Uzbekistan to expand the Central Bank’s mandate to include development of financial technologies

03:07 / 18.12.20254,1365 min

The Central Bank will become the lead institution responsible for developing the country’s financial technology sector. Its expanded mandate includes balancing innovation with macroeconomic stability, protecting consumer rights, and supporting fintech startups.

Uzbekistan to expand the Central Bank’s mandate to include development of financial technologies

Under a presidential decree adopted on November 27, the Central Bank has been designated as the main authority responsible for promoting fintech development in Uzbekistan.

According to the document, the Central Bank will be tasked with supporting innovation while ensuring alignment with key macroeconomic priorities – the stability of the banking system, uninterrupted operation of payment systems, and price stability.

The regulator will also act as one of the main drivers of technological transformation in the financial sector and contribute to creating an effective competitive environment for all market participants.

Particular emphasis is placed on applying regulatory measures when introducing fintech solutions. These measures should create conditions for technological innovation while reducing the risks associated with them.

In addition, the Central Bank will make decisions based on complete and reliable data, ensure the protection of citizens’ rights in the provision of fintech services, and support startup projects operating within the fintech ecosystem.

The regulator is expected to facilitate innovation while maintaining a balance between fintech development and priorities related to banking stability, payment-system reliability, and price stability. It will also be responsible for forming a competitive landscape in the financial sector and ensuring that citizens’ rights are protected as fintech services grow.

The Central Bank will receive new regulatory powers related to the introduction and development of financial technologies, the protection of consumer rights in the fintech market, and the support of startups.

These responsibilities will also be incorporated into the Law on the Central Bank. The decree establishes a national commission for the development of the fintech sector, chaired by Central Bank Governor Timur Ishmetov.

The commission’s tasks include:

Defining strategic directions for the development of the fintech sector
Discussing sector challenges and proposing measures to address them
Coordinating activities among government bodies, financial institutions, and the private sector