BAKU, Azerbaijan, May 16. If the market itself undergoes digital transformation, regulatory tools should be subjected to it as well, director of the Department for Work with Supervisory and Law Enforcement Bodies of the Financial Monitoring Service under the Central Bank of Azerbaijan Nurlan Babayev said during the panel session at the Fintech Summit in Baku, Trend reports.
"If the market itself is undergoing digital transformation, then both fintech and traditional banking services, as well as regulatory tools, must undergo digital transformation. We are going a step backwards in digital transformation, as this process does not go in parallel," he emphasized.
According to him, payment and electronic money organizations have existed in the market for a long time.
"It is very interesting that it was criminals who used to determine their presence and started using them. This is also natural because regulators have to make collective decisions that have to go through several stages. And criminals do not have this problem," Babayev explained.
He mentioned that before any product is introduced to the market, its risks must be weighed.
"All processes must be analyzed, and risks must be weighed, so that there will be no abuse of the product," he added.
To note, Fintex Summit 2024 is taking place in Baku on May 15–16, 2024. This year's summit is dedicated to the theme "New Trends in Banking and Financial Ecosystem: Innovative Solutions, FinTech, and Security".
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