POLITICS | 13:43 / 17.11.2018
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Uzbekistan to adopt a law on banking activities in the new edition

In accordance with the observed trends in the world, in the next six months, Uzbekistan will adopt a new edition of the law on banking in order to respond to modern challenges incorporating the insights and experiences of other countries, especially the CIS countries, Mamarizo Nurmuratov, the head of the Central Bank of Uzbekistan stated while delivering a speech at a meeting of the Congress of the Kazakh Financiers.

According to the head of the CBU, special attention is paid to the issues of financial technologies - the formation of both regulatory base and physical infrastructure.

“The Central Bank, based on the experience of Russia, aims to create an infrastructure base of information technologies at state level and at the expense of the state. It will minimize the temporary lags for banks between innovations and their introduction into direct practice,” Mr. Nurmuratov said.

“Financial technologies are a tool to accelerate both the efficiency of banking business-processes and the availability of banking services for all customer segments, especially the population and small businesses. One of the consequent challenges is to build reliable lines of defense against so-called “cyber-risks”. From this point of view, compilation of a cyber-risk maps, their study and development of protective mechanisms cannot be imagined without an international cooperation,” Chairman of the CBU added

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