Weekly economic review (April 16-20)

Apple Pay, Google Pay services to be deployed in Azerbaijan through Visa

Payment services Apple Pay and Google Pay will be deployed in Azerbaijan through the international payment system Visa International, head of Azexport portal Zaur Gardashev told Trend.

He said that this issue is still at the stage of negotiations and Azerbaijan's banking structures will join the process.

"It is important that the banks' infrastructure is ready for accepting such payments. However, issues related to legal regulation, as well as the existence of gaps in the sectoral legislation in a certain sense hinders the deployment of these payment services in the country. The complexity lies mainly in conservatism of banks and regulators. But we hope that we will be able to reach a common agreement so that appropriate rules are developed, " he said.

Despite the fact that many financial market participants say that there are no obstacles to the deployment of international payment services in Azerbaijan, these companies are more inclined to act within the local legislation in order to insure themselves, according to him.

Gardashev said earlier that the current sectoral legislation of Azerbaijan is built on the basis of classical card systems, while special digital codes - tokens are used when making payments through Apple Pay and Google Pay. In this regard, there is a need for the concept of tokens to be identified in the legislation.

PASHA Bank: Azerbaijani banks must be active in development of legislation

Azerbaijani banks must actively participate in the development and change of the banking legislation, Taleh Kazimov, chairman of PASHA Bank, said.

Kazimov made the remarks at the 1st International Banking Exhibition and Conference, titled 'Digital Banking and Security' in Baku April 17.

"This will help achieve the required results faster and timely address the existing challenges in the market," he said.

"Presently, many people think the development of the legislative base depends on Azerbaijan's Financial Markets Supervisory Authority (FIMSA), but banks must also actively participate in these issues," he said. "Currently, many banks are negotiating with FIMSA to improve legislation within the development of digital banking. I think these talks will lead to positive results soon."

Kazimov added that presently PASHA Bank is working much to develop digital banking.

He thinks it necessary to expand cooperation with financial and technological companies.

"Banks must stop to compete with the financial and technological companies and start to cooperate with them," Kazimov said. "Financial and technological companies work faster. They have a big number of services, but there is a lack of client base and trust."

"If banks and other financial institutions continue to compete with the financial and technological companies, we will simply fail," he said. "Together we could make great progress."

Azerbaijan plans to introduce compulsory medical liability insurance

it is planned to make compulsory professional liability insurance of doctors in Azerbaijan, the Association of Insurers of Azerbaijan (ASA) said in its report.

According to the report, this issue was discussed at the meeting of the relevant working group of the Association.

During the meeting, it was noted that the use of compulsory insurance in this area will favorably affect both doctors and patients. The aim is, on one hand, to provide financial compensation to a patient as a result of medical error, and on the other hand - to protect the reputation of doctors.

The report notes that compulsory insurance of professional responsibility of doctors is actively used worldwide.

"Medical error is one of the pressing problems of our days. Therefore, medical liability insurance should be regulated in one form or another. To do this, the mechanism of compulsory insurance is important", the message said.

According to the report, during the meeting it was noted that the use of this mechanism should start with private clinics. Necessary changes in the legislation were also discussed.

At present, professional liability insurance is provided on a voluntary basis in Azerbaijan. According to the Chamber of supervision over the financial markets of Azerbaijan, following the results of the first quarter, the fees for this type of insurance amounted to 847.6 thousand manats. There were no payments under this type of insurance for this period.

Visa International ready to support launch of Google Pay in Azerbaijan

Visa International payment system is ready to support Azerbaijan's financial structures to launch Google Pay service in the country, Larisa Makarova, Director for risk management of Visa in CIS and South-Eastern Europe, told Trend.

According to Makarova, the payment service can be available in the country after the partners are technically ready.

"We are delighted to be partnering with Google in North America, Europe and the Pacific region. In Azerbaijan, we are working closely with financial institutions and are ready to provide them with our support to launch the Google Pay payment service, when our partners are ready for this", she said.

Earlier, the head of Azexport portal Zaur Gardashev told Trend about the possibility of deploying Google Pay and Apple Pay payment services, which he said is the subject of negotiations between the interested parties.

Gardashev also mentioned the importance of the fact that the infrastructure of the banks should be ready to receive such payments.

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