Tashkent: The Central Bank of Uzbekistan (CBU) and the Commercial Law Development Program (CLDP) of the US Department of Commerce have initiated discussions on integrating new payment systems into Uzbekistan’s financial market, along with enhancing the national legal framework to support this development.

According to Trend News Agency, the discussions took place during a meeting between representatives from the CLDP of the US Department of Commerce and the CBU. The meeting focused on the work undertaken by the Cyber Security Center of the Central Bank (CERT-CBU), particularly the implementation of software and technical solutions aimed at ensuring cybersecurity in banking and payment systems. This includes setting up anti-fraud systems to mitigate bank card fraud and implementing targeted measures to bolster the security of mobile applications.

Both parties reached a consensus on establishing an online exchange of expertise in cybersecurity, financial technologies, and secure payment systems. This collabor
ation is expected to enhance the security and efficiency of payment systems in Uzbekistan.

Simultaneously, a significant development occurred as Uzbekistan’s National Interbank Processing Center (HUMO) and Korean BC Card signed an agreement for the mutual integration of their payment systems. This integration will allow cardholders to make payments in both South Korea and Uzbekistan using their domestic cards, thereby enhancing convenience for users in both countries.