Uzbekistan’s Central Bank to Open Fintech Office

Uzbekistan is stepping up efforts to position itself as a regional leader in financial technology. At a meeting on financial sector development chaired by President Shavkat Mirziyoyev, officials discussed the creation of a fintech office at the Central Bank and a dedicated hub to support startups.

The government expects these initiatives to transform the republic into a regional fintech hub. Singaporean experts are contributing to the national financial sector strategy. As of September this year, Uzbekistan is home to 103 fintech companies, a sharp increase from just 24 in 2018.

It was highlighted during the meeting that adopting artificial intelligence and blockchain could boost banking revenues by 20% and expand the volume of financial services by 30%. The president underlined the need to advance banking technologies, expand digital services and develop IT infrastructure.

Kursiv Uzbekistan also reports that fintech company Alif Uzbekistan is preparing to launch a bank.