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

participants 
The 
European 
Central 
Bank 
determines 
the 
all-union strategy 
for 
the 
development of 
fintech, and the 
state regulators of 
individual 
countries 
form 
their 
own 
programs for the 
development of 
fintech. Fintech 
regulation 
depends 
on 
national 
legal 
regime.
Fintech 
development 
programs, banks' 
own 
funds, 
venture funds. 
- 
private 
programs 
for 
the 
development of 
fintech 
group 
FAMGA; 
- 
- country fintech 
sandboxes of the 
Netherlands, 
Switzerland and 
the UK); - Allied 
venture 
fund 
The EU has adopted a Digital Finance Strategy: uniform rules and supervision for insurers, fintechs and bank
include? (20.10.2020) [Electronic resource]. URL: https://forinsurer.com/news/20/10/20/38605 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
77 
European 
lator 
of 
markets ESMA; - 
European Central 
Bank 
(Digital 
State 
financial 
market authorities 
(People's Bank of 
China; 
Banking 
and 
Insurance 
Regulatory 
Commission; 
Securities 
Regulatory 
Commission); 
- 
child structures of 
the BA group 
The 
European 
Central 
Bank 
determines 
the 
union strategy 
for 
the 
development of 
fintech, and the 
state regulators of 
countries 
form 
their 
own 
programs for the 
development of 
fintech. Fintech 
depends 
on 
national 
legal 
Public-private 
partnership: BAT 
mega-businesses, 
together with state 
regulators, form a 
fintech 
development 
program for 5 
years, feedback is 
developed, 
IT 
business has the 
right to legislative 
initiative 
and 
market 
self-
regulation 
of 
activities, as well 
as economic and 
infrastructural 
preferences 
and 
benefits 
country fintech 
sandboxes of the 
Switzerland and 
Allied 
venture 
fund 
- 
private 
investment 
programs WeChat 
and 
AlipAy 
(90.0% 
of 
all 
investments 
in 
The EU has adopted a Digital Finance Strategy: uniform rules and supervision for insurers, fintechs and banks. What does it 

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Journal 
Volume: 02 Issue: 01 | 202
5. Experience 
of interstate 
cooperation 
and scaling 
Due to sanctions 
and 
trade 
restrictions, the 
Republic 
of 
Uzbekistan 
mainly develops 
fintech 
autonomously; 
fintech scaling is 
limited to the 
regions of the
Republic.
In the USA and the EU, the development of fintech has a more pronounced commercial 
component: firstly, the availability of free capital indicated the need to create a new niche for 
investment, and secondly, in these countries the financial market tends to 
segmentation, and fintech is a driver for creating narrow niche products and services primarily 
for retail customers; thirdly, fintech in these countries, despite its inclusion in priority 
technological development programs, retains the
5
Fintech map: what new startups interested investors in 2020 (03/02/2021) [Electronic resource]. URL: https://frankrg.com/3716
(data of appeal: 10.11.2021, free). 
6
FinTech in China: briefly on the regulation of the Chinese fintech market (12/29/2020) [Electronic resource]. URL: 
https://internationalwealth.info/all-about
10.11.2021, free). 
7
Bondarenko A.V., Evdokimova Yu.V., Shinkareva O.V.The market of financial technologies in the USA and Canada // Russia 
and America in the XXI century. - 
of appeal: 10.11.2021). DOI: 10.18254/ S0000056
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
bank 
investments in 
fintech 
in 
exchange 
for 
business 
management 
rights; - S & P-
funding 
of 
venture projects 
of banks and IT 
companies
5
) 
Horizon Europe, 
SoftBank Vision
Fund 
and 
Clermont Group; 
- interstate fintech 
development 
programs initiated 
by banks (for 
example, 
UK
Switzerland; 
Netherlands 
Germany 
France) 
Due to sanctions 
and 
trade 
restrictions, the 
Republic 
of 
Uzbekistan 
mainly develops 
autonomously; 
fintech scaling is 
limited to the 
regions of the 
Republic. 
The 
United 
States pursues a 
policy 
of 
buying rights to 
financial 
services, 
and 
also 
actively 
engages 
technology and 
start-up teams 
in the fintech 
sandboxes 
of 
Silicon Valley. 
Scaling 
of 
expertise goes 
through 
the 
channels of the 
FAMGA 
business group 
as 
well 
as 
regulations and 
licenses
7
) 
The 
EU 
is 
predominantly 
developing 
continental 
fintech standards 
with the aim of 
increasing 
the 
autonomy of the 
financial system. 
Scaling 
goes 
through 
the 
directives of the 
European 
Commission and 
the instructions
the 
European 
Central Bank. 
In the USA and the EU, the development of fintech has a more pronounced commercial 
component: firstly, the availability of free capital indicated the need to create a new niche for 
investment, and secondly, in these countries the financial market tends to 
segmentation, and fintech is a driver for creating narrow niche products and services primarily 
for retail customers; thirdly, fintech in these countries, despite its inclusion in priority 
technological development programs, retains the status of isolation, and is considered by 
Fintech map: what new startups interested investors in 2020 (03/02/2021) [Electronic resource]. URL: https://frankrg.com/3716
FinTech in China: briefly on the regulation of the Chinese fintech market (12/29/2020) [Electronic resource]. URL: 
about-fintec/fintech-v-kitae-kratko-o-regulirovaniifintekh-rynka
Bondarenko A.V., Evdokimova Yu.V., Shinkareva O.V.The market of financial technologies in the USA and Canada // Russia 
2018. - Issue 4 [Electronic resource].URL: https://rusus.jes.su/s207054760000056
DOI: 10.18254/ S0000056-8-1 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
78 
Horizon Europe, 
SoftBank Vision 
Fund 
and 
Clermont Group; 
interstate fintech 
programs initiated 
by banks (for 
example, 
UK-
Netherlands 
- 
Germany 
- 
fintech)); 
- 
investment fintech 
fund Asia FinTech 
Merger 
and 
Acquisition Fund
6
The 
EU 
is 
fintech standards 
with the aim of 
increasing 
the 
autonomy of the 
financial system. 
Scaling 
goes 
through 
the 
directives of the 
Commission and 
the instructions of 
the 
European 
China is pursuing 
a hybrid policy of 
fintech 
development: on 
the one hand, it 
solves 
internal 
problems 
of 
economic 
development and 
growth, on the 
other 
hand, 
it 
actively forms the 
leadership 
position of fintech 
in the South Asian 
region. 
Transfer 
and replication of 
fintech services is 
consistent 
with 
political strategy. 
In the USA and the EU, the development of fintech has a more pronounced commercial 
component: firstly, the availability of free capital indicated the need to create a new niche for 
investment, and secondly, in these countries the financial market tends to product and service 
segmentation, and fintech is a driver for creating narrow niche products and services primarily 
for retail customers; thirdly, fintech in these countries, despite its inclusion in priority 
status of isolation, and is considered by 
Fintech map: what new startups interested investors in 2020 (03/02/2021) [Electronic resource]. URL: https://frankrg.com/37169 
FinTech in China: briefly on the regulation of the Chinese fintech market (12/29/2020) [Electronic resource]. URL: 
rynka-kitaya/ (data of appeal: 
Bondarenko A.V., Evdokimova Yu.V., Shinkareva O.V.The market of financial technologies in the USA and Canada // Russia 
https://rusus.jes.su/s207054760000056-8-1/ (data 

