Financial sector digitalization in Uzbekistan is advancing as the Open banking concept is currently undergoing trials across six commercial banks. According to official announcements, a comprehensive pilot project in this domain is scheduled to launch by the end of the year, marking a significant milestone for the country's banking infrastructure. Meanwhile, account-to-account transfer functionalities are reportedly operational within the mobile applications of 23 domestic banking institutions.

These developments were highlighted during a roundtable discussion at the Central Bank themed "Commissions in Financial Services: Costs, Competition, and Consumer Interests." The gathering brought together representatives from commercial banks, payment systems, processing organizations, and media outlets to debate ongoing challenges. Key topics on the agenda included zero-fee transfers between a user's own cards, persistent restrictions on utilizing international cards across various apps, and broader access to payment services.

During the debates, economist Otabek Bakirov underscored the previously assigned mandate to enable individuals to transfer funds between their own bank cards without incurring commission fees. He argued that such a mechanism would profoundly influence competitive dynamics among financial institutions. Bakirov asserted that empowering customers to move capital freely without additional expenses would force banks to enhance their service offerings to retain consumer deposits.

Representatives from the Central Bank responded by stating that the necessary regulatory paperwork had been submitted to the Cabinet of Ministers within the designated timeframe. However, the roundtable concluded without disclosing a precise launch date for when this consumer feature will actually become operational. Industry observers continue to advocate for a centralized infrastructure managed under the oversight of the Central Bank to ensure seamless integration.

Source: kun.uz