New licensed types of activity to appear on Azerbaijani financial market
Baku, Azerbaijan, Nov. 24
By Azad Hasanli – Trend:
It is planned to introduce licensing of payment organizations, issuers of electronic money and local branches of foreign issuers in Azerbaijan, said Khayaladdin Tagiyev, head of the payment systems sector of the country’s Financial Market Supervisory Authority (FIMSA).
He made the remarks during the second Baku Forum.
This is envisaged in the draft law “On Payment Services and Systems”.
Taghiyev said that the new law will cover the activities of banks, postal operators, electronic money issuers and other organizations.
The draft law introduces the new term, “providers of payment services”, which unites the Central Bank, banks, the national postal operator, payment organizations, issuers of electronic money and local branches of foreign issuers.
FIMSA representative added that the draft law will also introduce the concept of “payment agents”.
“At the initial stage, we want payment agents to provide only three services – carrying out money transfers, payments via payment instruments and the organization of cash transactions,” said Tagiyev.
“Payment agents will play a significant role in deepening financial inclusiveness. This will not only expand access to finance, but will also allow us to work with customers more efficiently,” he added.