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

participants - banks. 
We can talk about the consequences of the impact of the coronavirus crisis on the Uzbek market: 
the pandemic gave a strong impetus to the digitalization of small and medium
Thus, the share of Internet sales increased by:
·21% - in trade; 
8
Who controls the data owns the initiative. " How China got to every user on the Internet (06/14/2021) [Electronic resource]. 
URL: https://thebell.io/kto-kontroliruetdannyevladeet
9
Total Control: How Chinese Dystopia Threatens the World (02.24.2018) [Electronic resource]. URL: 
totalnyy-kontrol-kak-kitayskaya-antiutopiya
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
traditional financial market actors as a real competitor and much less often as a partner [12, 13] 
(Mazaiotova E.T., Prikhodko R.V., 2020). For China, fintech is a dualistic stage in 
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 AlipAy are obliged to develop digital technologies in the region, as 
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 and analyzed by the owners 
of the services, and then transferred to the relevant state control authorities [14, 15]
(D.M., 2020). There are also significant differences in f
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 fintech in the form of start-up projects. In the United States, 
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 
wed as a direct competitor for banks, therefore only individual banks implement programs of 
up teams or implement them themselves. its development within the 
framework of strategies for the innovative development of the banking busin
. 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 
s 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] (I.Yu.Bogdanovskaya, 2015). In terms of scaling fintech practice, 
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 the experience of using financial technologies, but the global goal is 
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] 
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 place in the fintech market is occupied by professional 
We can talk about the consequences of the impact of the coronavirus crisis on the Uzbek market: 
the pandemic gave a strong impetus to the digitalization of small and medium
Thus, the share of Internet sales increased by: 
Who controls the data owns the initiative. " How China got to every user on the Internet (06/14/2021) [Electronic resource]. 
kontroliruetdannyevladeet-initsiativoj-kak-kitaj-dobralsya-do-kazhdogo
Total Control: How Chinese Dystopia Threatens the World (02.24.2018) [Electronic resource]. URL: 
tiutopiya-ugrozhaetvsemumiru
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
79 
traditional financial market actors as a real competitor and much less often as a partner [12, 13] 
or China, fintech is a dualistic stage in 
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 
AlipAy are obliged to develop digital technologies in the region, as 
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 
and analyzed by the owners 
of the services, and then transferred to the relevant state control authorities [14, 15]
8,9
, (Basova 
. There are also significant differences in financing fintech: in RU 
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 
up projects. In the United States, 
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 
wed as a direct competitor for banks, therefore only individual banks implement programs of 
up teams or implement them themselves. its development within the 
framework of strategies for the innovative development of the banking business [16] (Poyetkina 
. In China, fintech financing is mainly concentrated in the hands of mega-businesses 
of the BAT group, which is almost entirely engaged in fintech, and receives tax incentives and 
s from the state, for example, through customs payments or administrative and 
regulatory procedures; in addition, there is a specialized investment fund in China - Asia 
FinTech Merger and Acquisition Fund, which is responsible for expert selection and financing of 
. In terms of scaling fintech practice, 
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 
the experience of using financial technologies, but the global goal is 
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 establish regional 
leadership and is actively commercializing fintech products in the South Asian region [18]
To analyze the role of Fintech, we will consider the structure of participants in the fintech market 
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 
ace in the fintech market is occupied by professional 
We can talk about the consequences of the impact of the coronavirus crisis on the Uzbek market: 
the pandemic gave a strong impetus to the digitalization of small and medium-sized businesses. 
Who controls the data owns the initiative. " How China got to every user on the Internet (06/14/2021) [Electronic resource]. 
kazhdogo-polzovatelya-v-internete
Total Control: How Chinese Dystopia Threatens the World (02.24.2018) [Electronic resource]. URL: https://vc.ru/flood/33708-

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Journal 
Volume: 02 Issue: 01 | 202
· 17% - in industry; 
· 16% - in the service sector
However, if at the beginning of 2020 the transition to online commerce was associated with 
restrictions imposed by the coronavi
due to the strengthening of the domestic market and the strengthening of technologies and 
competencies. 
In addition, UZCARD LLC launched a new direction of activity of the company 
Ventures, which were created with the aim of attracting promising start
solutions in the financial technology sector. 
The main goal of UZCARD Accelerator & Ventures is to assist in the development of the fintech 
market in the Republic of Uzbekistan through the transfer of new technologies.
Based on certain product priorities of professional participants and non
participating in the financial technology market, we will consider the main possibilities of 
fintech for the stability and security of the national financial system (Table 6). 
Table 6 The main features of fintech for the stability and security of the national financial