Azerbaijani bank chooses new market for operating its money transfer system
Baku, Azerbaijan, Sept. 22
By Azad Hasanli – Trend:
Azerbaijan’s Zaminbank, now undergoing liquidation, chose Turkey as a new market for operation of its money transfer system Caspian Money Transfer, a source in the bank told Trend.
Operation of Caspian Money Transfer - Azerbaijan's first international money transfer system - was suspended after Zaminbank’s license was revoked on July 21, 2016.
This money transfer system is a structural unit of Zaminbank and Azerbaijan's legislation does not allow it to function independently. Therefore, the bank’s management decided to register it abroad to ensure the system’s further work.
Earlier, the bank considered three potential markets for registering its money transfer system – Russia, Turkey and Kazakhstan.
“We have already completed all the necessary registration procedures and are awaiting a response from the Turkish regulator,” the source said, adding it is planned to change the name of the money transfer system after registration.
“We are still waiting for the regulator’s decision, but if we get a positive response, we plan to further expand activities and offer new financial services. We will also continue to work in Azerbaijan, but as a foreign company,” the source noted.
Prior to the suspension of activities, Caspian Money Transfer worked directly in all CIS countries, and also carried out money transfers to countries in Europe, North and South Americas through partner systems.
Zaminbank started to operate on Nov. 16, 1992 in Azerbaijan.