International rating agency Fitch Ratings has upgraded Uzum’s Long-Term Issuer Default Ratings (IDRs) from ‘B’ to ‘B+’ with a Stable Outlook. Fitch analysts highlight increasing synergies across Uzum’s banking, fintech and e-commerce businesses and the strengthening of the ecosystem’s business profile.
The upgrade reflects growing synergies across Uzum’s e-commerce, payments and banking businesses, as well as an improvement in the operating environment for Uzbekistan’s financial institutions in recent years. According to Fitch, the integration of services across the ecosystem is strengthening the company’s business profile while maintaining sound financial performance. The combination of marketplace, payments and digital banking services enables Uzum to attract new customers and expand the reach of its financial products.
The upgrade to ‘B+’ is an important indicator of how Uzum’s scale and business profile have evolved over the past year. We are bringing e-commerce, payments and banking services together in a single ecosystem, where our products complement one another and create a more seamless user experience. We see significant potential for further growth — both for the ecosystem and for Uzbekistan’s digital economy.
The ‘B+’ rating is at the upper end of the operating environment assessment Fitch assigns to the country’s banking sector. At the same time, Uzum’s rating reflects the ecosystem’s standalone business profile and financial performance. Fitch expects Uzum to sustain profitable growth and further strengthen its market position, supported by significant growth potential in Uzbekistan’s e-commerce and fintech markets. The report also notes that Uzum Market is the country’s largest online marketplace, supported by proprietary logistics infrastructure covering the entire country.