Uzbekistan Central Bank holds talks at Silk Road forum

Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of the Republic of Uzbekistan held a series of meetings with representatives of foreign regulators and international organizations as part of the Silk Road Finance and Technology Forum, discussing the development of payment systems, financial technologies, Islamic finance and digital currencies, the Central Bank of the Republic of Uzbekistan said.

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 to discuss experience-sharing in priority areas of central banking, including financial inclusion and financial literacy, payment systems, financial technologies and central bank digital currencies (CBDCs).

The participants also exchanged views on the development of modern payment infrastructure, expanding access to digital financial services, improving QR-code payments and increasing interoperability between payment systems.

Particular attention was paid to strengthening the institutional and research capacity of central banks and studying international best practices. Following the meeting, the sides expressed interest in further expanding cooperation.

The Central Bank of Uzbekistan and the National Bank of Cambodia signed a memorandum of cooperation following the talks, establishing an institutional framework for interaction between the two central banks.

The document provides for cooperation in monetary policy, payment systems, financial inclusion, as well as monetary heritage and the activities of central bank museums. The memorandum also covers meetings on current issues, training programs, internships and seminars, joint research and publications, and reciprocal visits for experience-sharing.

Development of Islamic finance with IFSB

The leadership of the Central Bank of Uzbekistan held a meeting with Dr. Giyath Shabsigh, Secretary-General of the Islamic Financial Services Board (IFSB).

The discussions focused on developing the Islamic finance system in Uzbekistan, including improving regulatory and supervisory mechanisms, establishing a Shariah Council and introducing international standards into national practice.

The sides discussed improvements to the regulatory framework, the development of liquidity management instruments compliant with Shariah principles, strengthening prudential supervision, and opportunities to use international expertise and IFSB standards, including expert reviews of regulatory documents under development.

The participants also discussed the training of qualified specialists, including educational programs, seminars and training sessions using simulation methods. Following the meeting, the sides agreed to expand practical cooperation and joint initiatives in Islamic finance.

Fintech dialogue with the Central Bank of Azerbaijan

The forum also hosted a meeting between representatives of the Central Bank of Uzbekistan and the Central Bank of the Republic of Azerbaijan focused on strengthening cooperation between regulators and integrating the region’s financial and fintech ecosystems.

The sides exchanged experience in developing and implementing national financial technology strategies, creating infrastructure to support financial innovation, developing venture financing mechanisms and approaches to supporting fintech companies. The participants expressed readiness to continue cooperation aimed at creating a more integrated financial ecosystem in the region.

Malaysia’s experience in developing Islamic finance

The leadership of the Central Bank of Uzbekistan held talks with a delegation from Bank Negara Malaysia led by Dr. Ashraf Hashim, Chairman of the Shariah Advisory Council.

The Uzbek side presented practical measures to introduce Islamic financial services, including licensing Islamic banks and “Islamic windows,” introducing a special tax regime and establishing a two-tier Shariah governance system with Islamic finance councils at the Central Bank and commercial banks.

The sides also discussed the regulatory framework under development governing Islamic banking activities, prudential supervision and compliance with Shariah principles.

The Malaysian side shared its experience in developing an Islamic finance ecosystem, including a centralized Shariah governance system and the phased introduction of Islamic banking products. It was noted that Islamic finance development in Malaysia has been underway since 1983. Following the meeting, the sides agreed to facilitate further experience-sharing.

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 sides exchanged views on the development of digital financial services, payment systems, cybersecurity and cash circulation, and discussed regulatory sandbox mechanisms for testing innovative financial products.

Particular attention was paid to SupTech solutions and the use of data in supervisory processes. The Kyrgyz side provided information on its work in this area with international partners.

The sides also discussed cooperation on cybersecurity and fraud prevention, including the introduction of anti-fraud systems in banks, the detection of suspicious transactions and the creation of mechanisms to assist customers affected by fraud. Following the meeting, the sides expressed readiness for further experience-sharing.

Digital payments with Ant Group

Representatives of the Central Bank of Uzbekistan and Ant Group discussed expanding cooperation in digital financial services, cross-border payments and financial technologies.

The sides considered ways to make payment transactions more convenient for foreign travelers, including the development of new payment solutions and expanding access to payment services abroad for Uzbek citizens.

They also discussed the development of the country’s fintech ecosystem and strengthening the professional capacity of industry specialists, including through the international 10x1000 Tech for Inclusion educational program. Following the meeting, the sides expressed readiness to continue 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 Bangko Sentral ng Pilipinas (BSP) discussed cooperation in finance, including Islamic finance, regulation and supervision of the financial sector, remittances, digital financial services and joint research.

Particular attention was paid to the Philippines’ experience in creating a favorable regulatory environment for Islamic finance. The sides discussed the creation of financial instruments compliant with Shariah principles and the development of an integrated ecosystem bringing together banking, capital markets and insurance.

The participants also exchanged views on more effective use of digital technologies in the remittance market, including improving the accessibility and efficiency of cross-border payments and further developing digital financial services.

Another area of the talks was strengthening research and expert capacity. The sides considered opportunities for joint research and knowledge-sharing between the two regulators.

Following the meeting, the Central Bank of Uzbekistan and BSP expressed readiness to continue dialogue at the expert level and expand practical cooperation in the areas discussed.