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AN ANALYSIS OF FINANCIAL TECHNOLOGY ADVANCEMENTS AND THEIR
ECONOMIC IMPLICATIONS IN UZBEKISTAN
Zaynalov Jahongir Rasulovich
Professor, Samarkand Institute of Economics and Service
Latipova Shakhnoza Mahmudovna
(Associate Professor of the Department of Finance,
Samarkand Institute of Economics and Service)
Kholmurodova Sevara Askarovna
(Student of the Samarkand Institute of Economics and Service,
missfinancier7.5@gmail.com)
Annotation:
This article analyzes the main directions of the formation of the digital economy
and the development of financial technologies in Uzbekistan. The impact of fintech solutions on
the increase in economic activity, the digitalization of the banking sector and financial inclusion
indicators is considered. The potential of the national fintech infrastructure is assessed based on
the reforms implemented within the framework of the "Digital Uzbekistan - 2030" strategy.
Keywords:
digital economy, financial technologies, fintech, digital payment systems, banking
digitalization, economic development, financial inclusion, Uzbekistan, electronic payments,
digital banks.
Introduction
In recent years, digital technologies have been rapidly penetrating all sectors of the economy,
and Uzbekistan is not left out of this global process. In particular, the "Digital Uzbekistan -
2030" strategy adopted in 2020 provides for such important aspects as the development of digital
infrastructure, acceleration of digitalization of services, and technological transformation of the
economy. Financial technologies (fintech) are considered one of the important components of the
implementation of this strategy. The provision of financial services through digital payments,
electronic banking, and mobile applications is expanding the population's access to financial
services and facilitating economic activity. Financial technologies (fintech) are a major sector of
the economy that includes new technologies such as digital payment systems, e-commerce,
digital banks, mobile banking, blockchain, and cryptocurrency. The article also emphasizes
digital technologies' positive impact on the economy, the importance of government policy in
their proper implementation, and the reforms that must be implemented in the coming years.
Main part
The Strategy of the Republic of Uzbekistan “Digital Uzbekistan – 2030” sets the goals of the
widespread introduction of digital technologies in the country and the creation of a new stage of
economic development. This strategy envisages accelerating the process of digitization of the
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economy of Uzbekistan and ensuring the provision of digital services to all segments of the
population. The development of the digital economy involves not only the development of
modern technologies, but also their widespread introduction into all aspects of economic life. In
particular, the changes taking place in the field of financial technologies (fintech) are having a
significant impact on the country's economy. These technologies play an important role in
increasing economic stability, ensuring broad access to financial services, and creating new
opportunities in emerging markets. In this regard, digital payment systems and bank digitization
have become the main tools for introducing advanced technologies in the Uzbek economy. The
widespread use of dozens of digital payment systems, such as Payme, Click, Apelsin, is of great
importance in improving the digital services of banks, as well as increasing the level of financial
inclusion. Such innovations are facilitating the population's access to financial services and
creating broad opportunities for business development. However, for the digital economy to
thrive, it is necessary to improve digital infrastructure, establish a new legislative framework,
implement management systems, and provide technical support. The government's "Digital
Uzbekistan - 2030" strategy, as well as the growth of fintech companies and their collaboration
with digital banks, play critical roles in this process. These developments contribute to the
gradual advancement of the country’s digital economy and help reinforce Uzbekistan’s position
within the global economic landscape. At the same time, this paper aims to analyze the current
potential and obstacles in the fintech industry by exploring the economic effects of digitalization,
the progression of financial technologies, and the ongoing digital transformation processes in
Uzbekistan.
Key areas of financial technology application
Digital payments
: Mobile and QR-based payment systems have become increasingly popular,
especially during the COVID-19 pandemic and beyond, and today we cannot imagine our lives
without digital payment instruments. Such digital payment systems include mobile banking
applications and internet banking sites.
Blockchain and cryptocurrency
: In the process of developing a digital economy, the
government of Uzbekistan is taking a cautiously positive approach to blockchain technology and
cryptocurrencies. Blockchain technology — as a decentralized, immutable, highly secure
database — is being used to improve the efficiency of public services. In particular, blockchain-
based solutions are being tested in systems such as land cadastre, customs control, and public
procurement. Direct impact of financial technologies on economic development
Expanding financial inclusion
. Mobile applications and digital payment systems facilitate the
integration of the population into the financial system, which increases overall economic activity.
Supporting small and medium-sized businesses. Digital lending platforms are becoming an
important source of finance for small businesses that cannot access traditional banking systems.
Increasing the efficiency of payment systems
. Through financial technologies, payments and
money transfers are made in real time, at low cost, and the implementation of various economic
transactions is accelerated and the efficient use of resources is ensured.
Reducing the share of the informal economy.
Digital financial services allow for accurate and
real-time tracking of transactions. This, in turn, increases transparency and significantly reduces
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the size of the informal (shadow) economy. As a result, revenues to the state budget increase and
the effectiveness of fiscal policy increases.
Contributing to financial stability.
Broad and digitalized financial services make the system
more resilient to economic crises. In particular, digital financial services have served to maintain
a certain level of economic activity during the pandemic.
Figure 1: Barriers to Financial Technology Adoption.
Conclusions and recommendations
In conclusion, financial technologies are creating new opportunities for the Uzbek economy, but
for their full implementation, the development of institutional and technical infrastructure is of
great importance. The development of the financial technology sector has led to the following
positive results:
the population's access to financial services has expanded (financial inclusion has
increased),
financial services for small and medium-sized businesses have become simpler,
the transparency of transactions has increased, the risk of corruption has decreased,
new jobs and innovative products have emerged.
To continue this development, the government and the private sector must:
increase digital literacy,
expand internet infrastructure,
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create a modern and clear legislative framework,
pursue policies that support innovation.
Reference:
1. Strategic program of the President of the Republic of Uzbekistan Sh.M. Mirziyoyev “Digital
Uzbekistan – 2030”. https://strategy.uz
2. Official website of the Central Bank of the Republic of Uzbekistan – https://cbu.uz
3. Gomber, P., Koch, J., & Siering, M. (2017). Digital Finance and FinTech: Current Research
and Future Research Directions. Journal of Business Economics, 87(5), 537–580.
4. Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Barberis, J. N. (2020). From FinTech to
TechFin: The Regulatory Challenges of Data-Driven Finance. NYU Journal of Law & Business,
14(2), 393–447.
5. Qodirov, A. (2022). Financial technologies and their impact on the economy. Journal of
Economics of Uzbekistan, No. 3.
6. World Bank (2021). Digital Financial Services Report. https://worldbank.org
7. National Agency for Promising Projects (NAPP). (2023). Law of the Republic of Uzbekistan
on Digital Assets. Tashkent: https://lex.uz/ru/docs/6440433
8. Akhmedov, S. (2023). "The Impact of Blockchain Technologies on the Economy of
Uzbekistan". Journal of Digital Economics, 2(3), 55-61.
