Open banking system will launch in Uzbekistan in 2024

An open banking system is planned to be introduced in Uzbekistan. This was reported by Zamin.uz.

This was noted in the decree of President Shavkat Mirziyoyev aimed at developing the financial technology (fintech) sector in the country. The new system will be launched starting from September 2024.

This system will enable secure data exchange between banks, payment organizations, and other participants in the fintech market. Additionally, starting next year, a special procedure will be introduced for using tokens as a means of payment.

Along with this, pilot projects are planned to create a payment system based on distributed ledger technology. This technology allows data to be copied and synchronized across multiple computers.

Furthermore, it is planned to allow Uzbek citizens to issue tokenized shares and bonds. A special trading platform will be established for these securities.

Also, a special procedure called the "regulator sandbox" is planned to be introduced. The timelines for this will be determined by the Ministry of Information Technologies and Communications Development of the Republic of Uzbekistan and the Central Bank.

The information is provided on the one.uz website.