OPEN BANKING AS A DRIVER OF FINANCIAL INNOVATION AND INCLUSION IN UZBEKISTAN'S BANKING SECTOR

This study investigates Open Banking as a key driver of financial innovation and inclusion in Uzbekistan’sbanking sector. It examines how API-based connectivity, fintech partnerships, and models such as “Bank as a Service”(BaaS) are transforming the relationship between traditional banks and digital platforms. Using the experience of“Multicard Payment” JSC, the research highlights how open financial infrastructures improve accessibility, customerengagement, and competition. Despite notable progress, challenges persist in areas of regulation, cybersecurity, anddigital literacy. The findings suggest that coordinated efforts among regulators, banks, and fintech companies are essentialfor establishing a transparent, secure, and sustainable Open Banking framework. Ultimately, Open Banking represents astrategic opportunity for building a more innovative, inclusive, and technology-driven financial ecosystem in Uzbekistan