Microsoft Word 71-83 Fintech Development in the Republic of Uzbekistan

partnership between pure financial businesses 
and IT companies to reduce the cost of 
managing financial assets. 
As follows from the above review, in the foreign literature, fintech is defined mainly as a group 
of technologies used in the process of managing financial assets to increase the overall efficiency 
oreover, fintechs use traditional financial businesses, and the so-called 
businesses “... more play the role of digital technology providers and services "for 
., Ryabova K.A., 2019) 
Based on the established differences in the understanding of fintech in foreign practice, let us 
, 2017; Demertzis, Merler, Wolff, 2018; Gelis, 
2016; Wang, 2018; Belozyorov, Sokolovska, Kim, 2020; Barykin, 2019; Fillipov, 2018; Sitnik, 2019). 

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turn to the practice of organizing fintech in the world countries 
the financial market - the EU, th
As follows from the above comparative analysis of the characteristics of the development of 
fintech in the world leaders (USA, EU, China), a number of conclusions can be drawn: firstly, 
the development of fintech is historically 
international financial space and bring procedures in line with international requirements and 
standards. financial transactions; the presence of a strong engineering and mathematical schools 
allowed the banks of world leaders to form their own technological and software base at the 
expense of their own personnel, which is still reflected in state programs for the development of 
domestic programming and the development of innovative digital technologies; t
of Uzbek fintech is its close relationship with parent structures 
its financing, and later - commercialization [11] 
Table 3 Characteristics of the f
Comparising 
criteria 
Uzbekistan
Fintech 
development 
drivers
- involvement of 
financial 
businesses 
in 
digital reforms 
based on UP
4699 
from 
04/28/2020, 
demand 
and 
support 
Infrastructure, 
innovation, 
online 
trading 
volume 
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
turn to the practice of organizing fintech in the world countries - leaders in the development of 
the EU, the USA and China (Table 3). 
As follows from the above comparative analysis of the characteristics of the development of 
fintech in the world leaders (USA, EU, China), a number of conclusions can be drawn: firstly, 
the development of fintech is historically conditioned by the need to integrate banks into the 
international financial space and bring procedures in line with international requirements and 
standards. financial transactions; the presence of a strong engineering and mathematical schools 
banks of world leaders to form their own technological and software base at the 
expense of their own personnel, which is still reflected in state programs for the development of 
domestic programming and the development of innovative digital technologies; t
of Uzbek fintech is its close relationship with parent structures - first of all, banks, which provide 
commercialization [11] (Poddubnaya M.N., 2018)
Characteristics of the fintech organization in Uzbekistan and the leading countries of 
the EU, the USA and China 
Uzbekistan 
USA 
EU 
involvement of 
financial 
businesses 
in 
digital reforms 
based on UP-
4699 
from 
04/28/2020, 
demand 
and 
Infrastructure, 
innovation, 
online 
trading 
- 
political 
interest 
in 
obtaining new 
instruments of 
influence on the 
financial 
market; 
- 
integration 
of 
mega-
businesses 
FAMGA 
into 
the 
financial 
market 
- increasing the 
transparency and 
stability of the 
supranational 
financial market; 
-unification 
of 
cybersecurity 
standards 
in 
financial 
transactions; 
formation of a 
single 
information space 
for the activities 
of banks 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
76 
leaders in the development of 
As follows from the above comparative analysis of the characteristics of the development of 
fintech in the world leaders (USA, EU, China), a number of conclusions can be drawn: firstly, 
conditioned by the need to integrate banks into the 
international financial space and bring procedures in line with international requirements and 
standards. financial transactions; the presence of a strong engineering and mathematical schools 
banks of world leaders to form their own technological and software base at the 
expense of their own personnel, which is still reflected in state programs for the development of 
domestic programming and the development of innovative digital technologies; thirdly, a feature 
first of all, banks, which provide 
(Poddubnaya M.N., 2018) 
intech organization in Uzbekistan and the leading countries of 
China 
increasing the 
transparency and 
stability of the 
financial market; 
unification 
of 
standards 
in 
transactions; 
- 
formation of a 
information space 
for the activities 
Economic 
and 
infrastructural 
development 
of 
regions; 
- 
increasing 
the 
transparency and 
efficiency of the 
financial system; - 
development 
of 
national 
investment 
and 
savings programs 
for the population 

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2.Key actors 
in 
the 
formation of 
fintech 
- governmental 
authorities 
(MITC, Ministry 
of 
Economic 
Development 
and 
Poverty 
Reduction of the 
Republic 
of 
Uzbekistan, 
Central Bank);
3. 
The 
mechanism of 
formation of 
fintech 
Vertically 
oriented: 
state 
regulators 
determine 
the 
priorities for the 
development of 
the 
financial 
market, 
the 
driving actors of 
the 
banks 
themselves carry 
out the execution 
of 
directives. 
Weak feedback.
4. Sources of 
financing for 
the 
development 
of fintech 
- 
development 
programs, banks' 
own 
funds, 
venture funds.
4
The EU has adopted a Digital Finance Strategy: uniform rules and supervision for insurers, fintechs and bank
include? (20.10.2020) [Electronic resource]. URL
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
governmental 
authorities 
(MITC, Ministry 
of 
Economic 
Development 
and 
Poverty 
tion of the 
Republic 
of 
Uzbekistan, 
Central Bank); 
- 
financial 
market 
regulators 
(Consumer 
Financial 
Protection 
Bureau, 
Securities and 
Capital 
Commission, 
Financial 
Crimes 
Agency); 
- 
financial 
holdings 
(JP 
Morgan Chase; 
Bank 
of 
America) 
- Pan-European 
regulator 
of 
markets ESMA; 
European Central 
Bank 
(Digital 
Finance 
Strategy
4
) 
Vertically 
oriented: 
state 
regulators 
determine 
the 
priorities for the 
development of 
the 
financial 
market, 
the 
driving actors of 
the 
banks 
themselves carry 
out the execution 
of 
directives. 
Weak feedback. 
A 
network 
structure with a 
highly 
decentralized 
actors: banks, 
IT and non-
financial 
organizations 
themselves 
determine 
the 
development 
strategies 
of 
fintech, the state 
regulator 
monitors 
compliance 
with financial 
legislation and 
regulates 
the 
balance 
of 
interests 
of