The Impact of Digital Financial Technology Development on the Economy of the Republic of Uzbekistan

Abstract

Digital financial technologies are currently developing rapidly, significantly impacting the economy of the Republic of Uzbekistan. This article analyzes the formation of a digital financial technology system in Uzbekistan, its stages of development, and its impact on the country's economic growth and financial stability. The role and prospects of public policy, commercial banks, and private startups in the development of the fintech ecosystem are also highlighted. This article analyzes the current state of digital financial technology development in Uzbekistan, existing challenges, and solutions. It also examines the fintech system's impact on economic growth, financial stability, and the modernization of banking services. The main objective of the study is to determine the economic significance of developing the fintech ecosystem in Uzbekistan and assess its contribution to the sustainability and efficiency of the national economy. It also examines the impact of reforms implemented within the framework of the "Digital Uzbekistan 2030" strategy on the financial technology sector. It also analyzes the effectiveness of existing payment systems and digital services, and develops proposals for the further development of digital financial infrastructure in the future.