Tashkent, Uzbekistan (UzDaily.com) -- On 25 December, the Minister of Innovation Development Ibrohim Abdurahmonov received Axel Getals, Director General of the European Institute for Asian Studies (EIAS). The parties discussed issues of improving the market for financial technologies and financial services. The role of innovation in the development of financial technologies is noted.

Axel Getals made a proposal to jointly create a new application for citizens of Uzbekistan who live and work abroad. Currently, when sending money transfers, a 9% commission is charged through such systems as Money Gram, Western Union, etc. Therefore, it is important to create a financial application that removes only 1% of the transfer commission for Uzbek citizens living outside their country.

It is worth noting that in Europe about 1 percent is charged when transferring money from one state to another. In the CIS countries, a service charge of 9% is charged. This means that applying the experience of Europe in Uzbekistan will be beneficial for our citizens.

Abdurakhmonov noted that the ministry is ready for further development of relations with the European Institute of Asian Studies. In mid-January 2020, the EIAS will receive an approved draft roadmap from the CAREC Institute Secretariat to implement the proposal concept in 2020 with the Ministry of Innovative Development of the Republic of Uzbekistan.