BAKU, Azerbaijan, September 10. The Central Bank of Azerbaijan (CBA), together with the International Finance Corporation (IFC), is developing a fintech strategy for 2024–2028, Trend reports.
Licensing of payment and electronic money organizations operating in Azerbaijan is planned until the first of May next year.
Payment organizations and operators functioning in Azerbaijan will be given time within the next 6 months to pass the procedure for obtaining a license in accordance with the law "On Payment Systems and Services".
In addition, every fourth transaction made today at POS terminals in Azerbaijan is "tokenized" (i.e., a transaction via cell phones or other smart devices).
Moreover, out of 21 issues conducted at the stock exchange, Unicapital acted as an underwriter in 13 of them.
The Baku Stock Exchange (BSE) is preparing a strategic plan for the development of the exchange market from 2024 through 2026.
The Baku Stock Exchange (BSE) and the Small and Medium Business Development Agency (SMBDA) of Azerbaijan will hold an investment forum in late September this year.
Moody's Investors Service (Moody's) has confirmed the ratings of Xalg Bank OJSC based on the results of its activities for 2022. The bank's rating on long-term liabilities in local and foreign currency remains at B1 with a Stable outlook. The basic level of the bank's creditworthiness (Baseline Credit Assessments) is maintained at the B2 level.
Furthermore, AccessBank, a leading provider of microfinance in Azerbaijan, became a member of the International Microfinance Center (MFC).
Moody's Investors Service (Moody's) has upgraded the Baseline Credit Assessment (BCA) of the State Oil Company of the Azerbaijan Republic (SOCAR) to ba2 from ba3.
Moody's expects Azerbaijan’s state oil company, SOCAR, to sustain its positive free cash flow (FCF) over the next 12–18 months.
In addition, Moody's predicted revenues for SOCAR in 2023–2024.
In 2023–2024, revenues are likely to decrease to 80–90 billion manat ($47.1–52.9 billion) per year, according to Moody's forecasts for oil prices. EBITDA for the same period will be about 10 billion manat ($5.9 billion) per year, which is lower than in 2022 but higher than in 2017–2021.
In general, the Central Bank of Azerbaijan (CBA) and the Islamic Corporation for Investment and Export Credit Insurance (ICIEC) discussed issues of investment and export credit insurance based on Islamic principles.