President Shavkat Mirziyoyev signed Measures to further develop financial technology sector Decree, the Central Bank press service said.
The decree orders to develop a five-year National Fintech Strategy, stipulating development and coordination of all financial technology initiatives will be carried out within this framework.
The decree envisages drawing $1 billion in investment to fintech startups by 2030. This influx of major investments is expected to increase competition in the market and accelerate the emergence of new technological solutions.
A $50 million venture fund and an innovation hub will be set up under the Central Bank. This will combine financial support for startups, mentoring programs, training, and acceleration, which is expected to accelerate the implementation of new ideas and expand opportunities for young people.
Furthermore, it provides the training of 5,000 experts and accelerating 100 startups.
Banks will implement Open Banking principles—standardized and secure data exchange between banks, payment institutions, and fintech companies.
At a September government meeting chaired by the president, the Central Bank was designated as the coordinator of fintech reforms, with a special office to be set up within the Central Bank to evaluate the success of projects, support startups and fintech companies, and attract financing for them.
