This article is aimed at studying the introduction of the “Open banking” business model into the financial sector of Uzbekistan as one of the strategic mechanisms ensuring the digital transformation of the economy. This model allows for the development of innovations, increased competition in the banking services market, and improved the quality of financial services provided to the population. The concept of “Open Banking” was studied with an emphasis on world practice and the experience of Great Britain, and the activities of banks operating in an open system were analyzed. Also, issues such as creating a reliable regulatory framework, strengthening security and confidentiality measures, and developing cooperation between banks, fintech companies, and regulators were studied. The purpose of the article is to draw attention to the expected risks, along with demonstrating the economic opportunities of the “Open Banking” business model in the process of its gradual implementation.

The article below presents the investigation of the evolution of risk theory from the 17thcentury to the present day. Recently attention to the researches of entrepreneurial risks has increased that is caused by a set of circumstances and reasons amplified. The globalization of the world economy, the political instability in the world and the imposition of economic sanctions against Russia for some companies are going to be the drivers of further development, while for others can lead to crisis and even catastrophic level of risk. Nowadays theory and practice of risk management not only have not lost their relevance, on the contrary their development is becoming increasingly important. Fundamental principles of entrepreneurial risk analysis and management were laid by great philosophers, mathematicians, economists already in 17th– 20th centuries. The definition of profit was given and also its understanding was revealed by the scientists in their works through investigation of the profit nature and the role of uncertainty in its generation. They identified the most important distinguishing features that characterized risk situations arising in the economic decision-making process under conditions of uncertainty inherent in a market economy. The greatest contribution to the development of the risk theory was a combination of economic theory, mathematics and statistics, which crystallized as an econometrics. Application of statistics and econometrics allows to quantify the expected profit, its volatility and the level of risk; on the other hand, the use of modern hardware and software makes it possible to predict the future.

The article provides a scientific analysis of the main factors influencing the emergence of crisis situations in commercial banks. It substantiates that a banking crisis is directly related to the quality of the loan portfolio, liquidity, capital adequacy, deposit stability, interest rate risk and currency risk. Based on statistical data on the banking system of Uzbekistan for 2024-2025, the article analyzes non-performing loans, assets, deposits and capital indicators. The findings show that assessing crisis risk in commercial banks should rely not on separate indicators, but on a comprehensive risk management approach

This article examines the key risks faced by banks in forming green credit portfolios and identifies effective strategies for risk management. Drawing on international experience, the study analyzes the nature of credit, climate, transition, technological, operational, market, and greenwashing risks. The findings demonstrate that green loans possess a more complex risk profile compared to traditional lending and require the implementation of environmental taxonomies, energy-efficiency certification, independent audits, and state-supported financing mechanisms. For Uzbekistan, adopting these tools can improve the quality of bank credit portfolios, reduce environmental risks, and accelerate the country’s green economic transition.

This article examines the distinctive features of modern Islamic banking products compared with conventional banking services. It provides a comparative analysis of income generation, risk-sharing mechanisms, and links to real assets in murabahah, ijarah, musharakah, mudarabah, sukuk, and takaful products. Conclusions are also developed regarding the expansion of Islamic banking products in Uzbekistan.

This article explores the applicability of the Risk-Based Capital (RBC) framework to the insurance market of the Republic of Uzbekistan. Drawing upon international best practices, especially the APRA model from Australia, the study empirically assesses the capital structure comprised of premium, claims liability, and asset risks. The analysis revealed the dominant role of insurance-related risks in capital requirements and emphasized the need to transition from rigid normative regulation to a more risk-sensitive and adaptive supervisory approach. The paper provides policy recommendations for a phased implementation of RBC, including the development of a localized model, creation of a national actuarial database, and modernization of regulatory frameworks.

This article examines methodological approaches to improving the efficiency of banking products through artificial intelligence technologies. The stages of integrating artificial intelligence into the banking product life cycle are systematized, and the interrelationship between process automation, predictive analytics, personalization, risk management, and adaptive product management is substantiated. A conceptual model incorporating data quality, algorithmic transparency, human oversight, and continuous monitoring is proposed.

The article examines in detail the directions of implementation of innovative technologies in the banking sector. Examples of successful implementation of innovative technologies in the banking sector are analyzed, as well as an analysis of the advantages and risks of implementation of innovative technologies, the impact of the development of the financial and credit system on the development of the economy.

