A major strategic deal has been finalized in Uzbekistan’s B2B fintech and digital services market. Askar Ismailov, the founder of Didox and a number of other widely-used business services, announced the acquisition of a controlling stake in the factoring company Aloqa Finance Factoring Tashkiloti. This move is far more than the simple acquisition of an isolated asset; it represents the next logical evolutionary milestone for a comprehensive digital infrastructure that has been meticulously built for entrepreneurs and the corporate sector over the years.
The limitations of the platform model and market capital deficits
For the past two years, Ismailov’s team has been actively developing Finmakon.uz, a platform specializing in the digitization of factoring services. However, a deep dive into market operations revealed a systemic challenge: the volume of demand for factoring instruments in the Uzbek market today significantly exceeds the liquid capital that banks and existing factoring companies are ready to deploy. Consequently, due to this liquidity crunch, numerous highly-rated and reliable commercial deals were left stranded without financing.
This bottleneck highlighted the inherent limitations of a classic platform model. As a digital operator, Finmakon can successfully match suppliers with factors, completely automate processes, and provide the necessary data for risk scoring. Yet, the platform itself cannot directly disburse financial resources. To bridge this exact gap between market demand and capital supply, and to fill the liquidity void, the decision was made to integrate proprietary capital into the ecosystem by acquiring Aloqa Finance.
A vertically integrated B2B ecosystem for business
The acquisition of Aloqa Finance completes a five-tier, mutually reinforcing infrastructure chain that covers end-to-end business operations. Currently, this corporate ecosystem consists of the following functional elements:
- Venkon – An automation system managing the internal business processes, operations, and financial accounting of companies.
- Didox – A cross-company collaboration platform facilitating the exchange of legally binding digital documents and electronic invoices.
- iHamkor – An analytical database utilized for counterparty verification, risk management, and strategic decision-making.
- Finmakon – A factoring platform that coordinates and structures the transaction financing process in a digital format.
- Aloqa Finance – A proprietary capital source deployed for swift and direct financing of transactions both within the ecosystem and across the broader market.
Ismailov emphasized that the acquisition of this new asset will not impact Finmakon’s operations as an independent operator. The platform will remain open and neutral to all banks and independent factors in the market. Instead, Aloqa Finance will serve as an additional instrument designed to guarantee stable liquidity within the system.
Industry experts view this transaction as an institutionally and economically sound move. To sustain user engagement among buyers and sellers on the platform and to drive transaction volumes, a mechanism ensuring timely access to liquid resources was essential.
Simultaneously, analysts looking at the specific characteristics of Uzbekistan’s investment landscape are putting forward intriguing forecasts regarding the future development of this infrastructure. Currently, retail investment options in the country are largely limited to real estate and bank deposits, while the stock market has yet to achieve mainstream traction. Within this ecosystem, the potential introduction of digital crowdfunding instruments—allowing private investors to deploy short-term capital into the factoring deals of large, reliable corporate clients—could trigger a massive shift in the alternative investment market. This model would allow risks to be diversified across multiple investors while opening up a flexible, large-scale financial source for businesses outside the traditional banking system.
Moving forward, the roadmap for Aloqa Finance includes a comprehensive rebranding process, management team updates, and the rollout of a new growth strategy. However, even at this current stage, the structured systemic infrastructure alone signals that digital integration within Uzbekistan’s B2B and fintech sectors is being elevated to an entirely new level.