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Journal 
Volume: 02 Issue: 01 | 202
traditional financial market actors as a real competitor and much less often as a partner [12, 13] 
(P.G., 2020); (Mazaiotova E.T., Prikhodko R.V., 2020)
the development of the financial market: for example, on the one hand, fintech is a tool for 
infrastructural and service development of regions through private investments of IT giants of 
the BAT group (WeChat and 
well as to contribute to the economic development of territories of its presence), on the other 
hand, the fintech solutions of the BAT group not only contribute to the development of the 
country's national financial market, but also improve the financial culture of the population and, 
which is usually not noted openly, are sources of data on Chinese citizens, their consumer 
behavior, income and other private information, which is collected
of the services, and then transferred to the relevant state control authorities [14, 15]
A.G., 2020) (D.M., 2020)
fintech develops, first of all, on the basis of banks, and these are, in fact, private innovation and 
investment programs for the development of the product portfolio of these banks, much less 
private individuals participate in fint
fintech, on the other hand, is financed primarily through venture capital funds and is viewed by 
investors as a product with high margins and good commercial prospects; in addition, fintech is 
viewed as a direct competitor for banks, therefore only individual banks implement programs of 
cooperation with start-up teams or implement them themselves. its development within the 
framework of strategies for the innovative development of the banking busin
N.A., 2018). In China, fintech financing is mainly concentrated in the hands of mega
of the BAT group, which is almost entirely engaged in fintech, and receives tax incentives and 
other preferences from the state, for example, through customs payments or administrative and 
regulatory procedures; in addition, there is a specialized investment fund in China 
FinTech Merger and Acquisition Fund, which is responsible for expert selection and fina
promising fintech projects [17]
RU focuses primarily on ensuring the economic security of its own country, therefore, the 
commercial scaling of successful financial technologies is limited; The United States and the EU 
are more open to replicating 
to increase their own influence on the world financial market through the tools of the proposed 
fintech services and financial infrastructure facilities; China is also inclined to estab
leadership and is actively commercializing fintech products in the South Asian region [18] 
(G.F.Ruchkina, 2017).
RESULTS AND DISCUSSION
To analyze the role of Fintech, we will consider the structure of particip
of the Republic of Uzbekistan, which will allow us to better understand the targets and scenarios 
for the development of fintech in the country as a whole. As follows from the data below, in the 
Republic of Uzbekistan the main pl