The Central Bank of Uzbekistan has created a credit platform utilizing artificial intelligence. In this new system, the client submits their application, and commercial banks compete to offer them a loan.
Bobur Khojaev, Head of the Department of Financial Technologies, Digitalization, and Artificial Intelligence of the President's Administration of Uzbekistan, provided information on this during the 'Silk Road Finance & Technology Forum' held in Tashkent.
Khojaev emphasized that the platform can be privatized after it begins operating. He also stressed the active participation of the government and the Central Bank in developing new financial technologies. As an example, he cited the Humo payment system, which was established by the Central Bank and is subsequently being privatized.
According to Bobur Khojaev, the goal is to create new platforms and companies that stimulate private financing. Furthermore, there are plans to double the number of Uzbek fintech startups by 2030 and attract $1 billion in investment to the sector.
He noted that these goals are achievable because over $200 million in venture capital was invested in Uzbek fintech startups last year. Khojaev stressed the need to create a favorable environment for the fintech ecosystem by introducing regulations that meet the needs of fintech companies and ensuring an attractive investment climate.
It was noted that a vibrant and innovative fintech ecosystem is forming in Uzbekistan. Last year, 70% of the adult population used digital payments. In the country, 'Uzcard' and 'Humo' payment systems are developing separate fintech ecosystems around their networks. 'Uzcard' cooperates with commercial banks, focusing on artificial intelligence, credit scoring, anti-fraud systems, and advisory services. 'Humo', meanwhile, operates in the cryptocurrency field, issuing tokens and working on creating initial stablecoins in Uzbekistan.