Share of the population without access to the services of banks or similar organizations worldwide in 2024, by country

Uzbekistan - 40.34%
Tajikistan - 47.53%
Kazakhstan - 15.8%
Kyrgyzstan - 30.04%
Russia - 20.76%

While having such a large percentage of the population without access to banking services is not ideal, it highlights both an opportunity and a significant demand for financial services.

What do you think about above statistics?

@fineconim

Uzbek Startup Uzum Eyes IPO After $65M Funding

In August, Uzum raised $65 million, reaching a $1.5 billion valuation. Now, the company is planning to go public. According to co-founder Nikolay Seleznev, Uzum is targeting a potential IPO in 2027, with possible listings in Hong Kong, Abu Dhabi, or Nasdaq.

Before that, the startup plans to enter international bond markets, aiming for a $300 million debut bond sale in the first half of 2026.

💡 A Quick Look at IPOs

An IPO (Initial Public Offering) is when a private company sells its shares to the public for the first time. It helps companies raise money, give early investors a chance to sell, and gain credibility.

The first IPO in history was by the Dutch East India Company (VOC) in 1602. Back then, there were no investment banks — the company and local merchants handled everything. By the 20th century, banks like J.P. Morgan, Goldman Sachs, and Morgan Stanley became essential, helping companies price shares and connect with investors.

Some of the most famous IPOs in history are:

Microsoft (1986) – Raised $61 million, starting the modern tech IPO boom.
Apple (1980) – Raised $100 million, giving early investors huge returns.
Google (2004) – Raised $1.7 billion, fueling its growth into Alphabet.
Facebook (2012) – Raised $16 billion, one of the largest social media IPOs.
Alibaba (2014) – Raised $25 billion on the NYSE, a record at the time.
Saudi Aramco (2019) – Raised $29.4 billion, the largest IPO ever.



🇺🇿 IPOs in Uzbekistan

Uzbekistan is also stepping into the IPO world. The Quartz Glass Factory went public in 2017, followed by UzAuto Motors in 2022. In 2023, Uztelecom and Uzbekinvest started trading on the Tashkent Stock Exchange.

Now, Uzbek companies are looking at international IPOs. Navoi Mining and Metallurgical Company (NMMC) plans a dual listing in London and Tashkent, with banks like Citi, Morgan Stanley, and JPMorgan managing the process. The Uzbek National Investment Fund (UzNIF) is also preparing a global IPO with guidance from Franklin Templeton.

These moves are helping Uzbekistan attract foreign investment, increase transparency, and grow its economy, while giving both local and international investors a chance to participate.

@fineconim

16 years of experience in Investment Banking and Finance.

Chief Risk Officer at Azerbaijan Uzbek Investment Company, previously worked at JP Morgan Chase in Tokyo for almost a decade as a Rates Derivatives Trade Support and Middle Office professional.

Graduate of one of the world’s top universities, Nagoya University.

This time our guest speaker is Saidakhror Burkhanov.

We will cover career in Risk Management and Finance, working in Japan, studying at Nagoya University, and the skills necessary to succeed in the finance industry.

Date: 7th September
Time: 20:00

Host: Diyorbek Zokirov

Please share this with your friends. The larger our community, the better, and the more distinguished guests we can invite.

@fineconim

30 minutes left

What are your questions 👇

Thank you everyone for your questions.

We will end the session. It has been a great and insightful interview.

We’ve just started posting on our Instagram page. Please follow us:

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You can also find us on other platforms:

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Your support means a lot. We look forward to sharing our upcoming guests with you!

Thanks ❤️

@fineconim

We’ve just uploaded a new episode of the FinEcon Podcast Eps 15 to our YouTube channel, featuring Saidakhror Burkhanov, who spent nearly a decade at J.P. Morgan Tokyo.

In this conversation:
• His journey from Nagoya University to global banking in Japan.
• What it’s really like to work at Nomura and J.P. Morgan in Tokyo.
• The lessons from managing Rates & FX teams at one of the world’s top banks.
• Honest reflections on cultural differences between Japan and Uzbekistan.
• Practical advice for students and young professionals building an international career.

🎧 Listen the full interview now: FinEcon YouTube

📚 5 Books Every Finance Student Should Read

1. The Intelligent Investor — Benjamin Graham
Classic on value investing and avoiding market mistakes.
💡 Quote: “The investor’s chief problem — and even his worst enemy — is likely to be himself.”

2. Rich Dad Poor Dad — Robert Kiyosaki
Shifts how you think about assets, liabilities, and financial freedom.
💡 Quote: “The rich don’t work for money. They make money work for them.”

