Embedded financial services have significantly expanded access to banking services for residents of Uzbekistan, but have not yet ensured full financial inclusion of the population. This was stated by Dilbar Abduganieva, Director of Financial Inclusion at the Central Bank of Uzbekistan, at the Silk Road Finance and Technology Forum in Tashkent.

According to her, financial inclusion is not only the ability to receive a service, but also its actual use, quality, and transparency. Currently, embedded finance mainly solves the first two tasks, while the quality of financial products remains a problematic issue.

Abduganieva also noted the low level of formal savings in the country and urged fintech companies to develop not only credit but also savings products. At the same time, embedded finance providers often focus on the most profitable segments and may overlook women entrepreneurs, people with disabilities, migrants, and residents of remote regions.

Business representatives believe that technology can change the situation. Uzum Bank, for example, uses data on entrepreneurs' sales on the marketplace to assess their creditworthiness without traditional collateral. According to the bank, more than 18,000 sellers are registered on Uzum Market.

The Central Bank expects that further development of fintech, the launch of a regulatory sandbox, and the creation of the Tashkent International Financial Center will help Uzbekistan become one of the regional centers for digital finance.