Azerbaijani parliament to review draft law "On payment services and payment systems”

ICT Materials 23 May 2018 16:25 (UTC +04:00)

Baku, Azerbaijan, May 23

By Huseyn Veliyev – Trend:

The draft law “On payment services and payment systems" is expected to be submitted to Azerbaijani parliament in autumn, the Founder and Chairman of the Board of Akhundoff Group Company Telman Akhundov told Trend May 23.

He said, the document has already been reviewed by the Financial Markets Supervision Chamber.

"We also took part in the initial discussions of the draft law. Currently, the document is under consideration of the state structures and it is possible that it will be presented to the parliament at the autumn session," Akhundov said.

He said the draft law also outlines the activities of mobile operators to deploy financial services.

"The deployment of financial services by operators was perceived ambiguously, as it can negatively affect the business of banks and small payment systems. However, if operators want to provide financial services, they still have to work with banks. Otherwise, the deployment of financial services will not be possible," Akhundov said.

The operators themselves have declared readiness to deploy the MFS (Mobile Finance Services) services, yet said that its launch is not possible at the moment due to the lack of legal regulation. Operators are already developing platforms to provide these services to their subscribers. The details of how and in what way the service will be available to end users will become known after the legal issues are resolved.

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