The Tashkent International Investment Forum recently hosted a panel session titled "Fintech in Uzbekistan: Modern Development Trends," drawing together prominent experts and specialists from the industry. The gathering underscored Uzbekistan's potential to emerge as a hub for fintech innovation in Central Asia, buoyed by governmental support and active foreign investment.
The session delved into an analysis of Uzbekistan's current fintech landscape, highlighting its dynamic growth trajectory and the integration of modern technologies. Discussion topics ranged from the role of innovations in enhancing the competitiveness of the country's financial sector to prospects for advancing digital wallets, e-commerce, and digital banking services.
Mark Shmulevich, managing director of Aloniq, pinpointed the favorable conditions for fintech startups in Uzbekistan. He emphasized the government's supportive stance and the influx of foreign investments as key drivers behind the country's potential to lead fintech innovation in the region.
Educational imperatives, particularly digitalization and information security, featured prominently in discussions. Experts stressed the necessity for Uzbekistan to prioritize the training of skilled fintech professionals to sustain industry growth.
Central to the discourse was the "Digital Uzbekistan 2030" strategy, designed to foster financial inclusion and digital transformation. Speakers underscored the strategic advantage of Uzbekistan's high mobile and internet penetration rates, laying a robust foundation for plans aimed at bolstering the nation's technological prowess in the region.
Nargis Dustmatova, Director of the Fintech Association of Uzbekistan, highlighted the remarkable progress in retail banking this year, juxtaposed with the relatively slower growth in corporate banking. Dustmatova accentuated Uzbekistan's mobile and internet penetration rates—90% and over 77%, respectively—as pivotal enablers for mobile financial services, crucial for any technology-driven endeavor.
"The 'Digital Uzbekistan 2030' strategy prioritizes financial inclusion and digital transformation, fostering a conducive environment for technology firms eyeing Uzbekistan's burgeoning market," Dustmatova remarked. "This growth trajectory is evidenced by the substantial expansion of digital payments."
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