OPEN BANKING AS A DRIVER OF FINANCIAL INNOVATION AND INCLUSION IN UZBEKISTAN’S BANKING SECTOR

Аннотация

This study investigates Open Banking as a key driver of financial innovation and inclusion in Uzbekistan’s
banking sector. It examines how API-based connectivity, fintech partnerships, and models such as “Bank as a Service”
(BaaS) are transforming the relationship between traditional banks and digital platforms. Using the experience of
“Multicard Payment” JSC, the research highlights how open financial infrastructures improve accessibility, customer
engagement, and competition. Despite notable progress, challenges persist in areas of regulation, cybersecurity, and
digital literacy. The findings suggest that coordinated efforts among regulators, banks, and fintech companies are essential
for establishing a transparent, secure, and sustainable Open Banking framework. Ultimately, Open Banking represents a
strategic opportunity for building a more innovative, inclusive, and technology-driven financial ecosystem in Uzbekistan