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At a meeting between entrepreneurs and the President of Uzbekistan, the Director for International Operations at TBC Bank Group, Oliver Hughes, raised the issue of revising the legislation governing the storage of personal and banking data. Hughes proposed allowing banks to use cloud technologies both domestically and internationally, which, in his opinion, would be a significant step forward in the development of the banking sector and the adoption of artificial intelligence (AI).
What Is the Banking Sector Proposing?
Oliver Hughes emphasized that the current requirements for banks to store data in their own data centers impose serious limitations. This model requires significant financial investments and restricts scalability.
“There is the issue of cloud technologies, the so-called ‘cloud.’ Today, the requirements for banks regarding the storage of personal and banking data are quite strict. We are obligated to store this data in our own data centers, which is expensive and not very scalable. While the situation remains stable for now, it is becoming increasingly difficult as we move forward. This could hinder the development of tech companies as a whole,” he noted.
As a solution, Hughes suggested allowing the use of both local and offshore cloud technologies. According to him, this would not only optimize banks’ costs but also create the conditions for effective AI implementation, which requires substantial computing power.
Artificial Intelligence and Technological Development
Hughes placed special emphasis on the potential of artificial intelligence (AI). He mentioned that banks are already beginning to use AI for creating intelligent chatbots and other technologies. However, the current restrictions on data storage hinder further progress.
“AI requires a lot of computing power, which is currently unavailable in Uzbekistan. We are starting to work on AI development, creating AI bots, and we are already encountering these issues,” he stated.
The President’s Reaction
President of Uzbekistan Shavkat Mirziyoyev acknowledged the importance of the issue, emphasizing that artificial intelligence is the future that the country must be prepared for.
“This is indeed a valid issue, and it is timely. Artificial intelligence is our future, and we must pay serious attention to it,” the president said.
He instructed the Ministry of Economy and Finance, the Central Bank, the Ministry of Justice, and other relevant agencies to study this proposal in collaboration with the banking sector and to present a thoroughly developed action plan.
“We must make a comprehensive, balanced, and absolutely correct decision. This concerns the personal data of citizens. This is a very serious matter, and we cannot afford to make mistakes,” the head of state emphasized.
The article may contain inaccuracies as it is translated by AI. For more details, please refer to the Russian version of the article. If you notice any inaccuracies, you can send corrections via the Telegram bot: Uzvaibik_bot.
