The National Bank of Uzbekistan plans to develop a data management system by 2027. This project will be implemented in two stages. This was announced at a forum held by the National Bank and KPMG on February 27. The forum discussed the transition to a new model of data management and presentation.
According to Guzal Rakhimova, Director of the Projects, Processes and Data Management Department, the creation of an “Automated Analytical Information System” (“Automated Data Reporting” – ADR) will facilitate the exchange and analysis of information between the National Bank and commercial banks. This project, which is being implemented with the technical support of the World Bank, is working with commercial banks. KPMG specialists are assisting in the transition process and the launch of the system.
“The National Bank created effective data collection systems in the early 2000s. However, there is a big difference between the volume of data then and now. Now, a more comprehensive system is being developed. Initially, we had to fully study the data collection process,” Rakhimova said.
She noted that the system is planned to be launched by 2027, but regulators in developed countries have been developing such projects for decades.
In addition, in the future, it is planned to integrate the system with artificial intelligence.
According to Mikhail Ivanets, Director of the Technology Practice of KPMG in the Caucasus and Central Asia, the platform will be developed in two stages. The first stage will create an integrated model for the Central Bank’s regulatory and internal data management processes. The second stage will develop and implement an ADR system that automates the processes of data identification, collection, quality control, storage, processing, analysis and visualization.
Oksana Borisova, Partner in the Technology Practice of KPMG in the Caucasus and Central Asia, noted that the following aspects were taken into account when creating this system:
Reducing the burden on supervised entities in preparing and submitting regulatory information to the
National Bank;
Obtaining sufficient, high-quality and timely data for supervision;
Ensuring the security of data transmission and storage.
Borisova noted that such systems have been introduced by regulators around the world, including the Bank of England, the European Central Bank, the Monetary Authority of Singapore, the Bank of Japan, and the Central Bank of Russia.
Earlier, it was reported that the Central Bank plans to limit the full cost of microloans. The daily interest rate on microloans is being reduced from 0.3% to 0.25%. Also, installment payments and leasing will be taken into account in the debt burden indicator.
