BAKU, Azerbaijan, June 9. An Innovation Center
to expand innovations in the financial and banking sector was
proposed to be established in Azerbaijan within the framework of
the International Finance and Banking Summit 2026 held in Baku,
President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev
said at the event, Trend reports.
According to him, it's important to implement a number of
important reforms in Azerbaijan to accelerate digital
transformation, transform the country into an innovation center,
and increase its role in global financial integration with Turkic
states.
Nuriyev noted that the adoption of the law on digital banks, as
a continuation of the reforms carried out in the banking system,
will make a significant contribution to the expansion of
integration relations in the financial-banking system in the
region, the transition of bank-customer relations to a fully
digital level, and the formation of Azerbaijan as an "innovation
hub".
He emphasized that the reforms to be implemented should be
accompanied by the establishment of an Innovation Center, which
will play an important role in promoting the application of
innovations in the ecosystem and determining the main directions.
The ABA President added that it is proposed to establish this
center under the Central Bank.
Nuriyev also said that as a continuation of the application of
innovative solutions, digital payment capabilities based on NFC
technology should be created in the Instant Payments System in
order to make digital payments more convenient and effective.
