BAKU, Azerbaijan, July 29. The Central Bank of Azerbaijan (CBA) is negotiating with the UK-based Revolut fintech company, which eyes entering the Azerbaijani market, CBA Executive Director Farid Osmanov told Trend on the sidelines of a press conference on July 29.
"Revolut has not sent a formal request to the Central Bank. According to the information received from the public, the company is currently thinking of rendering services in our country," he said.
Osmanov did say that the Central Bank and Revolut spoke, 'tested the waters', about the company intending to provide money transfer services in Azerbaijan.
"In case the final decisions are made, the Central Bank will provide further information," Osmanov said.
As he noted, the CBA assesses the compliance of such services with legislative requirements and the bill on payment services to be adopted in the future.
Revolut is a financial technology company that offers banking services. The company with over 18 million private and 500,000 corporate users is represented in more than 200 countries. Furthermore, Revolut carries out financial transactions in over 30 currencies. The Revolut mobile app allows to buy and sell stocks, crypto, as well as currencies.