Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is set to take measures to develop its factoring services market.

The President of Uzbekistan has signed a resolution “On measures for the accelerated development of the factoring services market”.

According to the resolution, a system of factoring organizations will be established, which will provide financing based on the assignment of monetary claims (factoring).

These factoring organizations will be able to commence operations after undergoing registration with the Central Bank, where they will be listed as non-bank credit organizations.

Starting from 1 January 2025, factoring transactions in foreign currencies will be permitted if the client’s counterparty is a non-resident.

Credit organizations will also be granted the right to resell monetary claims acquired under factoring agreements (refactoring).

The responsibility for violating the prohibition on the assignment of monetary claims will be abolished.

Notifications of the assignment of monetary claims will be registered in the collateral registry to ensure priority of claims on the assigned rights.

Changes to the currency of monetary obligations and the country of payment will only be possible with the debtor’s consent.

Additionally, an electronic platform for factoring services will be introduced to simplify the management and accounting processes for factoring transactions.