BAKU, Azerbaijan, May 4
By Klavdiya Romakayeva - Trend:
The Central Bank of Uzbekistan (CBU), with the technical assistance of World Bank experts, initiated a multi-stage transformation program to expand its supervisory capabilities, using innovative technologies and SupTech solutions (Supervisory Technology), Trend reports citing the CBU.
According to the information, SupTech includes technologies and solutions that allow optimizing and rebuilding internal supervisory processes to bring them in line with the digital transformation of the financial sector in such a way as to process information faster and in large quantities, automate and optimize processes, analyze key risks and identify trends.
It is noted that SupTech helps to simplify administrative processes, reduce the cost of supervisory functions, improve decision-making systems, reduce risks and maintain financial stability.
Also, the CBU noted that the use of SupTech solutions by supervisory authorities has a positive effect on the activities of supervised organizations, since it reduces the regulatory burden, improves reporting procedures, and helps to reduce the costs of compliance with regulatory requirements.
“In the long term, transformation through Suptech along with other financial sector reforms will help the Central Bank achieve its strategic goals of developing a sound financial system based on inclusiveness, innovation, efficiency and sustainable economic growth,” the message said.
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