The joint-stock company “Maroqand,” which caused a great stir in the fintech market of Uzbekistan, was officially declared insolvent. According to the decision of the Tashkent Interdistrict Economic Court dated February 2, 2026, liquidation proceedings have begun for this company, which owned the popular payment system UPay. This event is seen as a logical continuation of the problems surrounding the human ecosystem.
UPay: From a successful start to bankruptcy
The UPay system, managed by JSC “Maroqand,” was at one time one of the most popular platforms in our country.
- Scope of services: Users had the opportunity to pay utility bills, public services, mobile communication and internet, as well as transfer money from card to card through…