BAKU, Azerbaijan, February 26. Opportunities
for increasing access to digital financial services and innovative
solutions in Azerbaijan were discussed, Trend reports via the
Central Bank (CBA).
During a meeting, CBA Chairman Taleh Kazimov engaged with
representatives from organizations that are not affiliated with the
Azerbaijan Fintech Association (AzFina).
The meeting also addressed the pathways for institutional
development within the fintech ecosystem.
During the discussion, views were exchanged on the priority
directions and strategic initiatives of the Central Bank supporting
the development of the financial technology sector, namely Open
Banking, the distributed "Know Your Customer" concept, and the
draft law "On the Cryptoasset Market." Moreover, the opportunities
created by the IPS (instant payment system) and the importance of
the special regulatory regime were emphasized.
Furthermore, the meeting assessed the challenges encountered by
the organizations, highlighting the necessity to enhance their
collaborative efforts and intercommunication.
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