Tashkent, Uzbekistan (UzDaily.com) -- A meeting was held between the First Deputy Minister of Economy and Finance of the Republic of Uzbekistan Ilkhom Norkulov and representatives of the Korean Development Institute (KDI) headed by the Chief Adviser to the Minister of Economy and Finance of Korea Chang Woo Lee.

It was attended by Timur Husanov, Director of the Department of Analysis, Support and Coordination of State Policy in the Field of small and Medium-sized Business Development of the Ministry of Economy and Finance of the Republic of Uzbekistan, Project Manager, Head of the KSP KDI Evaluation and Results Management Group Hei Yong Wu, Head of the KDI Political Consultation Group Nayung Kang, Project Manager, Researcher at KDI Zhu Yong Song, Chief Researcher and Professor at Chosun Minchang Lee University.

At the beginning of the meeting, First Deputy Minister of Economy and Finance Ilkhom Norkulov informed the guests about the ongoing reforms in the country and focused on joint work.

The main purpose of the meeting was to discuss issues of cooperation under the Knowledge Sharing Program "2023/24 KSP".

On October 10, 2022, a document on the organization of activities was signed between the Ministry of Economy and Finance of the Republic of Uzbekistan and KDI.

In accordance with this document, within the framework of the “2022/23 KSP” program, the project "Methods of organizing and developing the practice of the “Regulatory Sandbox” in the field of Fintech was implemented.

"Regulatory Sandbox" refers to testing new products or services in a controlled regulatory environment.

During the discussion, the parties discussed the issues of Methodology for organizing and developing the practice of a regulatory sandbox within the framework of the ”2023/24 KSP+".

The following subtopics were proposed for the ongoing project:

Policy Suggestions for the Legal Framework of the Fintech Service Regulatory Sandbox;

Governance Structure for the Implementation of the Regulatory Sandbox in the Fintech Service Market;

Introduction of Technical Services to Support Policies for Creating Favorable Conditions for New Fintech Companies.

Following the meeting, the parties agreed to expand cooperation on the implementation of this project.

The Knowledge Exchange Program (KSP) is a high–tech economic cooperation program aimed at sharing Korea's development experience with partner countries.