Presidents of Uzbekistan reviewed proposals for the development of the financial technology sector
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Today, President Shavkat Mirziyoyev reviewed proposals for the development of the financial technology sector, reports Dunyo IA correspondent.
According to the press service of the Head of our state, today, the global fintech market is growing rapidly. Its volume exceeded $300 billion this year and is expected to reach more than $600 billion by 2030.
Opportunities are also opening up in Uzbekistan. While there were only 24 fintech companies in the country in 2018, today there are already 103. This year, domestic companies attracted over $260 million in foreign investment, which is four times more than last year.
During the President’s open dialogue with entrepreneurs, support was announced for a thousand start-ups, the introduction of an open banking system and the development of a five-year fintech development strategy. At the presentation, officials reported on plans and proposals in this area.
To develop a fintech development strategy, an analysis of the legal framework, the current state of the industry, infrastructure, and human resources is being conducted. International experience is being studied with the help of experts from Singapore. On this basis, national principles will be formed, institutional architecture and mechanisms for interagency cooperation will be defined. 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 can increase banks’ revenues by 20 percent and the volume of financial services by 30 percent, while reducing risks by 15 percent.
The Head of State stressed the need to expand the technological capabilities of banks, increase the share of digital services, systematically support fintech companies and startups, and develop information technology infrastructure.
Tasks have been defined for organizing the activities of the Fintech Office at the Central Bank to determine and manage success criteria. Plans have been approved to establish an innovation hub to accelerate startups, introduce new ideas and attract investment. It was emphasized that these measures will contribute to the transformation of Uzbekistan into a regional fintech center.
