BAKU, Azerbaijan, December 28. Azerbaijan's National Depository Center (NDC) has formed a new architecture for opening depository accounts, NDC Board Chairman Aghahuseyn Khudaverdiyev said during a media briefing on the E-vote system of NDC today, Trend reports.
"Now, clients of investment companies can remotely open depository accounts and access information about their securities via API. This new infrastructure is developed in line with the best practices of developed countries and will make a significant contribution to the development of Azerbaijan's capital market.
Leveraging the backing of the Central Bank, the digital frameworks implemented during the initial public offering (IPO) of the International Bank of Azerbaijan have effectively undergone rigorous validation processes.
As a result, investors were able to conveniently place their orders through depository accounts opened via a mobile application. Additionally, the ability to display results of transactions on the secondary market in securities balances was ensured," he explained.
Khudaverdiyev articulated that the primary objective of the NDC, in alignment with its strategic development framework, is the advancement of digitalization, alongside the enhancement of service quality and accessibility.
"According to the 'Central Bank Development Strategy for 2024-2026', the key strategic goals for capital markets include developing market infrastructure, strengthening market trust and its resilience, expanding access to the market, and increasing the diversity of investment instruments. To achieve these goals, the 'NDC Development Strategy for 2024-2026' has been approved.
As a leading and effective organization contributing to the overall stability and resilience of the financial sector, the NDC has identified providing market participants with accessible, responsible, and innovative services as its main priority.
Within the framework of this strategy, the NDC is transforming into an organization with improved corporate governance, enhanced information security, expanded capabilities, and a flawless operational system," he emphasized.
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