CHALLENGES AND OPPORTUNITIES FOR FINTECH COMPANIES IN BUY NOW PAY LATER SERVICES MARKET IN UZBEKISTAN

The adoption of a Fintech digital financing facility “Buy Now, Pay Later” has grown rapidly on the international level. Within last five years Uzbekistan has become a promising player in the dynamic Fintech landscape due its fast integration of technology and finance, coupled with initiatives to enhance financial inclusion. And as e-commerce is growing in popularity among local consumers, Fintech players in Uzbekistan market are focusing on BNPL service development through innovation, local adaptation and diversification of their offerings to meet the growing demand for convenient and accessible point of sale financing tool. The rise of Fintech has drastically disrupted traditional consumer lending practices in the country, bringing forth numerous opportunities and challenges that are explained in the paper. Recommendations for Fintech companies willing to run BNPL business in Uzbekistan are presented in the concluding section.