Azerbaijan's achievements in digitalization named at International Banking Forum in Baku

Azerbaijan's achievements in digitalization named at International Banking Forum in Baku

BAKU, Azerbaijan, Nov. 6

By Eldar Janashvili - Trend:

Azerbaijan’s banking sector can be assessed as healthy in many indicators, Vusal Gasimli, executive director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication, said at the IV International Banking Forum in Baku, Trend reports Nov. 6 from the event.

Gasimli noted that assessment of capitalization, liquidity, capital adequacy and the loan portfolio of Azerbaijani banks meets most international standards.

Reminding that the banking sector cannot develop without the development of Azerbaijan’s economy as a whole, the director mentioned the important role of economic reforms in the field of digitalization of services being carried out in the country by President Ilham Aliyev.

Thus, e-government covers many services and economic processes, from the registration of small businesses to the extensive e-agriculture system, Gasimli said.

“As a result, Azerbaijan’s positions in the categories of digitalization in the reports of international rating agencies are becoming stronger and more stable,” the director added. “These reports highlight Azerbaijan’s advanced role as a regional innovator in digitalizing the economy.”

Listing advanced innovations in the country, Gasimli noted that with the support of the Azexport and VISA, Azerbaijan was the first in the post-Soviet space to ensure the release of its products on Amazon. The second successful project by Azerbaijan was the promotion of crowdfunding, also for the first time in the post-Soviet space, the director added.

In addition, the Center introduced two important electronic platforms for the analysis and monitoring of economic processes, the monitoring and evaluation website - https://monitoring.az/en , which for the first time in the post-Soviet space provided full digitalization of monitoring of the state programs, as well as Azranking website https://azranking.az/en , which provides full digitalization of economic analysis, Gasimli said.

The two-day IV International Banking Forum, one of the most prestigious financial and banking events in the region, is taking place in Baku with the support of Azerbaijan’s Central Bank, the Financial Market Supervisory Authority (FIMSA) and the Center for Analysis of Economic Reforms and Communications.

The forum brings together heads of regulatory and control bodies in the financial and banking sector, leading managers of commercial banks and other participants of the financial sector.

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