John Berry, the CEO of the global non-profit organization Qorus, founded in 1971 in France by banks and insurance companies, addressed the forum audience with a welcoming video message.
Shukhrat Kurbanov, director of the National Interbank Processing Center HUMO, shared that despite the presence of fees, currently 55% of P2P transfers occur in the applications of the "big three" (Click, Paynet, Payme), as well as 56% of online payments. Banking apps are rarely installed — they account for only 12.5% of transactions (lending, deposits, and conversion operations). However, there are signs indicating a shift in Uzbekistan's financial system from Open Carding to Open Banking, including increased activity from certain banking apps (Ipak Yuli Mobile, Uzum, Xazna, Zoomrad, etc.) in online lending and online deposits, as well as the integration of non-bank players with banks for issuing co-branded cards and lending. The emergence of financial marketplaces for deposit placements is also possible.
Kiril Palchun, vice president and head of the Payments and Transfers cluster at MTS, discussed changes in the landscape of cross-border transfers and the new challenges associated with them. Among the key market development trends, he highlighted: the transition to national digital currencies (130 central banks are exploring this possibility, and 11 have already implemented it); alternative payment methods and micropayments, real-time payments (RTP, implemented in 80 countries), streamlining global payment infrastructure (average fees from payment systems are 4-6%), omnichannel and roaming (which should ultimately make transfers as easy as messaging in a messenger), as well as international wallets (it is expected that by 2026, supranational wallets will cover 60% of the population).
Nuriddin Lafizov, CEO of Alif Uzbekistan, shared a case study on creating a global leader in Islamic fintech. The company operates in Tajikistan, Uzbekistan, and Pakistan, offering products such as a platform for obtaining limits on installment purchases, an online marketplace with delivery, and a mobile app for paying utility bills, making transfers, and earning bonuses and cashback.
Victor Shpringel, CFO of Asman Bank (Kyrgyzstan), assessed the potential for cross-border business between Central Asian countries and Russia in his speech at FINNEXT Asia. According to him, due to geopolitical risks, Central Asian countries will be crucial for servicing the transit of financial flows from Russian citizens (investment flows, including those related to real estate and securities sales, card payments, property maintenance expenses, and dividend payments). However, there are limitations, including the threat of secondary sanctions, low ratings (or lack thereof) for local banks, weak infrastructure in local capital markets, insufficient quality of risk assessment and management (financial risks, compliance), and a weak presence of Russian financial institutions in Central Asian countries (and vice versa).
At the second session titled "Digitization of Traditional Banking Products," speakers discussed technological solutions in lending, deposits, investments, and more.
Ulugbek Tavaqkalov, a member of the expert council of the Central Asian Fintech Association, dedicated his presentation to analyzing the prospects for developing Islamic financing products. He noted that the highest demand for Islamic finance in Uzbekistan is observed in consumer installment financing and retail, while demand in manufacturing and agriculture is still significantly lower. Microfinance organizations could become the main drivers, as they received permission this summer to sell Islamic products.
According to Denis Stepanchenco, commercial director of the ART-BANK group, the company's main innovation today is the creation of the first microservice financial system of the new generation on the market, entirely developed based on open software components.
Dmitry Zhilin, vice president for small and medium business development at CentrKredit Bank, discussed the possibilities of integrating banks into supply chains within foreign economic activity. "We wanted to become the bank of first choice for clients engaged in foreign economic activity, and for this, we began to study supply chains, seek discrepancies between needs and capabilities, and fill these chains with products and services." As a result, over two years, the client base doubled, the loan portfolio increased by one and a half times, and net profit tripled.
Olga Yarygina, deputy chairperson of the board at Bank 131, shared ideas about fintech as a driver for the gig economy's development. She provided examples of how digital platforms address issues such as purchasing health insurance, developing pension programs, and providing financial services to freelancers.
What new trends in data storage and processing could impact banks in the coming years? Is it possible to do without DWX when transitioning to a data-driven strategy? These and other questions were discussed by representatives from UZUM, Alfa-Bank, Unitel TM Beeline, and OZON Bank during the third parallel session. The moderator was Sergey Panov, founder of the business event organization company "Reglament" and IT integrator Deco Systems. Business cases on data management were shared by Vladimir Urbansky, CEO of MTS Link, Mikhail Shmitov, general director of Deco Systems, Leonid Burlakov, co-founder of DataCraft, and others.
In the fourth session, experts discussed the prospects for developing new payment technologies and services. Viktor Dostov, chairman of the Association of Electronic Money and Money Transfer Market Participants AED, spoke about the bright and dark sides of AI's power (including the latter — managing user behavior through implicit triggers, multiple personas, etc.) and highlighted some future technology opportunities that are already emerging in the market, such as "face scoring."
Bakhtovar Yusufi, advisor to the CEO of Payfintech, discussed solutions for developing a financial ecosystem through Open Banking, while Dmitry Seryogin, head of the BNPL service "Dolyami" at T-Bank, focused on the impact of BNPL services (buy now pay later) on the customer experience.
Islam Diyarov, head of the Issuance and Acquiring Block of the HUMO payment system, addressed issues related to selecting solutions for ground acquiring. In addition to bio-acquiring technologies and QR payments, he noted the potential use of AI in areas such as risk management, forecasting, adaptation to fraud, and the creation of new identification methods.
Alexey Veretenov, managing partner at Senteo Inc., discussed how the market is changing in terms of customer centricity and personalization. Currently, the customer experience index (CEI) in Uzbekistan stands at 3.02; however, according to the speaker, this index is much more interesting to consider through the lens of experience volatility: the lifetime value per customer at banks with a low CEI is often higher than at banks with a high CEI. "When a customer does not expect a smile, their loyalty level is stable, unlike when, after excellent service, they encounter negativity."
Andrey Mikhalishin, chairman of the Commission on Payment Systems and Cross-Border Settlements of the Russian Chamber of Commerce and Industry, head of the BRIСS Payments & Fintech target group, and the working group on "Financial Services and Investments" of the BRICS Business Council, outlined the prospects for a new global BRICS architecture in his speech. Among the projects planned for implementation in the coming years, he mentioned multilateral netting of payments in various units of account (for example, in synthetic units) and a decentralized system for transmitting interbank messages, which could serve as an alternative to SWIFT.
In the fifth parallel session, experts discussed effective strategies for developing digital ecosystems and business partnerships. In particular, Jamshidkhodja Isohodjaev, director of the Uzbek office of CartaMe, presented an overview of existing loyalty programs in Uzbekistan, while Dmitry Nefedov, executive director of Sber, shared his ideas regarding loyalty as a key factor in the development of ecosystems and payment tools.
The forum concluded with a panel discussion on "Expectations and Priorities for the Development of the Banking System in Uzbekistan in 2025."