BAKU, Azerbaijan, December 3. The expansion of local payment card issuance in Azerbaijan should be discussed in the upcoming strategic period, Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA), said at the 8th International Banking Forum in Azerbaijan's Baku, Trend reports.
"This would enhance competition within the ecosystem, leading to more efficient regulation of tariffs and long-term stability of infrastructure. Additionally, the procedure for remotely opening bank accounts needs to be revised and modernized to meet current requirements. To stimulate financial inclusion, it is essential to simplify the identification processes during account openings.
To accelerate the adoption of innovations in financial markets, we propose the creation of an innovation hub that will support the analysis, planning, and implementation of such projects," Nuriyev said.
To note, the 8th International Banking Forum is underway in Baku, Azerbaijan, for two days. Its main topics are digital transformation (digital and neobanks), data management and analytics strategies, the transition to contactless technologies, instant, seamless, and compatible international payments, the revolution of decentralized finance (DeFi), cloud systems, and alternatives to outflows.
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