In the second quarter of 2026, Uzbekistan’s InfinBANK took sixth place among large banks in the “Activity Index” of the Center for Economic Research and Reforms (CERR). The three-position jump reflects the structural transformation of the local financial sector. Classic credit expansion is giving way to transactional business, and competition for corporate clients is shifting toward digital onboarding.
What happened
The Center for Economic Research and Reforms regularly evaluates Uzbekistan’s banks on financial intermediation, service accessibility, asset quality, and capital adequacy. In Q2 2026, the market showed high dynamics: 12 out of 20 large players changed their ranking positions.
As InfinBANK Deputy Chairwoman of the Management Board Alesya Frolova told Spot.uz in an interview, the bank showed the most progress in the “accessibility” criterion. This metric is now driven by digital platforms rather than physical branches. Regional entrepreneurs can open checking accounts and arrange overdrafts in 15 minutes without visiting an office.
Amid a slight increase in the share of non-performing loans (NPL) in the state banking sector, InfinBANK rebuilt its underwriting system. The bank diversified its revenue, focusing on cash and settlement services for B2B and transactional services. This generates profit outside of credit interest and maintains high liquidity.
Macroeconomics: de-dollarization and excess liquidity
Uzbekistan’s financial sector is experiencing a fundamental shift toward the national currency. The share of loans issued in foreign currency dropped to 39%, and foreign currency deposits fell to 19%. Businesses prefer financing in soums to reduce exchange rate risks.
The deposit base growth rate in Uzbekistan reached 33%, significantly outpacing lending dynamics, which hold at 12%. The market has transitioned to a savings behavior model.
In response to this macroeconomic trend, InfinBANK focused on attracting soum resources through flexible digital deposits. Accumulating soum liquidity allows the bank to cover internal national currency needs and keep instant liquidity ratios above Central Bank requirements. Concurrently, the bank offered a 19.9% annual rate to support small and medium-sized businesses, reacting to record demand for soum loans.
The role of AI in compliance and risk assessment
Artificial intelligence integration in the Uzbekistan market has moved from basic customer request automation to deep financial management. Implementing AI algorithms allowed InfinBANK to filter out unreliable borrowers at early scoring stages.
Algorithms are also used to detect fraudulent transactions, analyze customer behavior, and forecast liquidity. Automation has become a critical factor in international cooperation. Global compliance and transaction monitoring standards require automated systems. Implementing these tools allows the bank to instantly detect anomalies and ensure the security of cross-border operations.
Why it matters
Traditional financial institutions in Uzbekistan are increasingly adopting the product patterns of fintech companies.
Maintaining positions in the banking market now directly depends on the ability to quickly move corporate clients online and monetize transactional business amid excess soum liquidity.
What’s next
The declining dollarization of the economy will continue to change the structure of bank balance sheets. Market players will have to find new ways to attract soum funds and retain corporate clients through seamless digital services.
The main barrier to further technological growth in the sector remains the talent shortage. Demand for IT specialists in fintech outpaces the academic education system’s capabilities. Banks will need to systematically invest in developing internal competencies and create their own training schools.
