Regulatory Alerts2024-08-12 | УП-109Added
On Measures to Accelerate the Development of the Factoring Services Market
The President of Uzbekistan approves the creation of factoring organizations registered as non-bank credit institutions with the Central Bank and mandates the implementation of an Electronic Factoring Platform. Effective January 1, 2025, the document permits foreign currency factoring operations, allows credit institutions to resell acquired monetary claims (refactoring), abolishes liability for violating assignment prohibitions, and establishes specific rules for repatriation of assets and discount premiums in export contracts. The Cabinet of Ministers is required to submit draft legislation to the Legislative Chamber within one month, and the Central Bank must connect credit institutions and state-owned enterprises with over 50% state share to the platform while setting security standards for non-bank platforms. The document sets a target to increase factoring service volume tenfold within three years and achieve a 3% market share for state-owned banks by the end of 2026.
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