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

participants 
in 
fintech 
ecosystems 
The leadership of the state banking regulator, the banks themselves and the political elite of 
Uzbekistan should be aware that fintech is not only personal solutions and client comfort, there 
is also a real threat to the security of the functioning of the 
all, banking in the “dark waters” of digital technologies. sector as a key consumer of fintech 
products.
CONCLUSION 
According to the results of scientific research, it was found that fintech is a new ideology of 
doing business in the financial market. According to the author, fintech can be defined, on the 
one hand, as a set of technologies used by financial market participants to improve the efficiency 
of operations with financial assets, on the other hand, it is a n
the most technologically advanced financial businesses 
financial market. In domestic practice, fintech is viewed, on the contrary, as a group of non
businesses that use the latest di
completely independent actors in the financial market", complementing and developing products 
and services offered by traditional actors (banks). The main possibilities of fintech for the 
stability and security of the national financial system are expressed in the following aspects: 
increasing the technological effectiveness and competitiveness of the financial market; ensuring 
the technological autonomy of the country's financial and banking 
financial culture and literacy of the population. The most pressing for Uzbek reality challenges 
and threats to the development of fintech are as follows: the formation of financial bubbles in the 
field of microcrediting and P2P loans
commercial purposes; use of fintech services for money laundering and terrorist financing; risks 
of misleading the user regarding the service provider; agency conflicts between participants in 
fintech ecosystems; the threat of intervention and external influence on the financial market by 
foreign marketplaces and supers.
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
company and a telecom operator can enter into a criminal 
conspiracy to enrich themselves through customer 
transactions. 
4. Agency conflicts between 
rticipants 
in 
fintech 
Fintech in the digital economy is a connecting link for many 
businesses in the financial sector, the real sector, and the 
service sector, while the ecosystem requires constant 
circulation of information about customers and 
preferences. However, if one of the managers of the digital 
community distorts the data exchange landscape, then there is 
a risk of agency conflicts between the downstream business 
units and the ecosystem architect. As a result, the collapse of 
the ecosystem or the misuse of data about customers and their 
behavior in order to maintain their position in the ecosystem 
can occur. Another problem is the multiplicity of monetary 
surrogates (points, bonuses, miles, etc.), which circulate 
within the system and practically do not lend themselves to 
regulatory influence from the Central Bank: hence there is a 
risk of manipulating the consumer and ecosystem participants 
through the internal rules for issuing monetary surrogates.
The leadership of the state banking regulator, the banks themselves and the political elite of 
Uzbekistan should be aware that fintech is not only personal solutions and client comfort, there 
is also a real threat to the security of the functioning of the entire national economy and, first of 
all, banking in the “dark waters” of digital technologies. sector as a key consumer of fintech 
According to the results of scientific research, it was found that fintech is a new ideology of 
g business in the financial market. According to the author, fintech can be defined, on the 
one hand, as a set of technologies used by financial market participants to improve the efficiency 
of operations with financial assets, on the other hand, it is a newest institutional actor that unites 
the most technologically advanced financial businesses - direct competitors to traditional 
financial market. In domestic practice, fintech is viewed, on the contrary, as a group of non
businesses that use the latest digital technologies to manage financial assets, and they are "... 
completely independent actors in the financial market", complementing and developing products 
and services offered by traditional actors (banks). The main possibilities of fintech for the 
bility and security of the national financial system are expressed in the following aspects: 
increasing the technological effectiveness and competitiveness of the financial market; ensuring 
the technological autonomy of the country's financial and banking 
financial culture and literacy of the population. The most pressing for Uzbek reality challenges 
and threats to the development of fintech are as follows: the formation of financial bubbles in the 
field of microcrediting and P2P loans; misuse of personal information about customers for 
commercial purposes; use of fintech services for money laundering and terrorist financing; risks 
of misleading the user regarding the service provider; agency conflicts between participants in 
osystems; the threat of intervention and external influence on the financial market by 
foreign marketplaces and supers. 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
82 
company and a telecom operator can enter into a criminal 
conspiracy to enrich themselves through customer 
Fintech in the digital economy is a connecting link for many 
businesses in the financial sector, the real sector, and the 
service sector, while the ecosystem requires constant 
circulation of information about customers and their 
preferences. However, if one of the managers of the digital 
community distorts the data exchange landscape, then there is 
a risk of agency conflicts between the downstream business 
units and the ecosystem architect. As a result, the collapse of 
cosystem or the misuse of data about customers and their 
behavior in order to maintain their position in the ecosystem 
can occur. Another problem is the multiplicity of monetary 
surrogates (points, bonuses, miles, etc.), which circulate 
nd practically do not lend themselves to 
regulatory influence from the Central Bank: hence there is a 
risk of manipulating the consumer and ecosystem participants 
through the internal rules for issuing monetary surrogates. 
