BAKU, Azerbaijan, October 13. Azerbaijan plans to introduce new legislative and regulatory changes in the near future to expand fintech companies' scope of operations and the range of services they can offer, Deputy Governor of the Central Bank of Azerbaijan Vusal Khalilov said, Trend's correspondent reports from the event.
He made the remarks on Tuesday at the Baku Fintech Sector Trade Mission Program.
According to him, Azerbaijan's fintech sector has developed through several stages, and the current priority is to accelerate market growth, expand access to financial services and promote innovation across the sector.
Khalilov said that during the first stage of fintech development, which lasted until 2023–2024, the market largely took shape amid a limited regulatory framework. During this period, various companies emerged and introduced new products and services.
The second stage, covering 2024–2026, saw significant progress in the sector's institutional development. The Central Bank established a legislative framework for payment services, adopted relevant regulations and strengthened supervisory mechanisms.
“The main goal now is to accelerate the development of the fintech sector based on the results achieved in previous stages. To this end, we are working to improve legislation, expand market participants' scope of operations and develop new services,” the deputy governor said.
He emphasized that improving the legislative framework is one of the key priorities for sector development. In this regard, the Central Bank is cooperating with fintech associations, including ASFINX, while taking into account market participants' proposals and practical experience.
“New legislative and regulatory changes are expected to be introduced in the near future to expand fintech companies' scope of operations and the range of services they offer,” Khalilov said.
The deputy governor also identified digital transformation and the adoption of artificial intelligence as important areas for fintech development. According to him, applying these technologies in the financial sector is essential for improving services and developing innovative solutions.
Khalilov added that the Central Bank is also working on technical and digital solutions to support the sector's development. These solutions are not intended to compete with banks and fintech companies, but rather to help them address operational challenges and facilitate the adoption of innovation in the financial market.
He noted that work is continuing in Azerbaijan on legislative improvements, digital transformation and technical solutions to support fintech development. This approach is expected to strengthen the institutional foundations of the market and enable fintech companies to take advantage of new opportunities.
