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The supervisory framework of the Central Bank will be improved with the use of advanced technologies and solutions of SupTech (Supervisory Technology).

Update date:  18 May 2021, 11:54
18 May 2021

As part of comprehensive financial sector reforms, the Central Bank of the Republic of Uzbekistan, with the support of the World Bank experts, has initiated a multi-stage transformation program to expand its supervisory capabilities using innovative SupTech technologies and solutions.

SupTech includes technologies and solutions that enable regulators to optimize and reorganize the internal supervisory processes as to align them with the digital transformation of the financial sector in order to process the data faster and in larger amounts, while automating and optimizing the processes, analyzing key risks, and identifying the trends.

International experience shows that SupTech is becoming a strategic priority for an increasing number of supervisory authorities, as it helps to simplify administrative processes, reduce the cost of supervisory functions, improve the decision-making process, minimize risks, and maintain financial stability.

The use of SupTech solutions by supervisory authorities also has a positive impact on the activities of controlled organizations as it reduces the supervisory burden, improves report submission processes, helps to cut the costs of compliance with regulatory requirements, etc.

In the long run, the transformation of supervision with SupTech - along with other financial sector reforms - will help the Central Bank achieve its strategic objectives of developing a reliable financial system based on inclusiveness, innovation, efficiency, and sustainable economic growth.

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