BAKU, Azerbaijan, October 24. Last week it became known that Zetnet provider of Azerbaijan’s A2Z Technologies company is rendering IT services in Karabakh, the head of the commercial department at Zetnet Tural Huseynov told Trend on October 20.
The company provides liberated territories with internet services. Besides, Zetnet also provides its services in eight other regions of Azerbaijan, including Baku and Absheron.
In addition, the average download speeds for Azerbaijan's mobile and broadband Internet access were 33.95 Mbps (a growth of 9.9 percent against the previous month) and 26.35 Mbps (an increase of 19 percent), respectively, in September 2022. Azerbaijan ranked 61st among 140 countries in mobile data download speed and 115th among 182 countries in broadband internet data transfer rate.
Central Bank of Azerbaijan (CBA) is implementing a number of measures in order to accelerate digital transformation in the financial market, expand financial inclusiveness as well as provide banking services for clients on digital platforms and ensure access to financial services. Thus, for example, as part of digital payments for 2021-2023 strategy, the CBA is working in five following directions: expanding digital payment solutions, supporting and simplifying the procedure for entering the financial technology market, establishing a risk-based control procedure and appropriate framework, expanding financial inclusiveness in particular, minimizing the difference between cities and regions and stimulating the adoption of payment decisions.
Moreover, the CBA is implementing a project aimed at simplifying the implementation of instant payments (Ani Pay). From this point of view, the bank is working to inform the population and business from January through September 2022, payments through the Ani Pay system increased by 2.2 times, and the number of transactions - by 3.4 times compared to the same period in 2021.
Along with this, Central Bank wants banking processes to comply with international standards, and for this purpose, work is underway to implement the ISO 222 standard. The introduction of this standard will allow us to simplify the automation of payment processes and increase the efficiency of reports.
The Central Bank of Azerbaijan (CBA) is preparing a strategic program on cyber security together with International Financial Corporation. During its preparation, international practice was taken as the basis. It’s not only about the technical strengthening of the infrastructure, but it’s also planned to conduct educational activities aimed at increasing knowledge. Besides, in order to form a clearer program, the regulator conducts appropriate surveys and assesses the activities of financial market players.
Furthermore, the Central Bank of Azerbaijan (CBA) carries out work on the development of digital manat [country’s national currency] in cooperation with international think tanks, financial organizations, and banks. Central Bank works with International Monetary Fund on developing the digital manat concept.
Step-by-step work is underway to form the concept of this currency. CBA is also conducting research to assess possible risks. It was also emphasized that these processes require a long period of time. Despite this, CBA continues cooperating and studying international experience and global concepts of digital currency.
In addition, Azerbaijan is open to new financial and financial-technological companies. The current legislation of Azerbaijan does not prevent foreign financial organizations from entering the market. The decision to enter any foreign organization on the market is made directly by these organizations themselves in accordance with their strategy and business plans