Page 43 - "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)

overall 15.5% reduction. The most common types of cyber threats were distributed
as follows:

• Phishing (data collection via fake links) – 41%
• Malware (viruses and malicious software) – 25%
• Ransomware (data blocking and ransom demands) – 14%
• Data leakage (unauthorized data exposure) – 9%
• Business Email Compromise (email-based fraud) – 11%

The digitalisation process has also begun in Uzbekistan’s financial system.
However, there is still a pressing need for deeper integration, automation, and the
adoption of technological innovations. By implementing a regulatory sandbox—as
practiced in Singapore—Uzbekistan could provide FinTech startups with a secure
environment to test new products and services before full-scale deployment.
Singapore is diversifying its financial sector through instruments focused on
sustainable development and climate adaptation, such as green bonds, sustainability-
linked loans, and grants for eco-project financing. Under the Green Bond
Framework adopted in 2022, Singapore plans to issue SGD 35 billion in green bonds
by 2030. As of 2024, the volume of issued green bonds reached SGD 38 billion.
Such an approach is highly relevant for Uzbekistan as well. Given that Central Asia
is one of the regions most vulnerable to climate change, the implementation of green
finance instruments is vital for ensuring economic stability. Currently, the Uzbek
state budget’s participation in financing environmental projects is limited. However,
by collaborating with international financial institutions, Uzbekistan could introduce
sustainability bonds, green sukuk, and ESG credit lines—thus not only alleviating
environmental challenges but also unlocking new investment opportunities for the
private sector.

As for US, The United States stands as a global leader in the development and
utilisation of modern financial instruments. Its financial markets are characterised
by their vast scale, deep liquidity, and a robust regulatory framework that fosters
innovation while maintaining market integrity. This section explores the key features
of the U.S. financial landscape, focusing on derivatives markets, the adoption of
sustainable financial instruments, and the integration of digital assets. The U.S.
financial system is underpinned by a complex network of institutions, including
commercial banks, investment banks, hedge funds, and regulatory bodies such as
the Securities and Exchange Commission (SEC) and the Commodity Futures
Trading Commission (CFTC). This ecosystem supports a wide array of financial
instruments and services, facilitating efficient capital allocation and risk
management. The United States hosts the largest and most sophisticated derivatives
markets globally. As of the end of 2023, the notional value of outstanding over-the-
counter (OTC) derivatives stood at $667 trillion, marking an 8% increase year-over-

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