BAKU, Azerbaijan, April 7. The Central Bank of Azerbaijan (CBA) and Azerbaijan Fintech Association (AzFina) have discussed the expansion of payment services and the role of non-banking organizations in development of digital payments, Trend reports via the tweet of the CBA's Governor Taleh Kazimov.
The sides discussed the reforms and projects carried out by the Central Bank in the field of development of the payment services market, as well as initiatives to expand non-cash payments.
"During the meeting with representatives of the Azerbaijan Fintech Association, we discussed ways to expand payment services and strengthen the role of non-banking organizations in order to ensure the sustainable development of the country's financial system," Kazimov said.
The CBA governor noted that an exchange of opinions was held on the legislative projects of AzFina as well as the problems they face in their activities.
"Information was also provided on the reforms and projects carried out by the Central Bank in the field of development of payment services markets, as well as on initiatives to expand non-cash payments," he said.
Azerbaijan Fintech Association was established in December 2020 by six leading fintech companies. The main objectives of the Association are to support the development of the digital financial ecosystem and creation of conditions for the transition to a digital economy, to promote the development of fintech companies, to represent and protect their interests, to contribute to more effective cooperation between fintech companies and other market participants.