Keywords
How to Cite
Abstract
The article examines how digital transformation affects the financial and credit mechanisms available to service-sector enterprises in the Republic of Uzbekistan. Service businesses typically have few tangible assets to pledge, which makes conventional collateral-based lending poorly suited to them. Using statistical data of the Central Bank of the Republic of Uzbekistan and the World Bank Global Findex for 2017–2025, the study shows that the number of remote banking accounts grew from about 20 million at the beginning of 2022 to 79.3 million by December 2025, while account ownership among adults rose from 34% to 56%. At the same time, legal entities and individual entrepreneurs account for only about 2% of remote banking users, and their number is growing three times slower than that of individuals. The paper argues that this gap can be narrowed by using the digital traces that service enterprises already generate – electronic invoices, online cash register data and acquiring turnover – as an alternative basis for credit assessment.
References
1. Vial G. Understanding digital transformation: A review and a research agenda // The Journal of Strategic Information Systems. – 2019. – Vol. 28, No. 2. – P. 118–144.
2. Gomber P., Kauffman R.J., Parker C., Weber B.W. On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services // Journal of Management Information Systems. – 2018. – Vol. 35, No. 1. – P. 220–265.
3. Philippon T. The FinTech Opportunity // NBER Working Paper No. 22476. – Cambridge, MA: National Bureau of Economic Research, 2016.
4. Thakor A.V. Fintech and banking: What do we know? // Journal of Financial Intermediation. – 2020. – Vol. 41. – Article 100833.
5. Berg T., Burg V., Gombović A., Puri M. On the Rise of FinTechs: Credit Scoring Using Digital Footprints // The Review of Financial Studies. – 2020. – Vol. 33, No. 7. – P. 2845–2897.
6. Frost J., Gambacorta L., Huang Y., Shin H.S., Zbinden P. BigTech and the changing structure of financial intermediation // Economic Policy. – 2019. – Vol. 34, No. 100. – P. 761–799.
7. The Global Findex Database 2025: Connectivity and Financial Inclusion in the Digital Economy. – Washington, DC: World Bank, 2025.
8. World Development Report 2021: Data for Better Lives. – Washington, DC: World Bank, 2021.
9. Global Financial Stability Report. – Washington, DC: International Monetary Fund, April 2024.
10. Центральный банк Республики Узбекистан. Количество пользователей систем дистанционного банковского обслуживания (на 01.01.2022, 01.01.2025, 01.04.2025, 01.10.2025, 01.12.2025) [Электронный ресурс]. – URL: https://cbu.uz/ru/statistics/paysistem/
11. Указ Президента Республики Узбекистан от 28.01.2022 № УП-60 «О Стратегии развития Нового Узбекистана на 2022–2026 годы».
12. Указ Президента Республики Узбекистан от 05.10.2020 № УП-6079 «Об утверждении Стратегии „Цифровой Узбекистан – 2030“ и мерах по ее эффективной реализации».
13. Закон Республики Узбекистан от 01.11.2019 № ЗРУ-578 «О платежах и платежных системах».
14. World Bank. World Development Indicators: Services, value added (% of GDP) – Uzbekistan [Электронный ресурс]. –
URL: https://data.worldbank.org/indicator/NV.SRV.TOTL.ZS?locations=UZ
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright (c) 2026 Komiljanova, E.U. (Muallif)