Details added (first version published on 11:16)
Baku, Azerbaijan, April 17
By Azad Hasanli - Trend:
A regional association of providers of credit bureaus has been established in Azerbaijan.
A relevant document on establishment of the association was signed by heads of credit bureaus and organizations of six countries - Azerbaijan, Georgia, Ukraine, Kazakhstan, Kyrgyzstan and Tajikistan in Baku on April 17.
Credit bureaus of Belarus and Moldova are expected to join the association in the future.
Azerbaijan’s Financial Market Supervisory Authority (FIMSA), Ibrahim Alishov, who talked to reporters on the sidelines of the signing ceremony, said that the establishment of the association in Baku proves its importance as the financial center of the region.
"Azerbaijan has begun to play a transit role in the South Caucasus and Central Asia. We used to know that Azerbaijan is the regional center when it comes to the energy sector. It's great that now we are beginning to play a role of the financial center of the region," Alishov said, stressing that all these processes are the logical result of the complex reforms carried out under the leadership of the head of state.
He further reminded that this year Baku is included in the "Index of Global Financial Centers 2018" for the first time. The rating included 100 major financial centers of the world.
As for the association's activity, Alishov said that it will play a stabilizing role in the financial markets of the participant countries through facilitating the information exchange among countries and transparency of credit data.
The first private credit bureau in Azerbaijan has been operating since March 2018, with participation of the International Finance Corporation (IFC) and the Swiss State Secretariat for Economic Affairs (SECO).
Creation of credit histories of borrowers in Azerbaijan began in 2005 after the establishment of the Centralized Credit Registry Service (CSC). The register covers the full range of information on banks, non-bank credit institutions, borrowers, owners of large interest packages in the borrowers' capital, loans and pledges.
The private credit bureau will contain more information than the Centralized Credit Registry and cover a big number of borrowers. The bureau will receive information not only from banks, but also from insurance and leasing companies, municipal institutions, mobile operators and others.