The leadership of the state banking regulator, the banks themselves and the political elite of 
Uzbekistan should be aware that fintech is not only personal solutions and client comfort, there 
entire national economy and, first of 
all, banking in the “dark waters” of digital technologies. sector as a key consumer of fintech 
According to the results of scientific research, it was found that fintech is a new ideology of 
g business in the financial market. According to the author, fintech can be defined, on the 
one hand, as a set of technologies used by financial market participants to improve the efficiency 
ewest institutional actor that unites 
direct competitors to traditional 
financial market. In domestic practice, fintech is viewed, on the contrary, as a group of non-
gital technologies to manage financial assets, and they are "... 
completely independent actors in the financial market", complementing and developing products 
and services offered by traditional actors (banks). The main possibilities of fintech for the 
bility and security of the national financial system are expressed in the following aspects: 
increasing the technological effectiveness and competitiveness of the financial market; ensuring 
the technological autonomy of the country's financial and banking sector; improving the 
financial culture and literacy of the population. The most pressing for Uzbek reality challenges 
and threats to the development of fintech are as follows: the formation of financial bubbles in the 
; misuse of personal information about customers for 
commercial purposes; use of fintech services for money laundering and terrorist financing; risks 
of misleading the user regarding the service provider; agency conflicts between participants in 
osystems; the threat of intervention and external influence on the financial market by 

---

Journal 
Volume: 02 Issue: 01 | 202
REFERENCES 
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(31(3)). 345–348. Gelis P. (2016). Why FinTech Banks Will Rule the World .
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Krymskogo federalnogo universiteta imeni V. I. Vernadskogo. Ekonomika i upravlenie. 
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Belozyorov S., Sokolovska O., Kim Y. (2020). 
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D.M., P. (2020). Upravlenie riskami uchastnikov tsifrovogo finansovogo rynka posredstvam 
usovershenstvovannoy kontseptsii tsifrovoy eksperimentalnoy sredy (regulyativnoy 
pesochnitsy) [Risk management of digital financial market participants through an improved 
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6.
D.Wojcik. (2021). Financial Geography I: Exploring FinTech 
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J.Wang. (2018). Technology, the nature of information, and fintech marketplace lending 
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Mazaiotova E.T., Prikhodko R.V. (2020). 
ekonomiki [Financial technologies and their role in the economy stabilization]. Nauchnyy 
zhurnal NIU ITMO. Seriya «Ekonomika i ekologicheskiy menedzhment». .
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P.G., V. (2020). Rol razvitiya finansovyh tekhnologiy v preodolenii vekovoy stagna
role of fintech development in overcoming secular stagnation]. Innovation and Investment. .
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P.Schueffel. (2017). Taming the Beast: A Scientific Definition of Fintech Journal of 
Innovation Management. (4(4)). .
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Poddubnaya M.N., V. Y. (2018). 
and factors of development of the system fintech]. International Journal of Humanities and 
Natural Sciences. . 
12.
Poyetkina N.A., L. Y. (2018). 
[Fintekh and redtekh: boundaries of legal regulation]. Pravo. Zhurnal Vysshey shkoly 
ekonomiki. (2). 46–67. (in Russian). .
13.
Puschmann T., H. C. (2020). 
The case of Switzerland Sustainability. (12(24))
14.
Sheng. (2021). The effect of fintech on banks’ credit provision to SMEs: Evidence from 
China Finance Research Letters.
15.
Sulimenko O.V., Ryabova K.A. (2019). 
fintekh-kompaniy [Development of digital banking and fintech companies]. “Finansovye 
issledovania”. . 
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
Book Review: The Fintech Book: the Financial Technology Handbook for 
Investors, Entrepreneurs and Visionaries Journal of Indonesian Economy and Business. 
348. Gelis P. (2016). Why FinTech Banks Will Rule the World .
Making the world a better place with fintech research Information 
Basova A.G., O. E. (2020). Sovremennye regulyativnye innovatsii na mirovom finansovom 
rynke [Modern regulatory innovations in the global financial market]. Uchenye zapiski 
Krymskogo federalnogo universiteta imeni V. I. Vernadskogo. Ekonomika i upravlenie. 
