Turkmenistan’s fintech market is still in its infancy, but it already shows potential for growth, according to the Asian Development Bank’s December report, “Unlocking the Potential of Fintech in Central Asia.”
The sector’s development is being driven by the growing number of mobile devices, expanding internet access, and government digital economy programs. State-owned banks and telecommunications companies play a key role.
State-owned financial institutions, including the State Bank for Foreign Economic Affairs, remain key drivers of digital banking. Commercial banks are gradually introducing mobile apps and online services.
At the same time, the market for fintech companies working with mobile payments, digital wallets, and remote lending is growing. Telecom operators, including Turkmentelecom, are supporting infrastructure development with the assistance of international organizations.
ADB experts believe that strengthening cooperation between the government, banks, and technology companies will be key to the market’s further development. The fintech market includes digital technologies for banking and payment services: mobile banking, electronic payments, digital wallets, and online lending.
