BAKU, Azerbaijan, March 7. Azerbaijan has created a strategic basis to form a stable financial ecosystem, First Deputy Chairman of the Central Bank of Azerbaijan (CBA) Rashad Orujov said, Trend reports.
He made the remark during a conference on "Economic reforms and modern challenges for improving the business environment" in Baku.
“Azerbaijan established a suitable legal framework for electronic payments while also strengthening legal protection for payment service customers. Environmental, social, and governance (ESI) factors must be considered by financial institutions, according to established requirements. In cooperation with relevant institutions, implementation of such sub-components as identification of climate risk-sensitive economic activities and preparation of taxonomy for sustainable finance has been launched," he emphasized.
The financial ecosystem encompasses a diverse array of financial instruments, actors, and organizations collaborating to deliver financial services and products. It spans banks, insurance companies, investment funds, financial technology firms (FinTech), securities markets, payment systems, and other financial institutions and organizations.
The financial ecosystem operates through the collaborations of these diverse participants, offering services and products to meet customers' financial requirements. It incorporates regulators and regulatory frameworks to ensure legitimacy and stability in the financial sector. Technological innovations frequently contribute to the evolution of the financial ecosystem, introducing novel approaches to delivering financial services and altering the dynamics of interactions within the ecosystem.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel