UPay and Humans Face Bankruptcy Following Fund Withdrawal Incident
Business
The Tashkent Interdistrict Economic Court has declared AO Maroqand, owner of the UPay payment system, insolvent and initiated its liquidation process.
On February 2, 2026, the court ruled AO Maroqand bankrupt and began its liquidation. The company owns UPay, a service that allows users to manage finances, pay government services, mobile and internet bills, transfer money between cards, and top up e-wallets.
In May 2022, Maroqand was fully acquired by the fintech ecosystem Humans. In October 2024, the Central Bank of Uzbekistan restricted Maroqand’s operations for six months due to processing payments for prohibited services, including gambling.
In October 2025, Humans LLC was also declared bankrupt. Earlier, social media reports emerged about unauthorized withdrawals from users’ cards linked to the Humans mobile app. The Central Bank confirmed the incident and initiated an investigation.
The regulator contacted AO Octogram (Paylov brand) and issued an order to suspend P2P operations to address potential vulnerabilities. All payment services via Humans were temporarily halted. Later, Humans stated that the withdrawals occurred between December 4 and 8 and were carried out by fraudsters, emphasizing that the incident was not their fault but caused by a technical error in the Paylov service.
In May 2022, Maroqand was fully acquired by the fintech ecosystem Humans. In October 2024, the Central Bank of Uzbekistan restricted Maroqand’s operations for six months due to processing payments for prohibited services, including gambling.
In October 2025, Humans LLC was also declared bankrupt. Earlier, social media reports emerged about unauthorized withdrawals from users’ cards linked to the Humans mobile app. The Central Bank confirmed the incident and initiated an investigation.
The regulator contacted AO Octogram (Paylov brand) and issued an order to suspend P2P operations to address potential vulnerabilities. All payment services via Humans were temporarily halted. Later, Humans stated that the withdrawals occurred between December 4 and 8 and were carried out by fraudsters, emphasizing that the incident was not their fault but caused by a technical error in the Paylov service.
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