BAKU, Azerbaijan, October 3. Last week minister of Digital Development and Transport of Azerbaijan noted that favorable conditions for public-private partnerships have been created to develop the appropriate infrastructure for digital transformation in remote areas of the country, Trend reports.
In addition, Azercosmos OJSC is conducting research to provide satellite internet services in Azerbaijan. Research is being carried out on the international level together with a foreign partner. Earlier, Azercosmos reported about the launch of the 'Azconnexus' platform to provide high-quality and reliable internet connection throughout Azerbaijan. This platform will provide uninterrupted, secure, and high-quality internet services through the Azerspace-1 telecommunications satellite, operated by Azercosmos.
Meanwhile, Revolut British financial technology company will launch the optimized version of its application in Azerbaijan. The company will provide Azerbaijani users with the ability to transfer money to more than 50 countries in 30 different currencies (first stage). Revolut will approximately start actively working in Azerbaijan in 2023.
Moreover, Azerbaijan’s Unibank is expected to switch to a new payment authorization method. The bank has its own processing center, which complies with the PSI DSS (Payment Card Industry Data Security Standard). Unibank will leave the usual 3D Secure for the ability to confirm payments from a mobile application. This method minimizes the possibility of intercepting SMS messages and fraudulent actions, because only the client and the bank are participants of the process.
Unibank is also working closely with financial-technology companies and in the near future the bank is expected to launch another payment solution - 'Garmin Pay' together with one of the local fintech companies, the 'Topla' (Moneybox) project. Unibank plans to fully transform the entire traditional banking into a digital environment.