Details added (first version posted on 11:21)
Baku, Azerbaijan, April 17
By Anvar Mammadov - Trend:
Azerbaijani banks must actively participate in the development and change of the banking legislation, Taleh Kazimov, chairman of PASHA Bank, said.
Kazimov made the remarks at the 1st International Banking Exhibition and Conference, titled ‘Digital Banking and Security’ in Baku April 17.
“This will help achieve the required results faster and timely address the existing challenges in the market,” he said.
"Presently, many people think the development of the legislative base depends on Azerbaijan’s Financial Markets Supervisory Authority (FIMSA), but banks must also actively participate in these issues," he said. “Currently, many banks are negotiating with FIMSA to improve legislation within the development of digital banking. I think these talks will lead to positive results soon."
Kazimov added that presently PASHA Bank is working much to develop digital banking.
He thinks it necessary to expand cooperation with financial and technological companies.
"Banks must stop to compete with the financial and technological companies and start to cooperate with them," Kazimov said. “Financial and technological companies work faster. They have a big number of services, but there is a lack of client base and trust."
"If banks and other financial institutions continue to compete with the financial and technological companies, we will simply fail," he said. "Together we could make great progress."