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 the system.
- Ownership: In 2022, the company became part of the fintech group Humans. However, the 6-month ban imposed by the Central Bank in October 2024 was the first sign of the company's collapse.
Billions of stolen funds and the Humans scandal
At the end of 2025, Humans app users faced significant financial losses.
- Victims of fraud: Many complaints have appeared on social networks about unauthorized withdrawals of money from citizens' cards.
- Amount of damage: According to data for January 2026, about 7 billion soums of funds of more than 2 thousand people were embezzled.
- Company's reaction: Although Humans management denied their guilt by attributing this situation to a technical error and external fraud, the Central Bank submitted the results of the investigation to law enforcement agencies.
Systemic crisis: Sequential bankruptcy
Recall that in October 2025, Humans LLC itself was declared bankrupt by the economic court. Now the main link providing its payment infrastructure - JSC "Maroqand" - is also being officially liquidated.
Currently, a criminal case has been initiated on this fact, and the investigation is ongoing. The return of the stolen funds to their owners and the punishment of the perpetrators remain at the center of public attention.
In your opinion, is it possible to restore trust in electronic wallets after such crises in payment systems?
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