International Journal of Economics, Commerce and Management United Kingdom ISSN 2348 0386 Vol. VIII, Issue 2, February 2020 Licensed under Creative Common Page 363 http://ijecm.co.uk/ THE ROLE OF DIGITAL BANKING IN MODERN BANKING ECOSYSTEM AND TERMS OF ESTABLISHING IN THE REPUBLIC OF UZBEKISTAN Muradova Lyudmila Fathiddinovna PhD in Economic Science Tashkent State University of Economics, Uzbekistan mila.muradova@gmail.com Abstract The article shows the place of digital banking in the financial ecosystem. With the support of the latest technologies, banks are working to identify new niches for business, develop individual services, implement innovative strategies, develop new market opportunities and increase profits. The highlights of the regulatory and legal framework of Uzbekistan to promote the development of the digital economy are given. Keywords: Digital banking, big data, block chain, mining, smart contracts, crypto-currencies, crowd-funding INTRODUCTION Today it is impossible to imagine the bank industry without digitalization of data. We are visiting banks' premises less and less, and the banks, from their side, are trying to contribute to this by different ways. We can place funds in a deposit online, conduct online conversion, transfer money from one account to another, make online purchases and even borrow loan without additional bureaucracy. All these points contribute to reducing the costs both for banks and customers, and also help to reduce corruption. Software processing significantly reduces transaction costs. Banks have the opportunity to submit customer accounts by soft. The cost of delivering invoices in electronic form is much