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3 december 2019

Challenges and opportunities of the banking sector of Uzbekistan.

The investment forum UzInvest Forum 2019 was held in London on November 27 with the support of the PJSCB "Orient Finance".

Representatives of the Bank also took part in a panel discussion on the topic "Evolution of retail and commercial banking in Uzbekistan".
The participants of 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, banks face many challenges during the transformation. As Babur Parpiev, Chairman of the Management Board of Orient Finans, noted, banks are currently experiencing technological hunger, to overcome which market participants require serious capital expenditures to upgrade their infrastructure to a world-class level, using advanced technological solutions.

Meanwhile, this circumstance provides the banking sector of the republic with a unique opportunity to make a leap forward in the use of new international approaches to the development of the industry — such as the creation of shared infrastructure, cloud technologies and so-called Open Banking (Open Banking), and to stand on a par with the advanced banking systems of the world, thereby ensuring the growing needs of customers in various banking services and services.