Uzbekistan’s Fintech Crackdown Clouds London IPO Amid Investor Warnings — Amsterdam & Partners LLP

Event summary

Amsterdam & Partners warns investors over Uzbekistan’s detention of Solfy’s agent, Uktam Nasulloyevich Xasanov, since March 27, 2026, amid a commercial dispute with the state-owned NBU.
Uzbekistan’s Prosecutor’s Office rejected Xasanov’s release on April 30, 2026, despite his cooperation with investigators.
The case coincides with Uzbekistan’s upcoming London IPO of the National Investment Fund (UzNIF), raising concerns over rule of law and investor protections.
President Mirziyoyev’s May 2, 2026, pledge of investor protections contrasts with Xasanov’s continued detention.

The big picture

Uzbekistan’s detention of a foreign fintech executive amid a commercial dispute raises red flags for international investors as the country prepares for its London IPO. The case underscores tensions between Uzbekistan’s stated commitment to investor protections and its actual enforcement practices, particularly in disputes involving state-owned entities. With the fintech sector increasingly reliant on cross-border capital, the outcome of this dispute could set a precedent for foreign investment in emerging markets.

What we're watching

Governance Dynamics: How Uzbekistan’s handling of the Solfy case will affect foreign investor sentiment ahead of the UzNIF IPO.
Regulatory Headwinds: Whether the Uzbek government can reconcile its public investor-friendly messaging with the reality of state-led legal pressure.
Execution Risk: The pace at which Uzbekistan addresses investor concerns to avoid broader market skepticism over its financial sector.