ANALYZING THE CONTRIBUTION OF OPEN BANKING TO THE EVOLUTION OF UZBEKISTAN’S FINTECH MARKET

Abstract

The paper examines how the implementation of open banking influences the development of Uzbekistan’s fintech sector. The research builds a matrix model showing how key components of open banking affect product development, technology advancement, and infrastructure growth in fintech. The model considers three elements of open banking: banks providing account data to information service providers, executing client-initiated payments through payment service providers, and offering open APIs to external platforms.

Expert assessments indicate that the strongest impact of open banking is expected in the development of personal finance management services, neobanks, and payment solutions; in technological progress related to mobile services, biometric identification, and open interfaces; and in infrastructure areas such as remote identification platforms and fast payment systems.

The study concludes that open banking has a positive effect on fintech development in Uzbekistan. However, accurate quantitative evaluation is currently limited due to the absence of detailed statistical data, highlighting the need to establish an appropriate data collection system.