Belozyorov S., Sokolovska O., Kim Y. (2020). Fintech as a Precondition of Transformations 
in Global Financial Markets Foresight and STI Governance. 
Upravlenie riskami uchastnikov tsifrovogo finansovogo rynka posredstvam 
noy kontseptsii tsifrovoy eksperimentalnoy sredy (regulyativnoy 
pesochnitsy) [Risk management of digital financial market participants through an improved 
Financial Geography I: Exploring FinTech – Maps and concepts Progress 
in Human Geography. . 
Technology, the nature of information, and fintech marketplace lending 
Technology, the nature of information, and fintech marketplace lending. .
Mazaiotova E.T., Prikhodko R.V. (2020). Finansovye tekhnologii i ikh rol 
ekonomiki [Financial technologies and their role in the economy stabilization]. Nauchnyy 
zhurnal NIU ITMO. Seriya «Ekonomika i ekologicheskiy menedzhment». .
Rol razvitiya finansovyh tekhnologiy v preodolenii vekovoy stagna
role of fintech development in overcoming secular stagnation]. Innovation and Investment. .
Taming the Beast: A Scientific Definition of Fintech Journal of 
Innovation Management. (4(4)). . 
Poddubnaya M.N., V. Y. (2018). Osobennosti i faktory razvitiya sistemy fintekh [Features 
and factors of development of the system fintech]. International Journal of Humanities and 
Poyetkina N.A., L. Y. (2018). «Fintekh» i «regtekh»: granitsy pravovogo regulirovaniya 
ekh and redtekh: boundaries of legal regulation]. Pravo. Zhurnal Vysshey shkoly 
67. (in Russian). . 
Puschmann T., H. C. (2020). How green fintech can alleviate the impact of climate change
The case of Switzerland Sustainability. (12(24)). 1–28. doi: 10.3390/su122410691. .
The effect of fintech on banks’ credit provision to SMEs: Evidence from 
China Finance Research Letters. 
Sulimenko O.V., Ryabova K.A. (2019). Ryabova K.A. Razvitie tsifrovogo bankinga i 
velopment of digital banking and fintech companies]. “Finansovye 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
83 
Book Review: The Fintech Book: the Financial Technology Handbook for 
nd Visionaries Journal of Indonesian Economy and Business. 
348. Gelis P. (2016). Why FinTech Banks Will Rule the World . 
Making the world a better place with fintech research Information 
Sovremennye regulyativnye innovatsii na mirovom finansovom 
rynke [Modern regulatory innovations in the global financial market]. Uchenye zapiski 
Krymskogo federalnogo universiteta imeni V. I. Vernadskogo. Ekonomika i upravlenie. . 
Fintech as a Precondition of Transformations 
Upravlenie riskami uchastnikov tsifrovogo finansovogo rynka posredstvam 
noy kontseptsii tsifrovoy eksperimentalnoy sredy (regulyativnoy 
pesochnitsy) [Risk management of digital financial market participants through an improved 
Maps and concepts Progress 
Technology, the nature of information, and fintech marketplace lending 
Technology, the nature of information, and fintech marketplace lending. . 
Finansovye tekhnologii i ikh rol v stabilizatsii 
ekonomiki [Financial technologies and their role in the economy stabilization]. Nauchnyy 
zhurnal NIU ITMO. Seriya «Ekonomika i ekologicheskiy menedzhment». . 
Rol razvitiya finansovyh tekhnologiy v preodolenii vekovoy stagnatsii [The 
role of fintech development in overcoming secular stagnation]. Innovation and Investment. . 
Taming the Beast: A Scientific Definition of Fintech Journal of 
nnosti i faktory razvitiya sistemy fintekh [Features 
and factors of development of the system fintech]. International Journal of Humanities and 
«Fintekh» i «regtekh»: granitsy pravovogo regulirovaniya 
ekh and redtekh: boundaries of legal regulation]. Pravo. Zhurnal Vysshey shkoly 
How green fintech can alleviate the impact of climate change—
28. doi: 10.3390/su122410691. . 
The effect of fintech on banks’ credit provision to SMEs: Evidence from 
Ryabova K.A. Razvitie tsifrovogo bankinga i 
velopment of digital banking and fintech companies]. “Finansovye