释放金融科技在中亚的潜力

DECEMBER 2025 UNLOCKING THEPOTENTIAL OF FINTECHIN CENTRAL ASIA DECEMBER 2025 Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2025 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444www.adb.org Some rights reserved. Published in 2025. ISBN 978-92-9277-489-9 (print); 978-92-9277-490-5 (PDF); 978-92-9277-491-2 (e-book)Publication Stock No. SPR250432-2DOI: http://dx.doi.org/10.22617/SPR250432-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policiesof the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use. The mention of specific companies or products of manufacturers does not imply that theyare endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area in this document, ADB does notintend to make any judgments as to the legal or other status of any territory or area. This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be boundby the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisionsand terms of use at https://www.adb.org/terms-use#openaccess. This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributedto another source, please contact the copyright owner or publisher of that source for permission to reproduce it.ADB cannot be held liable for any claims that arise as a result of your use of the material. Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wishto obtain copyright permission for your intended use that does not fall within these terms, or for permission to usethe ADB logo. Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda. Notes: 1.In this publication, “$” refers to United States dollars, “¥” refers to yen, “AZN” refers to Azerbaijan manats,“GEL” refers to lari, “MNT” refers to togrog, “PRs” refers to Pakistan rupees, and “TJS” refers to somoni.2.ADB recognizes “China” as the People’s Republic of China; “Hong Kong” as Hong Kong, China; “Korea” and“South Korea” as the Republic of Korea; “Kyrgyzstan” as the Kyrgyz Republic; “Macao” as Macau, China; and“Vietnam” as Viet Nam.3.Effective 1 February 2021, ADB placed a temporary hold on sovereign project disbursements and new contractsin Myanmar. TABLES, FIGURES, AND BOXESviABOUT THE EDITORSxFOREWORDxiiPREFACExiiiACKNOWLEDGMENTSxviABBREVIATIONSxvii PART IA COLLABORATIVE APPROACH TO FINTECH1 1MEASURING FINTECH PROGRESS IN CENTRAL ASIA3 •Introduction3• Pillars of Fintech Progress5• Benchmarking the Fintech Journey22• Unpacking Findings and Lessons36References38 2FOUNDATIONS OF REGIONAL FINTECH COOPERATION45 George Kvirikashvili •Introduction45• Key Pillars for Fintech in CAREC47• Next Steps to a CAREC Strategic Approach51• A Strategic Framework for CAREC56• Toward a Fintech Road Map64References65 PART IIFINTECH-DRIVEN ROAD MAPS TO COOPERATION67 3GEORGIA’S VISION OF COLLABORATIVE FINTECH69 Varlam Ebanoidze •Introduction69•The Case for Georgia’s Regional Leadership70•Regional Fintech Cooperation and the “Middle Corridor”72•Georgia’s Fintech Development Strategy75•Regulatory Enablers of Fintech Growth78•Technological Innovation: From Open Banking to Open Data81 • Data Democratization86•Fintech Ecosystem Partnerships87•Georgia’s Next Steps Toward Regional Fintech Cooperation95References95 4A ROAD MAP FOR FINTECH-LED CAPITAL MARKET DEVELOPMENT97 Hee-Yul Chai and Yeongseop Rhee •Introduction97•The Regional Case for Capital Market Development and Integration98• Tasks for Regional Fintech Cooperation102•Targets and Action Plans for a CAREC Capital Market Catch-Up114•Conclusion122References123 5USING FINTECH TO DRIVE CAPITAL MARKETS IN CAREC125 Hee-Yul Chai and Yeongseop Rhee •Introduction125• Issues and Perspectives Regarding CAREC126•The Role of Fintech in Capital Market Development132•Impacts of Fintech on Financial Investment Services132•Financial Investment Services and Fintech Disruptions138•Policymaking for Fintech in Capital Market Development142•Conclusion147References148 PART IIIFINTECH ECOSYSTEMS IN PRACTICE151 6FINTECH, E-COMMERCE, AND TRADE FINANCE: LESSONS FOR CAREC153 Leah Castro and Minsoo Lee •Introduction153•Economic Development Impact of Online Retail Trade155•Online Retail Trade: Domestic and Cross Border163• Fintech: A Driver of Online Retail Trade168•Lessons from ASEAN for the Emerging Fintech Markets of CAR