Baku, Azerbaijan, May 18
By Azad Hasanli - Trend:
The World Bank (WB) and Azerbaijan will discuss development of payment services in the country, the WB Baku office told Trend on May 18.
To this end, a WB mission will arrive in Baku next week to meet with local partners, including Azerbaijan’s Financial Market Supervisory Authority (FIMSA).
The development of payment services is one of components of the second phase of the Azerbaijani financial sector modernization project. Particularly, the WB participates in drafting of a bill "On Payment Services and Systems."
Previously, FIMSA told Trend that the new law, along with expanding the coverage of payment services, will create favorable conditions for activity of fintech companies and expand the introduction of innovative payment methods.
On the eve, FIMSA Executive Director Ibrahim Alishev noted that drafting of the bill is already at a decisive stage.
The second phase of the Azerbaijani financial sector modernization project has been implemented since 2017. The project is aimed at improving the stability of the financial sector, creating an effective practice of rendering financial services, and protecting the rights of consumers of such services.
The project also focuses on development of a modern environment for quality supervision and work with problematic financial institutions.
The WB also assists in bringing the regulatory framework for other financial services markets, other than the stock market, in line with international standards. The project is implemented jointly with the Swiss State Secretariat for Economic Affairs (SECO).
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