This research examines the influence of environmental risk management (ERM) on the credit portfolio stability of commercial banks in Uzbekistan, utilising secondary data from sustainability reports, regulatory publications, and international financial institutions. The results show that banks with more advanced ERM frameworks, which include environmental screening, green lending, and sustainability governance, have lower non-performing loan (NPL) ratios and better asset quality. On the other hand, banks that don’t use ERM as much are still more vulnerable to environmental and credit risks. The study finds that integrating environmental risks into the banking system in Uzbekistan is necessary to make it more financially stable and in line with global standards for sustainable finance

In recent years, the intensification of global financial instability has posed significant challenges to banking markets. In response, commercial banks have placed particular emphasis on enhancing their resilience to economic fluctuations. According to expert forecasts, activity in the global banking sector is expected to increase substantially in 2025–2026. Notably, inflation in the Eurozone in 2024 is projected to be around 2.3% instead of the previously forecast 2.7%. Financial stability, however, remains tied to moderate growth prospects. Various models typically chosen or approved by regulators are used to assess banks’ stability. Contemporary research focuses on improving existing methodologies and financial stability indicators in light of changes in the global macroeconomic environment, raising capital adequacy requirements for banks, and enhancing tools for forecasting their future performance. At the same time, the adoption of new technologies and financial instruments is accelerating banks’ digital transformation and the automation of their business processes. This article offers a comprehensive study of the means and mechanisms for ensuring the financial stability of commercial banks in Uzbekistan. Its primary objective is to analyze the state of the banking sector and identify ways to strengthen its resilience, drawing on global best practices and national specificities. To achieve this, both scientific-pedagogical methods (historical-comparative analysis, structural-logical research) and empirical approaches (statistics from regulatory documents and bank reports, expert surveys) are employed.

This article analyzes the improvement of lending processes in commercial banks and the state of financing in modern practice. The study examined the economic significance of lending mechanisms in commercial banks' operations, loan portfolio quality, credit risk management systems, and the development of digital-based lending services. It also examines ongoing reforms in the banking system, the effectiveness of modern scoring systems in loan distribution, remote banking services, and financing mechanisms

This article examines the modeling of climate change-related financial risks in Uzbekistan. Based on official reports from the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the Central Bank of Uzbekistan, the country's vulnerability level to climate change is determined and the current state of climate risk management in the banking sector is assessed. The physical and transition components of climate risks and practical possibilities for their modeling using stress testing and Climate VaR methodologies are explored. Based on the research findings, scientific conclusions and practical recommendations for integrating climate risks into Uzbekistan's financial system and developing green finance are formulated

This article analyzes the concept of sustainable development and the role of green finance in the banking sector. The study examines the practices of managing environmental and financial risks in commercial banks, foreign experiences, and examples from banks in Uzbekistan. The results indicate that green finance ensures not only ecological responsibility but also strategic development of banks. This approach contributes to financial stability, economic modernization, and strengthening environmental security

This article examines the system of factors determining the effectiveness of financial resource management in higher education institutions. The expansion of higher education enrollment, changes in the proportion of government-funded and tuition-based financial resources, and the growing need to finance research and innovation activities require a qualitative improvement in financial management. The purpose of the study is to systematize the factors affecting the formation, allocation, and control of financial resources and to develop an integrated assessment methodology. The research applies a systems approach, comparative analysis of regulatory and legal documents, the indicator method, the Analytic Hierarchy Process (AHP), normalization techniques, and sensitivity analysis. The findings classify the influencing factors into five interrelated groups: the institutional and regulatory environment, diversification of funding sources, the quality of internal financial management, the efficiency of resource allocation, and transparency and financial risk management. Based on these groups, a Financial Resource Management Efficiency Index for higher education institutions is proposed. The index can be used to diagnose the financial sustainability and development potential of higher education institutions, identify priority expenditure areas, and improve the quality of managerial decision-making. The research findings may also be applied in developing medium-term financial plans, introducing responsibility centers for budgetary and extra-budgetary funds, and establishing internal financial monitoring systems

This article examines the scientific and theoretical aspects of the influence of psychological factors on lending to individuals, improving the credit system in the banking and financial systems, an attractive offer of credit services, as well as the demand for credit that clearly and reliably determines the possibility of repaying the loan, and shows ways to increase it

This article examines the economic essence of digital governance in joint-stock companies, with a particular focus on banks operating under conditions of institutional and technological transformation. The study argues that digital governance should not be reduced to automation or IT adoption, but should be interpreted as a data-driven management system influencing decision quality, risk management, compliance, and financial stability. Using a systematic and comparative approach, the limitations of macro-level indices such as DESI and EGDI are identified in assessing corporate governance effectiveness. To address this gap, the paper proposes an integrated author’s indicator system and an integral evaluation model linking digital governance maturity with economic and risk-related outcomes. The findings provide a methodological basis for empirical analysis and practical application in banking governance

