Modernization and Transformation of Uzbekistan’s Banking Sector

This paper looks at the recent changes and improvements in Uzbekistan's banking system, with a focus on government reforms, the use of new technology, and updates to the rules. In the last ten years, banks in Uzbekistan have gone through big changes to work better, be more open, and serve customers better. The paper gives a brief history of the banking system, points out important changes in technology and rules, and studies their impact on the economy. Special attention is given to digital banking, the role of financial technology (fintech), and following global standards. The findings show that while many improvements have been made, challenges still exist, like cybersecurity risks and making banking more available in rural areas. The paper ends with suggestions on how to continue improving and modernizing the banking system in Uzbekistan.