Access to financial services to be significantly simplified in Azerbaijan

Access to financial services to be significantly simplified in Azerbaijan

Baku, Azerbaijan, May 16

By Sara Israfilbayova - Trend:

The creation of an ASAN Finance website in Azerbaijan will help reduce user costs by 4.3 times, and all the services will be done six times faster, head of the Strategic Development and Communications Department of Azerbaijan’s E-Government Development Center Soltan Bayramov said, Trend reports.

He was speaking at the FINTEX (Finance and Technology) Summit May 16 titled “New Trends in the Banking and Payment Ecosystem: Innovative Solutions, Financial Technologies and Security.”

Bayramov said that the creation of an ASAN Finance website contributes to minimizing paperwork.

He noted that financial organizations will be able to get the necessary information about the place of work, citizens’ incomes and other details for seconds using a TIN (Taxpayer Identification Number) code and thus save time.

"Already 25 financial institutions have joined us, the other 25 are at the beginning of the integration process," he said.

ASAN Finance is a unified electronic space for financial services, which will allow providing access of financial organizations to state information reserves and systems.

The platform will accelerate the development of digital banking in Azerbaijan. Citizens, in turn, will get round-the-clock access to banking services. In general, the speed of consideration of applications for banking and insurance services will accelerate.

The Financial Technology Summit is conducted within the "Week of financial and digital technologies" in Baku. About 100 representatives of international organizations and leading companies from the US, CIS, Europe, Japan, India and many other countries are taking part in the event.

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Follow the author on Twitter: @IsrafilbekovaS

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