BAKU, Azerbaijan, May 1. The Central Bank of Azerbaijan (CBA) has advanced its digital finance strategy through the rollout of an "Open Banking" ecosystem, marking the initial integration of electronic money institutions “Mpay” and “Goldenpay” (Pulz) alongside commercial banks, Trend reports via the CBA.
This integration contributes to the development of financial technologies, the expansion of innovative payment solutions, and the provision of more accessible digital services.
The implementation of “Open Banking” mechanisms enables users to manage multiple financial accounts within a single platform and to access financial information in a more convenient and secure manner.
The integration also creates new opportunities for electronic money institutions, fostering the development of innovative products and services, strengthening cooperation among market participants, and enhancing competitiveness.
Overall, the initiative supports increased transparency in financial transactions, the expansion of the digital economy, and improved financial inclusion.
Meanwhile, efforts to further expand the “Open Banking” ecosystem are ongoing, with additional participants expected to join in subsequent stages.