BAKU, Azerbaijan, April 22. The implementation status of the strategy on digital finance initiatives in Azerbaijan last year was 88.9 percent, Trend reports via the implementation status of the "2024-2026 Financial Sector Development Strategy" by the Central Bank of Azerbaijan.
The preparation of rules for the implementation of the Special Regulatory Regime (XTR) and the creation of a platform, the launch of a portal for the implementation of an open banking approach, the approval of the normative and methodological framework, the creation of a unified platform for presenting fintech ecosystem data to startups, investors, and other stakeholders, the transition to a unified portal for collecting data from financial institutions, and the approval of the "Requirements for Ensuring Information Security in Entities Supervised in Financial Markets" have been successfully completed.
The postponed undertakings concerning the execution of digital financial strategies encompass the establishment and facilitation of a unified technical architecture for the deployment of "open banking" functionalities within financial ecosystems, the formulation of a legislative proposal pertaining to virtual assets and their service facilitators, revisions to the "Regulation on the Submission of Borrower Information to the Centralized Credit Register" applicable to credit entities, and the construction of an IT governance paradigm for financial organizations.
It should be noted that the strategy also includes initiatives for the integration of ESG (Environmental, Social, and Governance) and sustainable finance criteria into financial services, the development of digital financial solutions, the wide-scale promotion of innovations in this field, and the strengthening of cybersecurity.
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