BAKU, Azerbaijan, November 1. The strategy for the development of Azerbaijan's financial system is being formulated and is nearing completion, the Executive Director of the Central Bank of Azerbaijan (CBA), Farid Osmanov said at the 7th International Banking Forum (IBF-2023) in Baku, Trend reports.
"Following the implementation of the Payment Services and Payment Systems Act, required and fundamental steps will be done to establish payment efficiency in financial markets. Our strategic goal for the coming time is to develop the notion of open banking, accelerating the move from open banking to open finance. This transformation will allow us to promote the use of open data in the banking, insurance, and other capital markets. The CBA is working on a financial development strategy, which will lead to more transparency, diversification, and competition in the financial market," he noted.
The VII International Banking Forum: Reliable, Safe, and Sustainable Banking (IBF 2023) is being held in Baku from November 1 through November 2, 2023.
The event will also discuss topics such as neobanking and the financial ecosystem, financial technologies and trends, the evolution of payments, fraud prevention in the digital financial ecosystem, ESG banking, etc.
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