BAKU, Azerbaijan, Mar.5
By Sadraddin Aghjayev – Trend:
The financial technology industry is rapidly developing all over the world, including Azerbaijan, and in recent years the so-called ‘neo-banks’ have become very popular, the number of which continues to grow, Vusal Khalilov, head of the PASHA Bank's engineering department, told Trend on Mar.5.
According to Khalilov, it’s quite possible to create a ‘neo-bank’ in Azerbaijan technologically, but for its success, it should be aimed not only at the domestic market.
"An organization must have good funding to reach the point where it can generate a profit on its own. Currently, there are very few examples when the ‘neo-bank’ is ready to fully support itself, and the growth in the number of these banks is now largely observed due to attracted investments,” he said. “As for the appearance of ‘neo-banks’ in Azerbaijan, it depends on the development strategy of these financial institutions, where the size of the markets they are interested in plays an important role."
Speaking about information and cybersecurity, he noted that this is one of the priority areas of the bank.
"PASHA Bank uses a multi-level data protection system, which allows us to be insured against known types of outside interference. The bank's dedicated team provides an ongoing analysis of possible internal and external vulnerabilities, and all bank employees are required to participate in appropriate trainings,” noted the department head.
“During the recent war (from late Sept. through early Nov.2020) for liberating Azerbaijan’s territories from Armenian occupation) there had been no targeted attacks on our services, however, despite this, all measures were taken to suppress possible attacks. At the same time, all customers, even those who were abroad at that time, were able to continue to use online services as usual," stressed Khalilov.
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