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Supervisory authority: digitalization of Azerbaijan’s banking sector inevitable

Supervisory authority: digitalization of Azerbaijan’s banking sector inevitable
16:26 17-05-2018 | icon 19

Baku, Azerbaijan, May 17

By Anvar Mammadov - Trend:

The digitalization of the banking sector in Azerbaijan is inevitable, Ibrahim Alyshov, Chief Executive Officer of the Financial Markets Supervision Chamber, said May 17.

He noted that, this goal is one of the priorities in the Strategic Roadmap for the Development of the Financial Market.

"The digitalization of the country's banking market is one of the main goals set out in the Strategic Roadmap. Unfortunately, the level of digitalization of Azerbaijani banks currently isn't very high. Therefore, we need to conduct a deep analysis of the tools and technologies used in the banking sectors of other countries, and start using such technologies in the banking sector of Azerbaijan," Alyshov said.

He noted that as part of the process of digitalization of the banking sector, the Chamber has conducted a diagnosis of the banking sector and has drawn up plans of activities for each bank separately.

"If we consider the current realities of Azerbaijan, it should be noted that the payment service providers are reacting to changes in the field of information technology most rapidly. In order to regulate their activities, the Chamber together with international organizations is preparing a draft law "On payment services and systems". The preparation of the project is at a crucial stage. The apply of this law will increase the number of payment service providers," Alyshov said.

May 17, a conference on "New trends in financial technologies: blockchain, cryptocurrencies and security" was launched in Baku. During the two-day conference, financial technologies, blockchain, cryptocurrencies and other innovations in the market, as well as possible risks associated with their use will be discussed.

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