UZCARD Announces Expansion of Open Banking Infrastructure in Uzbekistan, Paving the Way for Fintech Growth
Open Banking, opens new tab allows consumers to access and share their financial data across platforms via open APIs, enabling third-party developers to build tailored services that aggregate information from multiple institutions. In Uzbekistan, this model is supported by nationwide infrastructure and compliance with personal data protection laws, creating a 'bank-agnostic' environment for users.
'With centralized systems like UZCARD, consumers can link their accounts across all local financial institutions in a seamless and secure way. This dramatically reduces customer acquisition cost, boosts competition, and enables a new generation of fintech innovation,' said David Melikidze, CEO of UCMG (UZCARD Management Group).
Unlike in traditional banking systems where financial institutions limit cross-platform access, Uzbekistan's centralized processing hub provides an integrated foundation for Open Banking. This infrastructure not only benefits consumers but also empowers fintech companies to develop and scale new financial products without requiring large marketing budgets or prolonged acquisition efforts.
Technology Driving Open Banking
Open Banking relies on several core technologies:
This approach is enabling financial innovation by allowing customers to manage their finances, switch providers easily, and access highly personalized services.
Implications for Emerging Fintech Markets
In markets such as Uzbekistan, the lowered barriers to entry are already fostering a vibrant fintech scene. Startups can integrate with UZCARD to offer services like multi-bank account views (balance aggregation), spending analytics and categorization, transaction initiation and embedded financial products directly within third-party applications. As these capabilities expand, they reduce the relevance of traditional banking interfaces while increasing financial inclusion and diversity.
Looking Ahead: Open Banking Beyond Finance
UZCARD forecasts that Open Banking's infrastructure and principles will soon extend to adjacent sectors, including:
These developments will further empower consumers by enabling data portability across services and industries.
'Open Banking is not just a technological shift; it's a new standard for how people interact with their financial and personal data,' added Melikidze.
About UZCARD
Founded in 2004, UZCARD is a national payment system of Uzbekistan that is developed and maintained by JSC (Unified All-Republican Processing Center). The system provides for the issuance and processing of bank cards, used for non-cash payments, transfers and cash withdrawals in Uzbekistan's official national currency, the Uzbek sum. UZCARD unites 35 commercial banks in the country and 33 payment aggregators. UZCARD cardholders can make payments for goods and services through POS and E-POS terminals, use ATMs and infokiosks (self-service terminals), as well as conduct transactions through mobile applications and internet banking systems nationwide. For more information, visit uzcard.uz, opens new tab.
Media Contact
David Melikidze+998 71 200 28 28info@uzcard.uz
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SOURCE: UZCARD
Copyright 2025 EZ Newswire
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