TASHKENT, Uzbekistan, May 2. Chairman of the Central Bank of Uzbekistan Timur Ishmetov announced plans to launch a major program to support the country’s growing fintech sector, Trend reports.
Speaking at the launch of the IMF’s Regional Economic Outlook for the Caucasus and Central Asia (CCA), he emphasized the need for financial innovation and stronger regulation in the face of rapid credit growth.
"Hopefully, we'll announce in the coming months a big program to support the broader scope of fintech companies," said Ishmetov, outlining upcoming efforts to back financial technology development in Uzbekistan.
He noted that strong credit growth in recent months reflects robust domestic demand and improved financial access. To manage risks while promoting deeper financial intermediation, the Central Bank is following a two-pillar strategy.
The first pillar focuses on expanding the financial sector beyond traditional banking. "We'll encourage to develop non-bank lenders, microfinance institutions, and local capital markets," he said. Fintech development is a key part of this, with a regulatory sandbox already in place and joint work ongoing with startups.
The second pillar involves stricter oversight. "We already implemented stricter rules on debt-to-income ratio, LTV limits, and large unsecured exposures," Ishmetov said. New regulations for “big borrowers” are also planned.
“We are planning to finally, in the medium term, to finish our work and align our regulations with the Basel III standards,” he added.