3. Corporate Finance: Principles & Practice — Berk & DeMarzo
Clear guide to corporate finance and decision-making.
💡 Quote: “Finance is about choices under uncertainty.”

4. The Financier — Theodore Dreiser
Novel on ambition, risk, and the human side of capitalism.
💡 Quote: “Power follows money — and desire drives both.”

5. Liar’s Poker — Michael Lewis
Insider’s look at 1980s Wall Street and the greed driving markets.
💡 Quote: “If you think being a trader is like gambling, you’re wrong. It’s worse.”

@fineconim

Is "American Dream" over?

The H-1B visa is a program in the United States designed for highly skilled foreign professionals who work in specialty occupations such as technology, engineering, finance, and healthcare.

Each year, about 85,000 visas are issued under this category, including 65,000 under the regular cap and 20,000 for advanced degree holders from U.S. institutions.

Until recently, the cost of applying for an H-1B visa was relatively modest. For individuals, fees started at around $215, while employers were responsible for additional costs that could reach approximately $1,500. These expenses made the program accessible to both companies and skilled workers seeking opportunities in the U.S.

As of September 21, 2025, the landscape has changed dramatically. A new executive order has imposed a $100,000 fee on all new H-1B applications. This fee is a one-time charge per application and must be paid by the employer.

It does not apply to existing H-1B holders or to renewals, but it represents a substantial barrier for businesses that rely on global talent to fill critical roles.

This change marks one of the most significant shifts in U.S. immigration policy for skilled workers, sparking concern across industries and among countries like India, whose citizens represent the majority of H-1B visa holders.

@fineconim

Recruitment and Hiring Trends in Banking, 2025

Although 2025 has almost ended, here are the key statistics regarding the banking sector:

- 13% increase in hiring for AI-related roles in banking (e.g., Data Science, Machine Learning).

- 40% of roles now require skills in data analytics, AI-driven financial modeling, cybersecurity, and blockchain.

- Over 50% of hiring managers now prioritize emotional intelligence (EQ) in recruitment.

- 60–70% projected increase in investment banking recruitment at major firms (e.g., JPMorgan, Goldman Sachs) compared to the previous year.

- 30% increase in compliance hiring (AML, ESG reporting) due to stricter regulations.

For more details and statistics, please refer to the full report. It is also worth noting that all data relates specifically to the United States.

@fineconim

Senior Financial Analyst at Amazon

This time, we will be having a conversation with Giyos Esirgapov.

He is currently Principal FP&A at Rocket Now (Tokyo, Japan). Previously, he worked as a Senior Financial Analyst at Amazon, and before that, at firms such as Bitcoin.com and KPMG Japan.

He is also a holder of the CFI FMVA and CAP designations.

In this session, we will discuss how to break into firms like Amazon, building a career in Japan, pursuing an MBA, and specifically exploring FP&A roles.

Date: 28 September
Time: 18:00
Host: Diyorbek Zokirov

Please share with others as the bigger we are the better and more guests we can bring.

@fineconim

Nice!

Those who voted "Yes", please share the screenshot of your vote to the channel DM, and I will share the link to the study challenge.

Poll will be closed after 24 hours.

Thanks.

AI can now pass the hardest level of the CFA exam in a matter of minutes

A new study from NYU Stern and GoodFin shows that advanced AI models can now pass all three levels of the CFA exam, including the notoriously difficult Level III written essays, in just minutes. For human candidates, this process usually requires about one thousand hours of study spread over several years.

The research team tested twenty-three leading large language models, including GPT, Gemini, and Claude, using official CFA Level III mock exams. Both multiple-choice and essay questions were evaluated, and certified CFA graders were used to score the results. With chain-of-thought prompting, which guides step-by-step reasoning, essay performance improved by fifteen percentage points.

Several models, including Claude Opus and Gemini 2.5, achieved passing scores without any specialized training. OpenAI’s o4-mini reached as high as seventy-nine percent, well above the typical passing threshold of sixty-three to sixty-five percent. In total, nine models cleared Level III, a first in this kind of evaluation.

The findings demonstrate that AI is now capable of professional-level financial reasoning and scenario analysis, not just memorization or calculation. While the technology could transform wealth management by making expert-grade insights more accessible, researchers emphasize that human judgment, interpersonal understanding, and ethical reasoning still provide an essential edge.

Industry discussion now centers on the relevance of the CFA credential in an era of AI-assisted advisors. The consensus is that AI will enhance, not replace, financial professionals, with hybrid workflows combining machine efficiency and human expertise.


What do you think about such AI advancement? Will it replace finance professionals?

Research paper dropped in comments

@fineconim

We are having an interview today at 6 pm (Tashkent time zone).

If you have any questions, you will be able to ask in the end!

Stay tuned.