BAKU, Azerbaijan, December 17. As part of the "Financial Sector Development Strategy for 2024-2026," Azerbaijan plans to create two digital solutions platforms at the initial stage, an inside source told Trend.
"One of the platforms will focus on open banking and open finance, while the other will be a distributed digital solution platform for ‘Know Your Customer’ (KYC—a set of standards used in the investment services industry to verify customers)," the source said.
Earlier, Vusal Khalilov, General Director of the Central Bank of Azerbaijan (CBA), stated that the results of the "Financial Sector Development Strategy for 2024-2026" and its impact on the market will be felt in the near future.
"The strategy has specific goals and key performance indicators (KPIs). In some areas, we are already seeing progress towards achieving these goals. For other tasks, we are still working towards fulfilling the objectives, but the effects will not be immediately visible in terms of concrete figures. These efforts will influence the entire sector, and it will take some time to adapt to the changes.
The resources allocated by the CBA for implementing the changes under the strategy are investments. Whether it’s the transition to new reporting frameworks under risk-based supervision, work related to open banking, or cybersecurity regulations, which will be published next year along with IT governance rules, all these measures aim at the sustainable development of the sector," Khalilov said.
