The first meeting of the FIC’s Financial Sector and Banking Working Group (FSBWG) was held on February 10, 2023.
The working group, represented by multinational companies and international financial institutions operating in the country, is established to address the challenges and identify opportunities for the financial sector and banking services development in Uzbekistan.
Given the government’s commitment to increase the share of private commercial banks in the banking sector from the current 15% to 60% by 2025, the prime focus of the FSBWG will be placed on five areas, such as:
- facilitating M&A transactions (Mergers and Acquisitions),
- digitalization of financial services,
- supporting capital market development,
- enhancing banking confidentiality, and
- financial infrastructure development.
During the meeting, the Working Group Operational Scheme was introduced to the participants. After the presentation, the members provided their proposals and discussed the next steps.