Why is this important
Uzbekistan is systematically forming a digital strategy in the financial sector for the first time. New tools — Open Banking, SupTech, RegTech — will open a market for fintech startups. The appearance of the sandbox will accelerate product testing and attract investment.
What happened
The meeting was held on behalf of the president and at the initiative of the Central Bank. The meeting was attended by the Chairman of the Board of the Central Bank, the Head of the Department of FinTech and AI in the Presidential Administration, and the First Deputy Director of the NAPP.
Initiatives are presented:
- regulating sandbox;
- Open Banking / Open API;
- SupTech and RegTech;
- AI solutions;
- fintech hub and office under the Central Bank;
- 5-year development strategy in partnership with business.
Conclusion — a working group is being created for a constant dialogue between fintech and regulators.
What they say
The Central Bank emphasizes that the strategy will balance innovation and risks, and the market will receive more competition and digital solutions.
Context
Fintech in Uzbekistan has been actively growing for the last 3 years: HUMO, Payme, Click, Apelsin are developing. Earlier, the integration of QR payments and national identification into a single ecosystem was discussed.
