THE SILENT REVOLUTION: FINTECH'S GROWING INFLUENCE ON SME BANKING AND THE FUTURE OF TRADITIONAL BANKS

This article examines how financial-technology (FinTech) firms are increasingly reshaping the small and medium-sized enterprise (SME) banking segment in Uzbekistan and, in doing so, challenging the traditional banking model. Globally, payment giants and FinTechs have moved from transactional services into embedded finance and ecosystems that serve SMEs. In Uzbekistan, digital-payments growth, FinTech startup expansion, and demand for streamlined SME financial services present a window of change. Drawing on global literature and emerging Uzbek evidence, the paper analyses the state of SME finance, highlights key FinTech initiatives, explores the strategic response required of traditional banks, and presents empirically grounded tables and figures. The findings suggest that unless Uzbek banks shift from product orientation to ecosystem thinking, they risk becoming mere infrastructure providers rather than front-line SME financial partners. The article concludes with recommendations for regulators, banks and SMEs to navigate this transformation.

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