Tashkent, Uzbekistan (UzDaily.com) —  The International Forum on Financial Innovations, FINNEXT Asia, organized by the company Reglament, took place in Tashkent. The event gathered top managers and executives from key financial institutions in Uzbekistan, Russia, and Central Asia.

The plenary session focused on the matrix of priorities for the development of the banking fintech market in 2024-2025. Moderators of the session included Alexey Maslov, the forum’s general producer and co-chairman of the Payment Systems Committee of the Association of Banks of Russia, and Otakbek Nasirov, chairman of the Central Asian Fintech Association.

John Berry, CEO of the global non-profit organization Qorus, founded in 1971 by banks and insurance companies in France, addressed the forum with a welcome video message.

Shukhrat Kurbanov, Director of the National Interbank Processing Center HUMO, shared that despite existing fees, 55% of P2P transfers are conducted through the "big three" apps (Click, Paynet, Payme), and 56% of online payments are processed in the same manner. Banking apps, on the other hand, are rarely installed, with only 12.5% of transactions (e.g., lending, deposits, and currency operations) conducted through them. However, there are indications that Uzbekistan’s financial system may transition from Open Carding to Open Banking. This includes the increasing activity of certain banking apps (Ipak Yuli Mobile, Uzum, Xazna, Zoomrad, etc.) in online lending and deposits, and the integration of non-bank players with banks to issue co-branded cards and provide lending. Additionally, financial marketplaces for deposit placement may emerge.

Kirill Palchun, Vice President and Head of the "Payments and Transfers" cluster at MTS, discussed changes in the landscape of cross-border transfers and new challenges associated with them. Key trends he identified included the shift to national digital currencies (with 130 central banks exploring this option and 11 already implementing them), alternative payment methods, real-time payments (RTP), streamlining global payment infrastructure, omnichannel services, and international wallets (expected to cover 60% of the population by 2026).

Nuridin Lafizov, CEO of Alif Uzbekistan, shared the case of creating a global leader in Islamic fintech. The company operates in Tajikistan, Uzbekistan, and Pakistan, offering products like a platform for obtaining purchase limits in installments, an online marketplace with delivery, and a mobile app for utility payments, transfers, and cashback.

Victor Shpringel, CFO of Asman Bank (Kyrgyzstan), assessed the potential of cross-border business between Central Asian countries and Russia. He noted that, due to geopolitical risks, Central Asian countries will play a significant role in servicing the financial flows of Russian citizens (including investment flows, real estate, and securities sales, card payments, property maintenance expenses, and dividend payments). However, there are challenges, including secondary sanctions risks, low ratings or lack thereof for local banks, weak stock market infrastructure, and insufficient risk management.

The second session, on Digitalizing Traditional Banking Products, focused on technological solutions in lending, deposits, investments, and more. Ulugbek Tavakkalov, member of the expert council of the Central Asian Fintech Association, discussed the prospects of Islamic financing products. He highlighted the high demand for Islamic finance in Uzbekistan in the consumer installment and retail sectors, while demand in manufacturing and agriculture remains lower. MFIs, which were authorized this summer to sell Islamic products, could drive further growth.

Denis Stepanchenko, Commercial Director of ART-BANK Group, presented their groundbreaking microservice financial system. Dmitry Zhilin, Vice President at CenterCredit Bank, shared insights on embedding banks into supply chains within foreign economic activity, revealing how this approach helped double the client base and increase net profits threefold in two years.

Olga Yarygina, Deputy Chairman of the Board at Bank 131, discussed fintech as a driver for the gig economy, offering solutions for issues like medical insurance acquisition, pension programs, and financial services for freelancers.

The third session explored trends in data storage and processing, with speakers from UZUM, Alfa-Bank, Unitel TM Beeline, and OZON Bank discussing how new trends may impact banks.

In the fourth session, experts addressed the future of payment technologies and services. Viktor Dostov, Chairman of the Association of Electronic Money and Payment Transfer Market Participants, discussed both the positive and negative sides of AI, including using implicit triggers and multiple identities to influence user behavior, and the emerging “face scoring” technologies.

Bakhrovar Yusufi, Advisor to the CEO of Payfintech, presented a solution to develop the financial ecosystem through Open Banking, while Dmitry Seryogin, Head of the BNPL service "Dolyami" at T-Bank, talked about the impact of BNPL services on the customer experience.

Islam Diyarov, Head of Issuance and Acquiring at HUMO, shared insights on the evolving landscape of ground-based acquiring solutions, highlighting the potential of AI in risk management, fraud prevention, and identity verification.

Alexey Veretenov, Managing Partner at Senteo Inc., discussed how the market is shifting toward client-centricity and personalization. In Uzbekistan, the customer experience index (CEI) currently stands at 3.02, but Veretenov emphasized that this index is better understood in terms of experience volatility: the lifetime value of customers at banks with low CEI often surpasses that of those with high CEI.

Andrei Mikhaylishin, Chairman of the Payment Systems and Cross-Border Settlements Committee at the Chamber of Commerce and Industry of Russia, and Head of the BRICS Payments & Fintech Task Force, presented the future prospects of the BRICS financial architecture, which includes multi-currency payment netting and decentralized interbank messaging systems as potential alternatives to SWIFT.

The fifth session focused on strategies for developing digital ecosystems and business partnerships. Jamshidkhodja Isokhodjaev, Director of the Uzbek office of CartaMe, presented an overview of Uzbekistan’s loyalty programs, while Dmitry Nefedov, Executive Director at Sber, shared insights on loyalty as a key driver for ecosystem and payment tool development.

The forum concluded with a panel discussion on the expectations and priorities for the development of Uzbekistan’s banking system in 2025.