The supervisory system of the Central Bank to be improved with the help of SupTech
Tashkent, Uzbekistan (UzDaily.com) -- As part of comprehensive financial sector reforms, the Central Bank of the Republic of Uzbekistan, with technical assistance from World Bank experts, initiated a multi-stage transformation program to expand its supervisory capabilities using innovative technologies and SupTech solutions.
SupTech includes technologies and solutions that allow to optimize and restructure internal supervisory processes to bring them in line with the digital transformation of the financial sector in such a way as to process information faster and in large quantities, automate and optimize processes, analyze key risks and identify trends.
International experience shows that SupTech is becoming a strategic priority for a larger number of supervisors, as it helps to simplify administrative processes, reduce the cost of supervisory functions, improve the decision-making system, reduce risks and maintain financial stability.
The use of SupTech solutions by supervisory authorities also has a positive effect on the activities of supervised organizations, since it reduces the regulatory burden, improves reporting procedures, helps to reduce the costs of compliance with regulatory requirements, etc.
In the long term, transformation through Suptech - along with other financial sector reforms - will help the Central Bank achieve its strategic goals of developing a sound financial system based on inclusiveness, innovation, efficiency and sustainable economic growth.