3 december 2019

Challenges and opportunities of the banking sector of Uzbekistan.

With the support of Orient Finans PSCB, an investment forum UzInvest Forum 2019 was held on November 27 in London.

Bank representatives also took part in a panel discussion on the topic “The evolution of retail and commercial banking in Uzbekistan”.
Participants in the discussion agreed that the reforms carried out in the republic gave a tangible impetus to the development of the industry and made it possible to provide a wide range of services to individuals, thereby increasing the level of penetration of banking services in the country.

At the same time, during the transformation, banks face many challenges. According to Babur Parpiev, Chairman of the Board of Orient Finans PSCB, banks are now experiencing technological hunger, to overcome which market participants require serious capital expenditures to upgrade their infrastructure to a world level using advanced technological solutions.

Meanwhile, this circumstance provides the banking sector of the republic with a unique opportunity to leapfrog in the use of new international approaches to the development of the industry, such as the creation of shared infrastructure, cloud technologies and the so-called Open Banking, and to stand on the same level with advanced banking systems of the world, thereby providing the growing needs of customers in various banking services.
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