BAKU, Azerbaijan, April 30. The Central Bank of Azerbaijan (CBA) will start accepting applications for the special regulatory regime of the bank on May 1, CBA Director General Farid Osmanov said during the presentation dedicated to the regime, Trend reports.
"We encourage those involved in digitalization to facilitate the introduction of innovative products within the special sandbox framework. Additionally, we invite financial institutions and legal entities to actively participate in promoting innovative products and services within the sandbox environment," he added.
According to Head of FinTech and Innovations at the Central Bank of the Republic of Azerbaijan, Sahib Hasanov, the primary goal of such a sandbox is to establish a platform that enhances financial inclusivity by introducing and testing innovative products in the financial sector. This initiative aims to manage associated risks effectively and collaboratively develop a regulatory framework with market participants.
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