Mirziyoyev orders expansion of digital services in banks

Uzbekistan has engaged experts from Singapore to develop the country’s financial technology sector. This was announced today, September 10, during a presentation to President Shavkat Mirziyoyev on proposals for the advancement of financial technologies.

According to the presentation, the global financial technology market is currently growing rapidly. Its value is expected to increase from $300 billion this year to over $600 billion by 2030.

Uzbekistan also has significant opportunities in this sector. While there were only 24 FinTech companies in the country in 2018, their number has now grown to 103. This year, local enterprises have attracted over $260 million in foreign investment, four times more than last year.

During an open dialogue with entrepreneurs, President Shavkat Mirziyoyev announced plans to support 1,000 startups, implement an ’’Open banking’’ system, and develop a five-year strategy for financial technology development. Officials presented information on the plans and proposals during the presentation.

To develop the strategy comprehensively, authorities are first analyzing the regulatory framework, the current state of financial technologies, infrastructure, and personnel needs.

’’Singaporean experts have been engaged to study international experience. Based on this, national principles for the sector will be formed, institutional architecture and interagency cooperation mechanisms will be established. The ultimate goal is to create a sustainable, inclusive, and competitive financial services ecosystem’’, the President’s press service reported.

It was noted that today’s financial market cannot develop without artificial intelligence and blockchain technologies. According to analyses, these tools can increase bank revenues by 20%, expand the volume of financial services by 30%, and reduce risks by 15%.

The President instructed banks to expand their technological capabilities and increase digital services. In addition, the Central Bank was tasked with establishing a FinTech office to define success metrics and manage the sector. An innovation hub was approved to support startup acceleration, foster new ideas, and attract investment. Officials noted that these measures will help Uzbekistan become a regional FinTech hub in the future.