BAKU, Azerbaijan, Oct.13
Zeyni Jafarov - Trend:
The Central Bank of Azerbaijan (CBA) realizes several strategic projects following the Azerbaijani president’s instructions on the increase of financial inclusion in the country, including the study of the best international practices, acceleration of digital transformation measures, expansion of electronic financial and banking services and their facilitated provision to the population, Trend reports citing the bank.
According to CBA, given the priority goals arising from the State Program for the Expansion of Digital Payments in Azerbaijan for 2018-2020, approved by the president’s order No. 508 of 2018, the bank, together with IBM, created a digital identification system. Within this project, for the first time in the country, the Hyperledger Fabric blockchain platform was introduced, which provides full protection of the confidentiality of information in a database based on distributed ledger technology.
At the same time, one of the main goals was to expand the coverage of proposed electronic banking services, modernize client-bank relations, raise these services to a qualitatively new level with the creation of the latest technological solutions and thereby increase customer satisfaction.
Within the framework of the project, the possibility was created to open bank accounts and receive payment cards in a pilot mode with their identification following the client recognition policy for remote receipt of financial and banking services by legal entities and individuals, thus ensuring the prompt distant access to banking services, eliminating the need to provide the necessary information on paper, including the provision of complete, accessible and confidential information.
Currently, the International Bank of Azerbaijan OJSC, Access Bank OJSC, Azer-Turk Bank OJSC, Bank Respublika OJSC, Expressbank OJSC, Kapital Bank OJSC, Muganbank OJSC, Rabitabank OJSC, Unibank, VTB Bank OJSC (Azerbaijan ) ".
In the future, the implementation of appropriate measures to expand the functionality and coverage of the system will be ensured, including an increase in the number of suppliers and the range of provided digital services, summed up CBA.
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