What is open banking and when will it launch?
Ravshan Kodirov, Director of a Department at the Central Bank, defined the concept of Open banking and disclosed the deadlines for its launch.
What is Open banking and when will it launch?
"To put Open banking simply, it is the openness of data exchange between banks. For example, if a citizen has an account or savings in one commercial bank, they will not have to open a new account, resubmit documents, and go through registration processes to use favorable conditions, attractive promotions, or services in another bank. This opportunity will apply not only to individuals but also to legal entities," he said.
According to Qodirov, pilot projects on the technological part of Open banking are being implemented by the Information Center of the Central Bank.
"According to the plan, pilot tests are expected to be completed by the end of this year. Since this is a very large project, it would not be correct to fully launch it from January 1, 2027. When implementing the system, many issues related to cybersecurity and fraud must be taken into account," said the Central Bank representative.
According to him, the issue of in which areas and in what sequence to implement Open banking will be determined based on the results of pilot tests at the end of 2026.
"Based on the final results of the tests to be conducted until the end of 2026, the order and gradual launch of the system during 2027 will be determined," said Ravshan Qodirov.
Open Banking is a system that allows the transfer of a customer's financial data in banks to other banks and fintech companies through standardized APIs based on customer consent. It is expected to simplify data exchange between different banks and financial services, creating conditions for the development of new fintech products and services.
Plans to introduce Open Banking in Uzbekistan came onto the agenda in 2025. The President's decree of November 2025 set the task of implementing the system as a tool to ensure secure and standardized data exchange between banks, payment organizations, and fintech market participants.