Standards for the protection of the rights of consumers of digital financial services approved

Tashkent, Uzbekistan (UzDaily.com) - Currently, there is an expansion of the types of digital financial services and an increase in the number of consumers using them. In particular, the rise in the use of digital financial services during the coronavirus pandemic has demonstrated their benefits.

At the same time, in order to reduce a number of risks within the framework of ensuring security when consumers use digital financial services, the Board of the Central Bank of the Republic of Uzbekistan in relation to credit and payment organizations approved the recommendatory standards for the protection of the rights and interests of consumers of digital financial services.

These standards introduce the concept of digital financial services, define the minimum amount of information on services provided to consumers, the rules and procedure for their provision, as well as the requirements for the software used when providing digital services.

In addition, the implementation of these standards in practice will contribute to:

- ensuring the observance of the rights and interests of consumers;

- prevention of fraud and / or the implementation of unfair practices on the part of service organizations and third parties as a result of incomplete awareness by consumers and their lack of knowledge about the services provided;

- reducing the possible risks that consumers may have when using digital financial services.