Electronic Money Association ready to co-op with Central Bank of Azerbaijan

Business Materials 29 September 2018 16:58

Baku, Azerbaijan, Sept. 29

By Huseyn Veliyev - Trend:

Association of participants of the e-money and money transfer market (Electronic Money Association– EMA) would be glad to cooperate with business community and Central Bank of Azerbaijan (CBA) on the issues of development and regulation in the financial sector, President of EMA Victor Dostov told Trend Sept. 29.

He noted that the sphere of activity of the association is quite versatile and includes cooperation with government agencies, consulting, trainings, establishing ties in the Russian market, etc.

"I think it would be very interesting for the Azerbaijani side to use our experience in the field of regulation,” Dostov said. “The association took an active part in the development of the law "On the national payment system of Russia", which regulates the operation of "electronic wallets" and other key financial instruments. We are actively working in the area of identification, and we are also represented as experts in the Financial Action Task Force (FATF) on Money Laundering."

He noted that the EMA several times discussed with representatives of CBA the issues of combating money laundering, as well as access to finance.

"We have managed to establish interesting contacts,” Dostov said. “That is just the beginning for now, and it is still too early to talk about any agreements."

He noted that the Azerbaijani market is developing rapidly and is potentially very interesting.

"This market is situated at the intersection of cultures, and the companies from Russia, Europe, Turkey and Arab countries are interested in entering this market. Apparently, there will be some competition among them," Dostov said.

The EMA brings together major Russian players formally and informally. Its members are the largest payment systems (QIWI, Yandex.Money, PayPal, WebMoney, etc.), major money transfer systems, software developers and other players. The association cooperates with Sberbank of Russia, the National Payment Card System (NPCS), MasterCard, major universities, etc.

"We could contribute to the establishment of relations between Azerbaijani companies and the major players of the Russian market. We are open and extensively engaged in activities as part of various international organizations, and we will be happy to cooperate with the Azerbaijani side," Dostov said.

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