The fintech market in Turkmenistan is in its infancy and has high growth potential, according to the December report by the Asian Development Bank. This was reported by the online publication ‘Business Turkmenistan’.

The sector's development is facilitated by the growth of internet access, the spread of mobile devices and government digitalisation programmes, with state banks and telecommunications companies playing a key role.

State financial institutions remain the main drivers of digital banking, while commercial banks are gradually introducing mobile applications and online services for customers.

At the same time, a market is forming for fintech companies working with mobile payments, digital wallets and remote lending, with the support of telecom operators and international organisations.

ADB experts believe that the further development of fintech in Turkmenistan will depend on strengthening cooperation between the state, banks and technology companies.