DIGITAL FINANCE IN CENTRAL ASIA: A DATA-DRIVEN COMPARATIVE STUDY
Keywords:
Digital banking, Central Asia, fintech, financial inclusion, digital transformation, barriers, opportunitiesAbstract
This research paper investigates the evolution and adoption of digital banking services across Central Asia, focusing specifically on Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan. It explores prevailing trends, identifies critical barriers impeding adoption, and highlights key opportunities for development. Utilizing a mixed-methods approach, the study incorporates quantitative data from central banks, World Bank databases, and financial institutions, alongside qualitative insights obtained from interviews with regional financial experts and professionals. Findings indicate that digital banking usage is on the rise across the region, driven by increased mobile phone penetration, evolving consumer behavior, and policy reforms. However, significant obstacles remain, such as digital illiteracy, infrastructural limitations, and inconsistent regulatory environments. The paper concludes with practical and applicable recommendations for governments, financial institutions, and fintech startups to accelerate digital inclusion and foster innovation across the region.
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