Measures to develop the fintech sector are discussed

Today, the global fintech market is growing rapidly. Its volume exceeded $300 billion this year, and by 2030, it is expected to surpass $600 billion.

Uzbekistan is also seeing great opportunities. While there were only 24 fintech companies in the country in 2018, today there are already 103. This year, domestic enterprises have attracted more than $260 million in foreign investment, which is four times higher than last year.

During the President’s open dialogue with entrepreneurs, support for one thousand startups, the introduction of an open banking system, and the development of a five-year fintech development strategy were announced. At the presentation, responsible officials reported on plans and proposals in this direction.

To develop a fintech strategy, an analysis is being conducted of the legal framework, the current state of the industry, infrastructure, and human resources. With the involvement of experts from Singapore, international experience is being studied. On this basis, national principles will be developed, along with the definition of institutional architecture and mechanisms for interagency cooperation. The ultimate goal is to create a sustainable, inclusive, and competitive financial services ecosystem.

It is impossible to develop a modern financial market without artificial intelligence and blockchain technologies. According to experts, their use could increase banks’ revenues by 20 percent, the volume of financial services by 30 percent, while reducing risks by 15 percent.

The Head of State emphasized the need to expand the technological capacity of banks, increase the share of digital services, systematically support fintech companies and startups, and develop information technology infrastructure.

Tasks have been set to organize the activities of a Fintech Office under the Central Bank to define and monitor success criteria. Plans have been approved to establish an innovation hub to accelerate startups, implement new ideas, and attract investment. It was emphasized that these measures will contribute to making Uzbekistan a regional center of fintech.