In 2025, significant reforms were implemented in the banking and financial sector of the Republic of Uzbekistan aimed at improving licensing and permitting mechanisms. These measures contributed to strengthening the financial market infrastructure, expanding the competitive environment, and increasing access to financial services for the population and business entities.
In particular, with the aim of further developing the microfinance market, the institution of microfinance banks was established, and the procedures and conditions for licensing their activities were clearly defined in regulatory terms. As a result, a two-tier banking system was implemented in the republic, creating opportunities not only for the establishment of microfinance banks but also for their subsequent transformation into traditional banks.
Furthermore, the adoption of the Law “On Bank Resolution and Liquidation” ensured legal clarity in bank liquidation processes. Amendments to regulatory acts governing the authorization of banking activities enhanced transparency in the sector. It was also legally established that the use of the term “bank” on the internet is permitted exclusively for legal entities registered in the state register.
The abolition of the requirement to obtain prior approval for acquiring a 10–20 percent ownership stake in non-bank credit organizations simplified market entry and stimulated investment activity. In addition, a legal framework was established for the registration and supervision of factoring companies and guarantee organizations.
In 2025, 1 microfinance bank, 1 credit bureau, 8 factoring companies, and 1 guarantee organization commenced operations. The geographic coverage of banking services and microfinance infrastructure was also expanded across regions.
In order to improve the efficiency of corporate governance in banks, the qualifications of 63 supervisory board members,
77 management members, and 48 key personnel were assessed for compliance with competency requirements.
In conclusion, the measures implemented in 2025 represent a continuation of systematic and consistent reforms aimed at ensuring the stability and transparency of the financial market.
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