PASHA Bank head: Use of blockchain technology in Azerbaijan depends on market readiness
The prospects for the use of blockchain technology in Azerbaijan depend on the market readiness for these processes, Taleh Kazimov, chief executive officer and chairman of PASHA Bank's board, said in an interview with Trend.
"I am very positive about the blockchain technology, which, in my opinion, forms not only the future, but also the present, for example, in the countries with a developed financial market," he said. "As for the prospects of using this technology in Azerbaijan, it is necessary to focus on market readiness for these processes."
"I mean the readiness of not only representatives of the banking sector but also the state in terms of developing regulatory requirements for technology and ensuring transparency, as well as the readiness of clients for using the blockchain technology," he said.
He added that that PASHA Bank is ready to become one of the flagships of the transition to the blockchain technology if such an initiative is put forward.
"PASHA Bank is actively interested in this technology," he said. "I am sure that the bank will become one of the flagships of the transformation of economic relations, when the transition to the blockchain technology will be initiated."
"I think that by developing the country's export potential, the use of this technology and the crypto currency issue will become more relevant, but attention should be paid to all these issues today," Kazimov said.
PASHA Bank has been operating in Azerbaijan since 2007.
PASHA Bank renders a range of corporate banking services, including issuance of loans, operations in the securities market, assets management, and treasury services.
5 causes of Azerbaijani banking sector stabilization
2017 became a year of active stabilization for Azerbaijan's banking sector, Taleh Kazimov, CEO and chairman of the board at PASHA Bank OJSC, said in an interview with Trend.
He said that activity of market regulators played a big role in this.
"In 2017, we witnessed active stabilization of situation in the banking market and a subsequent growth of client operations," Kazimov said. "In this regard, I would like to note the activity of the market regulators - the Central Bank of Azerbaijan and the Financial Market Supervisory Authority. A balanced monetary policy, the work to increase public confidence in the national currency, strengthened control over the risk management system, as well as actions aimed at increasing the capitalization in the country's banking sector and improving prudential norms influenced the recovery of the market."
Touching upon the activity of PASHA Bank in 2017, Kazimov noted that despite some difficulties, last year can be considered successful for the bank.
"As for PASHA Bank, despite certain difficulties associated with transition to a new banking system, we completed last year very successfully. The bank's assets exceeded 3.6 billion manats, and the loan portfolio grew to one billion manats, as we predicted at the very beginning of the strategy's implementation. The balance on client accounts reached 2.8 billion manats, and the return on equity exceeded 25 percent, which is a good indicator."
PASHA Bank, founded in 2007, renders a range of corporate banking services, including issuance of loans, operations in the securities market, assets management, and treasury services.