Uzbekistan Bolsters Fintech Scene With UZCARDAFIN Strategic Memo

2025-10-16 10:04:58

(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, October 16. UZCARD, the national payment system, and AFIN have signed a memorandum of strategic partnership to advance routing and tokenization technologies for payment instruments and to implement elements of Open Banking in Uzbekistan, Trend reports.

The agreement outlines the parties' commitment to jointly develop a new technological architecture aimed at enhancing the security, interoperability, and mobility of future financial services.

The initiative involves the launch of a new generation of tokenized cards - a technology in which the actual card details are replaced by a unique digital identifier, or token. This token is used for payments, while the underlying card data is never transmitted, significantly reducing the risk of fraud and data breaches in both online and offline transactions.

The project will be among the first in the region to implement large-scale card tokenization in Central Asia, paving the way for the creation of a next-generation digital payment ecosystem.

A key characteristic of the forthcoming payment cards is their agnostic architecture, enabling a single payment instrument, be it a card, sticker, bracelet, or any other form factor, to be utilized across multiple banks, mobile wallets, and financial applications without the need for reissuing the card or reconnecting accounts. Users will have the flexibility to first select a preferred 16-digit card number (token), and subsequently choose and link their desired bank.

Thanks to tokenization, users will enjoy greater flexibility and convenience while ensuring maximum data protection: each token is linked to a specific device or application and cannot be misused elsewhere.

At the same time, businesses and banks will benefit from enhanced payment security, reliability, and interoperability across the entire UZCARD infrastructure.

The signing of the memorandum between UZCARD and AFIN marks a significant step in the development of Uzbekistan's fintech infrastructure and underscores the country's commitment to innovation and the digital transformation of the financial sector in line with international standards

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