March 26, 2015
FINANCE... Tashkent hosted the Central Asia’s largest annual Industry Exhibition BankExpo-2015
Last week, Tashkent turned into a site of banking technologies, equipment and services. For the eighth time in a run the capital has hosted the Central Asia’s largest annual Industry Exhibition BankExpo-2015.

It stands to reason that many experts call the banking system the lifeblood of the economic system. It ensures the accumulation of free funds of individuals and legal entities, their inter-sectoral reallocation, as well as national and international payments between different economic entities. Over the past decade the domestic banking system has made a huge step forward. Uzbekistan introduced a two-stage banking system, headed by the Central Bank, and put the national currency into circulation.

Uzbekistan was the first in the CIS to establish a payment system in full compliance with international requirements. The progress has been especially remarkable over the last years. In 2008, the banking system protected the economy from the negative effects of the global financial and economic crisis, and today it continues mitigating the effects of the global economic instability and geopolitical risks. Today, banking services cover the entire adult population of the country. 49.7 banking institutions account for 100,000 adults. Around 1,028 bank accounts per 1,000 people have been opened, which is graded high by international standards.

High technologies enable domestic banks to increase the level of services provided, anticipating customer needs. Therefore, the exhibition accentuated advanced banking and financial technologies and interactive services that strengthen mutually beneficial partnership between the banking and financial institutions and their customers. Electronic payments were in the spotlight as well, owing to their boosting popularity. To date, the number of plastic cards has exceeded 13.44 million. In early 2000, there were only 32,000 cards, against 11.06 million in early 2014.

“Today, the banking system of Uzbekistan ranks among the region’s fastest growing,” shared Chief of Plastic Card Department at Qishloq Qurilish Bank, Javohir Alimov. “We strive to be on the fore front of modern trends and introduce new technologies. SMS- and Internet banking is not a new thing for our customers. Our bank has issued 370,000 cards, including about 40% of online cards, and installed 8,000 mobile terminals.”

Experts say that for many years of experience the BankExpo has become a significant event in terms of further reformation and enhancement of stability of the financial and banking system of the country. It has become a platform for effective dialogue between the participants of the Uzbek banking sector, demonstrating the significant progress made in the years of independence.

As experts say, the exhibition has grown into the largest regional event, which effectively highlights the ways of accessing a higher level of organization of the banking activities in the country. The participants have a chance to share their experience, information on the tools, technologies and solutions that ensure the development of the banking system, particularly through the effective use of modern information technologies. 2015 is no exception. The experts spotlighted the draft law on electronic commerce, which is currently being developed by the Central Bank. It is expected to contribute to the creation of additional conditions for the development of entrepreneurship and improvement of the business environment, as well as the arrangement of the technological market infrastructure in line with international standards.

The exhibition presented some know-how of domestic banks. For instance, the Trust-Mobile news program is aimed at streamlining relations between the banking and financial institutions and customers. “The program promises to be a new trend in the mobile banking for legal entities and individual entrepreneurs,” said Director of Trastbank’s Information Technologies Department, Kozimjon Domashikov. “With the help of mobile terminals and the Trust-mobile the customers can manage their own personal accounts. To use the application, one needs to sign an agreement on the use of this banking service and then download the software to his mobile phone.”

The assessment of the outcomes of the exhibition suggests its success and consumer demand. According to statistics of the organizers, this year’s exhibition has left the most positive impressions in its participants and visitors, providing an opportunity of effective dialogue between all participants of the banking sector in Uzbekistan.

(Source: «Uzbekistan Today» newspaper)


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