BAKU, Azerbaijan, February 24. The Central Bank of Azerbaijan (CBA) has been accepted as a non-voting observer member of the Berlin Group openFinance, Trend reports via the CBA.
This membership will make an important contribution to the adaptation of the innovation promotion and regulatory framework to international standards.
The CBA will also have the opportunity to benefit from the best international practices by cooperating with leading organizations and regulators in the field of open banking and open finance within the framework of membership.
At the same time, the membership will allow the CBA to implement important initiatives in the direction of forming an inclusive financial ecosystem in Azerbaijan and increasing the stability of the financial sector.
Berlin Group is a prestigious international initiative aimed at the development of standards and innovative solutions in the financial sector. Founded in 2004, the group aims to increase interoperability in interbank transactions and promote an efficient retail payment market within the Single Euro Payments Area (SEPA).
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