. Uzbekistan, where Uzum is located, is situated at a transportation hub in Central Asia and is establishing closer logistics and digital connections with China and Europe through the Trans Caspian International Transport Corridor (TITR).

The rise of Uzum not only represents a significant improvement in Uzbekistan's technological strength, but also provides a successful example for global technology companies such as Tencent Group in China to seek growth points in emerging markets. In the process of repositioning the global center of technological power, Central Asia is demonstrating unprecedented development potential. (This article is from the official website www.seetao.com of Jian Dao. Reproduction without permission is prohibited, otherwise it will be prosecuted. Please indicate Jian Dao website+original link when reprinting.) Jian Dao website infrastructure engineering column editor/Yang Beihua