BAKU, Azerbaijan, February 14. Payment and electronic money organizations will soon be able to open correspondent accounts at the Central Bank of Azerbaijan (CBA), said Khayaladdin Taghiyev, Head of the Payment Services and Payment Systems Regulation Department at the Central Bank of Azerbaijan (CBA), Trend reports.
Speaking at the Azerbaijan Financial Forum, Taghiyev noted that one of the strategic initiatives being implemented in this context involves optimizing the account framework.
“Previously, payment and electronic money organizations could open two types of accounts in banks: one for holding their funds and operations, and another for customer transactions.
However, with the upcoming changes, one account will be opened for electronic money alongside the organization's own funds, while another account will be opened for other payment services. This project is now on the verge of approval,” he said.
The Azerbaijan Financial Forum is convening in Baku today, aiming to align economic development with the financial sector's potential, enhance financial intermediation and inclusion, eliminate barriers in this domain, and explore opportunities for expediting digitalization through innovative technologies. Additionally, it seeks to improve legislation and regulations within the financial sector, thereby serving as a platform for discussing the accomplishments of the Azerbaijani financial sector to date and the challenges that lie ahead. The Forum is coordinated by the Azerbaijan Banks Association, the Azerbaijan Microfinance Association, the Azerbaijan Insurers Association, the Azerbaijan Fintech Association, and the Azerbaijan Stock Market Participants Association.
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