Page 32 - "Green Investments and financial technologies: opportunities and challenges for Uzbekistan" International Scientific and Practical Conference

“Yashil investitsiyalar va moliyaviy texnologiyalar: O‘zbekiston uchun imkoniyatlar va muammolar” mavzusida xalqaro
ilmiy-amaliy anjuman materiallari to‘plami (Toshkent, JIDU, 2025-yil 7-may)

supported FinTech innovation through its Digital Silk Road strategy, while the
People’s Bank of China pilots the digital yuan (e-CNY) to further expand financial
reach. According to the World Bank, digital payments and alternative lending
platforms in China contributed to a 2–3% increase in annual household consumption
between 2016 and 2021, boosting GDP by enabling liquidity and efficient spending.
India’s FinTech ecosystem has grown around the Unified Payments Interface (UPI),
a government-backed digital payment infrastructure launched in 2016. As of May
2024, UPI processed 14 billion transactions monthly—up 49% year-on-year (Times
of India, 2024)². The low-cost, interoperable nature of UPI has revolutionised
financial access for individuals and small businesses alike. FinTech players like
Paytm, Razorpay, and PhonePe are not only payment providers but also offer
working capital loans, digital savings, and cross-border solutions. India's FinTech
sector has enabled over 6,000 start-ups to flourish, supporting job creation and GDP
expansion, particularly through SME growth. In the United States, FinTech
innovation thrives through venture capital and entrepreneurial dynamism.
Companies like Stripe, Robinhood, and Square have disrupted payments, trading,
and banking services. However, regulatory fragmentation between the SEC, OCC,
and state-level authorities poses scalability challenges.

Still, digital financial services contributed to a $1.4 trillion increase in GDP
from 2010 to 2022 by improving labour productivity and automating financial
services (IMF, 2023). The US FinTech industry continues to influence global
standards in RegTech, robo-advisors, and crypto regulation.
The UK government’s FCA Sandbox model, launched in 2016, is globally
recognised for fostering responsible innovation. Over 700 FinTech projects have
been tested under regulatory supervision, leading to the emergence of firms like
Revolut, Monzo, and Wise. London remains Europe’s FinTech capital, with the
sector contributing over £11 billion to GDP in 2022. According to Innovate Finance,
digital finance improves capital allocation efficiency, enhances SME

competitiveness, and boosts export volumes through better FX and trade finance
services.
Singapore has positioned itself as a FinTech hub in Asia through initiatives
by the Monetary Authority of Singapore (MAS). It pioneered Project Guardian,
which tokenizes capital market products, and supports green FinTech through its
Green Bond Framework. With over 1,000 FinTech firms, Singapore’s economy has
benefited from improved capital formation and investment attraction. The MAS
reports that FinTech contributed 3.6% to GDP growth in 2022 by facilitating trade,
investment, and digital job creation.

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