The Central Bank of the Republic of Uzbekistan held a series of meetings with representatives of international organizations and foreign regulators within the framework of the Silk Road Finance and Technology Forum. Topics discussed included the development of payment systems, financial technologies, Islamic finance, and digital currencies.
Cooperation with the National Bank of Cambodia
During the forum, the leadership of the Central Bank of Uzbekistan met with representatives of the National Bank of Cambodia. The goal of the meeting was to exchange experience in priority areas of central banking, including enhancing financial literacy, financial inclusion, payment systems, fintech, and central bank digital currencies (CBDCs).
Participants exchanged views on the development of modern payment infrastructure, expanding access to digital financial services, improving QR code payments, and increasing interoperability between various payment systems. Special attention was paid to strengthening the institutional and research potential of central banks and studying best international practices. Following the meeting, the parties expressed interest in further expanding cooperation.
The Central Bank of Uzbekistan and the National Bank of Cambodia signed a memorandum of cooperation, which lays the institutional foundation for interaction between the two central banks. This document provides for joint work in monetary policy, payment systems, financial inclusion, as well as in the field of monetary heritage and central bank museum activities. The memorandum also covers conducting joint research, seminars, internships, and mutual visits for experience exchange.
Developing Islamic Finance with IFSB
The leadership of the Central Bank of Uzbekistan held a meeting with Dr. Giyat Shabsig, Secretary-General of the Islamic Financial Services Board (IFSB). Discussions focused on the development of the Islamic finance system in Uzbekistan, which includes improving supervisory and regulatory mechanisms, establishing a Sharia Council, and implementing international standards into national practice.
The parties discussed improvements to the legal framework, developing liquidity management tools compliant with Sharia principles, strengthening prudential supervision, and utilizing international expertise and IFSB standards, including expert evaluation of developing regulatory documents. Participants also spoke about training qualified specialists through educational programs, seminars, and training using simulation methods. Following the meeting, the parties agreed to expand practical cooperation and joint initiatives in the field of Islamic finance.
Fintech Dialogue with the Central Bank of Azerbaijan
The forum also served as a platform for a meeting between representatives of the Central Bank of Uzbekistan and the Central Bank of the Republic of Azerbaijan. The main topic of discussion was strengthening interaction between regulators and integrating regional financial and fintech ecosystems. The parties exchanged experiences in creating and implementing national strategies in financial technology, forming infrastructure to support financial innovations, and developing venture financing mechanisms and approaches to supporting fintech companies. Participants expressed readiness to continue cooperation aimed at forming a more integrated financial ecosystem in the region.
Malaysia's Experience in Developing Islamic Finance
The leadership of the Central Bank of Uzbekistan held negotiations with a delegation from Bank Negara Malaysia led by Dr. Ashraf Hashim, Chairman of the Sharia Advisory Council. The Uzbek side presented practical steps for introducing Islamic financial services, including licensing Islamic banks and 'Islamic windows,' introducing a special tax regime, and establishing a two-tier Sharia governance system with Islamic finance councils in the Central Bank and commercial banks.
The parties also discussed the developing regulatory framework governing Islamic banking activities, prudential supervision, and adherence to Sharia principles. The Malaysian side shared its experience in creating an Islamic finance ecosystem, including a centralized Sharia governance system and the phased introduction of Islamic banking products. It was noted that the development of Islamic finance in Malaysia began as early as 1983. At the end of the meeting, the parties agreed to promote further experience exchange.
Fintech and Cybersecurity Cooperation with Kyrgyzstan
The leadership of the Central Bank of Uzbekistan met with a Kyrgyz delegation, which highly praised the organization of the forum. The parties discussed the development of digital financial services, payment systems, cybersecurity, and cash circulation, and reviewed regulatory sandbox mechanisms for testing innovative financial products. Significant attention was given to SupTech solutions and data usage in supervisory processes. The Kyrgyz side provided information on its work in this area with international partners.
Furthermore, the parties discussed cooperation in fraud prevention and cybersecurity, including implementing anti-fraud systems in banks, identifying suspicious transactions, and creating mechanisms to assist clients affected by fraud. Following the meeting, the parties expressed readiness for further experience exchange.
Digital Payments with Ant Group
Representatives of the Central Bank of Uzbekistan and Ant Group discussed expanding cooperation in the field of digital financial services, cross-border payments, and financial technologies. The parties examined ways to make payment operations more convenient for foreign travelers, including developing new payment solutions and expanding Uzbek citizens' access to overseas payment services. The development of the country's fintech ecosystem and the professional level of industry specialists were also discussed, including through the international educational program 10x1000 Tech for Inclusion. Following the meeting, the parties stated their readiness to continue the dialogue on the development of digital finance and payment technologies.
Cooperation with Bangko Sentral ng Pilipinas
The leadership of the Central Bank of Uzbekistan and representatives of the Bangko Sentral ng Pilipinas (BSP) discussed cooperation in the financial sector, including Islamic finance, financial sector regulation and supervision, money transfers, digital financial services, and joint research. Special attention was paid to the Philippines' experience in creating a favorable regulatory environment for Islamic finance. The parties discussed creating financial instruments compliant with Sharia principles and developing an integrated ecosystem combining the banking sector, capital markets, and insurance.
Participants also exchanged views on the more effective use of digital technologies in the money transfer market, including increasing the accessibility and efficiency of cross-border payments and further developing digital financial services. Another area of negotiation was strengthening the research and expert base. The parties considered possibilities for joint research and knowledge exchange between the two regulators. After the meeting, the Central Bank of Uzbekistan and the BSP expressed readiness to continue the dialogue at an expert level and expand practical cooperation in the discussed areas.