As previously reported by Spot, Shavkat Mirziyoyev is conducting a video conference meeting dedicated to the work accomplished in 2024 and the main objectives for 2025 regarding the development of the service sector.
The President noted that state banks are lagging behind private banks in creating online services and new products that are appealing to the public. For instance, while the number of users of remote services in private banks increased by 32% last year, in state institutions, it only rose by 13%.
The meeting emphasized the importance of banks increasing the volume of remote services by at least 30% this year. For example, if the databases of cadastral, tax, and judicial authorities are integrated with the banks' information systems, the practice of appealing to a notary and imposing liens on collateral will be eliminated.
The head of state instructed the responsible officials to develop and submit a resolution to simplify the online lending process.
From November 1 to April 1, 2025, Uzbekistan will implement a temporary procedure for processing loans through mobile applications to combat suspicious transactions. When applying for a loan, citizens will be required to undergo biometric identification.
At the end of 2024, the then-head of the Central Bank, Mamarizo Nurmuratov, stated that after the temporary restrictions are lifted, limitations on the issuance of online loans will remain in place. Over the next five months, the regulator will refine and "test" the mechanisms that will form the basis of online banking.
Earlier, Spot reported that banks would be able to purchase commercial properties directly from developers.