BAKU, Azerbaijan, April 16. Azerbaijan plans to roll out the Open Finance concept, the Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov told reporters, Trend reports.
"Considering that this concept is an integral part of the insurance sector, it will stimulate the development of insurtech as one of the promotion directions," Kazimov explained.
The official also emphasized that cooperation with relevant institutions in Türkiye in the field of insurance is expanding.
To note, the Open Finance concept relates to the idea of transparency and accessibility of information about financial operations, budgets, and expenditures of any government body, organization, or state. The main idea is to make financial data more accessible, understandable, and convenient for analysis and use.