BAKU, Azerbaijan, Aug.11
By Eldar Janashvili - Trend:
The Central Bank of Azerbaijan (CBA) has launched the implementation of Electronic and Digital Financial Services in Azerbaijan project with the support of the International Financial Corporation (IFC), a member of the World Bank Group, and signed a cooperation agreement with the corporation, Trend reports on August 11 referring to CBA.
The project envisions work on creating a regulatory framework for the availability of banking products and services, developing a roadmap for the application of an open banking approach, and the functioning of an instant payment system.
It’s also planned to develop recommendations for legal acts on creating access to remotely identified banking products and services (opening a bank account, obtaining a loan).
In the framework of the cooperation, it is also envisaged to create a dedicated regulatory testing regime that allows banks and businesses to test innovative financial services and products.
The project is expected to contribute to the development of financial services and payment systems in the country, expanding access to digital financial services with more efficient channels in remote areas resided by people with limited access to banking services.
Within the project, significant support to the development of the digital payment ecosystem will be provided in the country.
Under the State Program for the Expansion of Digital Payments in Azerbaijan for 2018-2020, approved by the decree of the President of Azerbaijan, the implementation of a set of measures in the direction of activities carried out by the Central Bank is ongoing.
One of the important innovations is the introduction of new financial instruments to further increase the economy's access to financial services within the framework of the Central Bank's cooperation with international financial organizations.