This article analyzes the impact of capital adequacy and financial stability on the competitiveness of commercial banks in the financial market. The study examines capital adequacy ratios within the banking system, risk management mechanisms, and the institutional foundations for ensuring the financial stability of banks. Based on international financial standards, particularly the Basel III framework, the relationship between bank capital and competitiveness is analyzed. The results of the study demonstrate that maintaining financial stability in banks is a crucial factor in strengthening the competitive environment within the financial market.

This article examines the drivers of non-performing loans (NPLs) in Uzbekistan’s commercial banks by combining macroeconomic determinants with bank-specific factors and assesses the effectiveness of early warning systems (EWS) in mitigating the procyclicality of asset-quality deterioration. The empirical narrative relies on official Central Bank of the Republic of Uzbekistan indicators for NPLs and loan portfolios, complemented by recent empirical studies on NPL determinants in transforming banking systems. Particular attention is paid to ownership-related heterogeneity (state-owned vs. other banks), comparability issues between regulatory NPL metrics and IFRS 9-based measures, and the role of loan restructuring practices. The paper derives policy-oriented recommendations aimed at improving disclosure of asset quality, integrating IFRS 9 indicators into supervisory monitoring, and standardizing EWS triggers for timely detection of borrower credit deterioration.

This article explores the theoretical and practical aspects of improving non-performing loan (NPL) management systems in commercial banks, considering international practices and the specifics of Uzbekistan’s banking sector. The study analyzes macroeconomic and institutional factors influencing the rise of NPLs and evaluates the role of digitalization and artificial intelligence technologies in enhancing asset recovery and risk mitigation. Practical policy recommendations are proposed to reduce NPL levels and strengthen banking system resilience in Uzbekistan.

The article discusses the problems related to the main areas of effective management of the loan portfolio of commercial banks, as well as improving the management of the loan portfolio of commercial banks, and has developed proposals to address them. In order to solve the above-mentioned problems, in our opinion, it is advisable to implement the following measures: planning, rational management, as well as the use of loan portfolios and loan investments helps to increase competitiveness and reduce the credit risk of commercial banks.

The article analyzed the role and importance of the level of financial literacy of the population in the development of the digital economy, the opinions and opinions of foreign and domestic scientists in this regard, the directions of increasing financial literacy, the problems of further development of economic sectors as a result of an increase in the volume of financial services. As a result of scientific research, conclusions and suggestions were drawn in the appropriate order.

In recent years, mortgage loans have become increasingly important. Also, without a system, the timely development of the capital market, including mortgage and insurance, is impossible. From this point of view, this topic is always relevant and is the focus of attention of researchers. This article analyzes the concept of mortgage insurance, its main types and implementation mechanisms. The article also indicates the main advantages of mortgage insurance for various participants in these relationships.

This article discusses strategies for the development of financial services in commercial banks in order to increase their competitiveness, efficiency and value proposition. In an era characterized by global technological development and changing customer preferences, commercial banks face the need to innovate and adapt to changing market demands. The article notes that today, when digital technologies are rapidly developing, the banking sector is reorganizing its activities in accordance with modern requirements. The digital financial services offered by commercial banks serve not only to meet the needs of customers, but also to improve the quality of banking services, reduce operating costs and increase competitiveness.
The process of developing digital financial services by commercial banks has been gradual for many years, depending on technological progress, changes in customer requirements and the development of global financial markets. The implementation of these strategies will help commercial banks take a leading position in the financial services sector, stimulate business growth and achieve broader goals of economic prosperity and social well-being.

The article highlights the role of the social insurance system in the social protection of the population. The directions of the social insurance system are given. Issues related to the organization of the social insurance system in Uzbekistan are analyzed, problems and shortcomings encountered in the system are described, as well as proposals and recommendations for solving them

The paper examines the economic essence and theoretical evolution of digital governance in joint-stock companies, with a focus on joint-stock banks, under transformation. It argues that digital governance goes beyond IT adoption by reducing information asymmetry as well as agency and transaction costs, strengthening control and accountability, and enabling early risk identification. Using comparative and content analysis, the study contrasts key concepts, proposes an evolutionary model and a factor system, and formulates an author’s definition of digital governance. The results provide conceptual implications for improving governance architecture in banking organizations