Startups without borders: INMerge Uzbekistan Innovation Summit held at IT Park

For the first time, Tashkent hosted the INMerge Uzbekistan Innovation Summit — a landmark event that served as a key convergence point for leaders in innovation, startup ecosystems, and venture investment. Organized by IT Park Uzbekistan and PASHA Holding, with support from the Fintech Association of Uzbekistan, the summit brought together key regional players to exchange insights and build new cross-border connections. Once again, it reaffirmed Uzbekistan’s role as a reliable partner and driver of large-scale innovation across Central Asia, the Caucasus, and the Middle East.

The summit featured key events such as startup pitch sessions, in-depth panel discussions, and the signing of a memorandum of understanding between PashaPay and the Fintech Association of Uzbekistan. Each of these elements reflects a unified vision for advancing fintech, supporting entrepreneurs, and expanding the boundaries of technological cooperation.

The summit was officially opened by Abdulakhad Kuchkarov, CEO of IT Park Uzbekistan, and Tugra Musayeva, Chief Innovation Officer at PASHA Holding.

“For IT Park Uzbekistan, fostering international cooperation, strengthening ties with Central Eurasian technology parks, and supporting startups remain top priorities. The INMerge Uzbekistan Innovation Summit marks another step toward elevating our ecosystem’s global standing”, emphasized Abdulakhad Kuchkarov, CEO of IT Park Uzbekistan.

The summit featured a presentation by Professor Alberto Levy, Innovation and Technology Advisor at IE University, on “The Invisible Wall: Breaking Through Bias in Innovation”. He explored hidden biases that hinder innovation across industries and shared strategies for fostering more inclusive and effective solutions. The session provided valuable insights on how organizations can overcome structural and cultural barriers to unlock their creative potential.

One of the most engaging sessions was the panel discussion “Building fintechs beyond borders: Scaling innovations across markets”, which examined how regional fintech companies can expand their solutions into new markets and strengthen cross-border cooperation. Panelists included Farrukh Kholmukhamedov, CPO of Paynet; Nuriddin Lafizov, CEO of Alif Uzbekistan; Sukhrab Bayzakov, Head of MVNO OQ at VEON; and Egor Petrov, COO, Board Member and CPO at PashaPay. Moderated by Rashad Hasanli, Chief Business Officer at PashaPay, the discussion also featured insights from banking and digital transformation leaders, who shared practical case studies and visions for fintech growth in Central Asia and beyond.  

Particular attention was given to the panel session “Capital Meets Innovation: Unlocking Smart Investment for Early-Stage Startups”, which focused on effective tools and strategies for attracting investment at early development stages. Speakers included Davron Parmanov, Partner at Aloqa Ventures; Daler Nodirov, Deputy Director at IT Park Ventures; Ulugbek Gulyamov, Vice President of Private Banking at IMAN Invest; Muhammad Mahmudov, Director of Plug and Play Uzbekistan; and Orkhan Abbasov, Board Member at SABAH.Hub. The session was moderated by Baba Aghayev, Venture Architect at Enhance Ventures. Experts addressed the role of institutional and corporate investors, the importance of high-quality networking and flexible regulation, and shared success stories showcasing how well-structured investment strategies can elevate Central Asian startups to new heights.

A compelling fireside chat titled “From local champions to regional catalysts: Fintech futures in the Turkic world” offered perspectives on how local market leaders can drive regional growth. Speakers included Samir Mamedov, CEO of PashaPay, and Roman Lavrentyev, COO of UZUM. The session was moderated by Tugra Musayeva, Director of Innovation at PASHA Holding. The discussion highlighted the importance of strategic partnerships and experience sharing in building an integrated ecosystem and enabling regional projects to scale across borders.   

A major outcome of the summit was the signing of a memorandum of understanding between PashaPay and the Fintech Association of Uzbekistan. This agreement signifies a shared commitment to developing the fintech sector, supporting startups, and expanding entrepreneurial ecosystems both domestically and internationally. The document lays the groundwork for knowledge exchange, joint projects, and the expansion of new fintech solutions into regional and global markets.

The panel session “Building for the Long Game: TBC Uzbekistan x BILLZ Exit Case” also sparked considerable interest. Participants shared experiences related to successful exits and long-term business sustainability strategies in Uzbekistan. The discussion featured Nika Kurdiani, CEO of TBC Uzbekistan; Rustam Khamdamov, CEO and Co-founder of BILLZ; Elyor Maksudov, Startup and Investment Development Director at IT Park; and Alijon Ravshanov, Partner at Sturgeon Capital Ltd. The session was moderated by Azizbek Kurbanov, CEO of AK Capital Consultancy. The speakers discussed the importance of team maturity, process transparency, and sustainable business models in attracting attention from banks and institutional investors. Panelists also covered the role of venture capital support, the experience of international funds such as Sturgeon Capital, along with IT Park’s approach to preparing startups for such strategic transactions.   

The summit concluded with a startup pitch competition, during which 10 early-stage projects presented their ideas to a jury of investors and industry experts. Participating startups included Mulk Protocol, LaCafe, SOFF.UZ, InnTouch, Exode.biz, Karmon AI, PromptLab, Moliy.AI, Azma Finance, and Aisha AI. The winner was PromptLab — an AI procurement assistant — which will represent Uzbekistan at INMerge Baku 2025. The team will have the opportunity to connect with international investors and compete for a share of the $30,000 prize pool on the INBattle main stage.

The global INMerge Innovation Summit, organized by PASHA Holding, will take place in Baku on September 29–30, 2025 The event is expected to gather more than 1,000 founders, investors, corporate leaders, and policymakers from over 30 countries. Over the course of two days, the summit will feature keynote speeches, panel discussions, startup competitions, and extensive networking opportunities — all aimed at advancing innovation, attracting investment, and strengthening interregional collaboration across the Caspian region and Central Asia. 

The INMerge Uzbekistan Innovation Summit reaffirmed Uzbekistan’s ongoing commitment to building a robust platform for international technological dialogue and investment attraction. IT Park Uzbekistan remains committed to supporting initiatives that foster the growth of entrepreneurial ecosystems, strengthen regional cooperation, and unlock new opportunities for startups and investors.