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Azerbaijan's Central Bank eyes ways to fortify cyber security issues - executive director

Economy Materials 30 November 2023 15:53 (UTC +04:00)
Azerbaijan's Central Bank eyes ways to fortify cyber security issues - executive director
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, November 30. The Central Bank of Azerbaijan (CBA) is considering ways to strengthen aspects of cybersecurity, said the Executive Director of the Central Bank of Azerbaijan (CBA), Farid Osmanov, during the panel Open Banking and APIs: Ensuring Secure Data Exchange and Innovation in Payments" at the InMerge Innovation Summit in Baku on Thursday, Trend reports.

According to Osmanov, open banking will increase financial inclusiveness.

"Financial institutions that embrace the concept of open banking can expand their ecosystem to better serve clients by connecting swiftly and efficiently with banking partners and third-party partners. Simultaneously, they may improve customer service even further by monitoring and analyzing client behavior patterns. CBA is currently considering methods to improve cyber security," he emphasized.

InMerge, considered the largest innovation summit in the region, is designed to bring together leading companies, startups, and investors to discuss the topic of innovation and possible collaborations. The summit is taking place in Baku from November 30 through December 1.

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