Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Private Sector Development and Access to Finance
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4.3.3. fintech and digital financial services solutions
The fourth industrial revolution, represented by emerging technologies such 
as artificial intelligence, robotics, and the “Internet of Things,” has been 
dramatically changing the business environment, including for SMEs. The 
advent of financial technology (fintech) has also been sharply changing the 
financial sector’s architecture and landscape. Given the structural problem 
with traditional lending models, SMEs may be key beneficiaries of fintech. 
Fintech can help them survive and grow, offering fast, easy, safe, and low-
cost financing to support their innovative business models. New players such 
as telecommunication companies, mobile network operators, and cash-in/
cash-out agents have been emerging in financial markets, bringing new and 
alternative finance products and services such as marketplace or peer-to-
peer lending, e-commerce finance, online supply chain finance, and equity 
crowdfunding. Peer-to-peer lending generally refers to lending flexible 
amounts of money to borrowers without going to physical bank branches 
or requiring collateral. Peer-to-peer lending is very active in the People’s 
Republic of China. E-commerce platforms such as Amazon, eBay, and Alibaba 
are now offering working capital loans for SMEs that use their platforms for
selling goods.
FCY = foreign currency; LCY = local currency; MSMEs = micro, small, and medium-sized enterprises.
Note: Data collected on forms specially designed by the author.
Source: Data received from the State Fund for Support of Development of Entrepreneurship Activity on 5 
October 2018.
Figure 4.22: Subsidized Loans for Small Businesses, Uzbekistan, 2018
SUM billion
Number
Subsidized loans outstanding (LCY)
Subsidized loans outstanding (FCY)
Subsidized loans disbursed (LCY)
Subsidized loans disbursed (FCY)
Number of MSMEs accepted for subsidized loans
0
20
40
60
80
160
140
120
100
180
0
80
60
40
20
100
160
140
120
180
200
2018-01
2018-02
2018-03
2018-04
2018-05
2018-06
2018-07
2018-08
2018-09

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