S&P forecasts growth of digitalisation in financial services in Uzbekistan

Financial services in Uzbekistan and other Central Asian and Caucasian countries will increasingly move towards digital formats, according to research by S&P Global Ratings. Kursiv Uzbekistan has obtained the report detailing these findings.

Analysts note that expanding mobile and internet networks, along with rapid technological advancements in these regions, drive digitalisation. This shift creates a strong consumer demand for online services, prompting banks to invest more in digital platforms.

The areas of accepting deposits and issuing loans remain less affected by digital transformation. In contrast, banks encounter growing competition in online payments. S&P predicts that this competition may lead financial organisations to acquire fintech companies.

The research also points out that major banks in Uzbekistan maintain strong positions. Smaller financial organisations and fintech firms are unlikely to threaten their status in the short term.

S&P Global Ratings conducts analytical research on financial markets.