Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Figure 4.23: Digital Finance Impact on the Financial Sector,
Developing Economies, 2016
$ billion
New credit
New deposits
753
448
455
295
197
1,111
758
535
368
376
0
200
400
600
800
1,000
1,200
South Asia
Africa and
Middle East
Latin America
Southeast
Asia
Eastern Europe
and
Central Asia

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Private Sector Development and Access to Finance
167
first uploads its invoice to a specialized online platform through accounting 
software (e.g., QuickBooks). When the buyer approves the invoice via the 
online platform, the supplier requests finance through the platform. After 
the supplier’s identity is verified based on the analysis of alternative data or 
cloud data, the investor (individual and institutional) or the financier provides 
finance at a discount to the supplier via the platform before the maturity date; 
then the platform collects the face value of the invoice from the buyer at 
maturity. If this scheme is combined with a smart contract, financing will be 
much faster as the smart contract can immediately verify and settle a contract 
between a seller and a buyer without a third-party intermediary by using 
Source: Author based on World Bank. Global Findex Database 2017. 
Source: Author’s compilation.
Figure 4.24: Digital Penetration, Uzbekistan, 2014 and 2017
Figure 4.25: Online Supply Chain Finance
Online 
Platform
Buyer
Financier 
Smart contract 
upload invoice 
approve invoice 
request finance 
provide finance 
payment at maturity 
provide finance 
Accounting
software 
•Verification 
•Alternative data stock 
Supplier
(SME) 
2017
2014
37.8
0.6
34.2
6.7
7.1
0
10
20
30
40
50
Made or received digital payment
in the past year (% age 15+)
Used a mobile phone or the internet
to access a financial institution account
in the past year (% age 15+)
Used the internet to pay bills or to 
buy something online in the past year
(% age 15+)

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