Photo: fintech-retail.com
President Shavkat Mirziyoyev has instructed banks in Uzbekistan to expand their technological capabilities and increase the share of digital services. The measures are intended to help turn the country into a regional center for financial technologies. These plans and initiatives were discussed on September 10 at a meeting on the development of the sector, according to the president’s press service.
Officials reported that the Central Bank will establish a Fintech Office to define and monitor performance benchmarks. Plans have also been approved for an innovation hub to accelerate startups, test new ideas, and attract investment.
In a recent dialogue with entrepreneurs, the president pledged support for startups, the rollout of open banking, and the creation of a five-year fintech development strategy.
Work is already under way, with experts analyzing the regulatory framework, the state of the industry, infrastructure, and workforce potential. Specialists from Singapore have been brought in to assist with this effort. Based on these findings, Uzbekistan will adopt national principles, define institutional architecture, and develop mechanisms for interagency cooperation. The ultimate goal is to build a sustainable, inclusive, and competitive financial services ecosystem.
The meeting stressed that modern financial markets cannot advance without artificial intelligence and blockchain technologies. Experts estimate that applying these tools could boost banks’ revenues by 20 percent, expand the range of services by 30 percent, and cut risks by 15 percent.
The global fintech market is growing rapidly: it has already surpassed $300 billion this year and is expected to reach $600 billion by 2030.
Uzbekistan has shown progress in this field. In 2018, the country had only 24 fintech companies. Today, there are 103. This year, local firms attracted more than $260 million in foreign investment — four times last year’s figure.
