Rector’s Welcome Speech

Ladies and Gentlemen!

This institution was founded in 1996, by the decree of the President of the Republic of Uzbekistan, and during this time, the Academy team has achieved significant success.

During this period, the Academy trained about four thousand highly qualified leaders. Studying at the Academy is to be considered as a guarantee a bright future. Among the specialists in the banking and financial sectors, there are a lot of people who say: “I would like to study at the Academy, to get knowledge and to have chance to get experience abroad”.

Over the years, professors and teachers of the Academy taught lessons at a high level and deserved the special respect of students. These splendid traditions are preserved to the present day, and we are proud of them.

The demand of New times is a great challenge for us. In general, around the globe, business and customers complain about huge gap between higher education and reality.

It is known that:

- information exchange processes are accelerated, and the volume of knowledge needed to master a modern specialist is growing at an unprecedented level, as some scientists argue, every five years the volume of information needed to be consumed by student – doubles;

- knowledge is becoming more and more “commodity”, the “knowledge monopoly” that teachers previously possessed is canceled now, it is not easy to compete with Google, and youngsters Google faster than we;

- the introduction of robotics and artificial intelligence remains our natural future.

In these processes, each higher education institution has the task to find it’s new place in the society.

Classical Bologna University in the XI century, the was a student community and earned a living by providing higher education to an elite, since in the XX century, University 2.0 made its contribution to the development of society by doing research, but it is not enough anymore, to meet the demands of the 21st century.

University 3.0 is an integration of higher education, research and entrepreneurship.

This is precisely the goal facing the Banking and Finance Academy. Each of us should be not only a teacher at our workplace, but also a scientist who solves actual industrial problems, as well as to be an entrepreneur with the ability to sell his research in hi-tech market.

These processes are new and unfamiliar for many of us. However, those who will quickly adapt to a new trend, will succeed.

I am far from illusion, that these changes will be easy. Serious difficulties are expected, as well it requires tremendous efforts. However, if we unite, we will surely overcome these obstacles.

A Business incubator and Venture financing fund will be founded at the Academy, so new high-tech enterprises will have chance to be created. They will be developed in an incubator, subsequently they will be sold to banks, financial institutions, and investors. Consequently, each researcher who made its contribution will become a partner in the newly created business and will receive his profit.

Searching, developing and training of highly qualified personnel remains the priority area of ​​the Academy. In the next 3 years, our goal is to bring up the “Top 100 leaders” in the financial and banking sector of the country, as well as to help them to promote to high positions.

Only leaders can educate new leaders. From this perspective, our teachers should be practitioners and leading scientists, possessing the modern knowledge. We are obliged to take scientific research to a new level. Our scientific work should solve the current problems of the industry. Our business customers should queue to pay for our work. The only way to raise the level of international citation is to contribute to solving global problems, and I think that we can do this if we conduct research focused and devoted.

I would like to touch on the issue of specialized scientific advice. The newly formed Academic Council will consist of domestic and foreign professors with international authority, leading research in advanced fields of science. At the Academy, activities will be carried out in three languages. The defense of the thesis at the Academic Council of the Academy will be difficult, but fair and prestigious, not only in Uzbekistan, but also recognized in the region.

The 7 most important points of the strategic development Conception of the Banking and Finance Academy are as follows.

  1. An open admission - the Academy now opens its doors to anyone who dreams to study;
  2. Talented students - a competition for second-year graduates is announced, as well as Master’s admission will also be conducted based on an open competitive selection, with the participation of banking and financial organizations;
  3. New specialties - bachelor and master students (BBA & MBA) in the field of banking business and financial management will be trained for the first time;
  4.  12 months, on-the-job training - the opportunity to study on the Master’s program, working part-time;
  5. In cooperation with international banks - practical training programs are being implemented in cooperation with Sberbank, Credit Suisse, Unicredit;
  6. Guardianship of the largest banks - issues of personnel, financial and strategic development will be decided jointly by banks Chairmen’ within the Academy Council;
  7. Three new campuses - the School of fintech experts, the International banking school, as well as the Executive MBA (for senior executives) will be built and operated within next three years.


I am sure that, getting to the peaks facing us, we will be proud of our well-performed work.

I am also confident that we will be encouraged by the significance of our noble cause.


Best regards from

The Rector of the Banking and Finance Academy

Tim Yadgarov

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