BAKU, Azerbaijan, February 20. The Central Bank of Azerbaijan (CBA) has discussed its new steps on open banking and digital transformation at an event entitled "Next goals and steps in open banking" with the participation of financial sector representatives, Trend reports.
The event was held as part of the CBA's ongoing initiatives on expanding the application of innovative financial technologies in the country and forming a digital banking ecosystem.
Speaking at the event, Director of the Financial Technologies and Innovations Department of the CBA, Fidan Tofidi, emphasized that open banking is one of the main pillars of the digital transformation of the financial sector in the country.
She noted that the open banking platform will make a significant contribution to ensuring reliable information exchange between banks and fintech companies, the formation of innovative financial services, and the promotion of a competitive environment in the market.
The event widely discussed the work done in the field of open banking and the upcoming priorities. Representatives of the CBA informed the participants in detail about its initiatives on open banking, as well as new challenges, opportunities, and prospects in the development of this area.
Then, the event continued with a presentation on international experience and innovations in this area by Country Director of the International Finance Corporation for Azerbaijan, Aliya Azimova.
The presentation briefed on international approaches to open banking, practical application opportunities, and current development directions.
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