BAKU, Azerbaijan, October 3. Last week the European Bank for Reconstruction and Development (EBRD) revealed forecast for Azerbaijan's economic growth, Trend reports.
According to the forecast, Azerbaijan’s economic growth is expected at 4.5 percent in 2022 and the country's economy will grow by 2.5 percent in 2023.
Last week it became known that a total of 25 financial tech companies provide services in Azerbaijan, 44.4 percent of them are developing.
In addition, the Central Bank of Azerbaijan is working to stimulate digital payments.
The State Tax Service (STS) under the Ministry of Economy of Azerbaijan has expanded the geography of the automatic exchange of country and financial statements.
The automatic exchange of financial statements has been established with 116 countries, while the exchange of country-by-country reports has been arranged with 91 countries.
Azerbaijani National Confederation of Entrepreneurs (Employers) Organizations together with the Central Bank of Azerbaijan (CBA) is currently working on issues of legal regulation of Islamic finance.
Moreover, Azerbaijan’s Unibank is expected to switch to a new payment authorization method. The bank has its own processing center, which complies with the PSI DSS (Payment Card Industry Data Security Standard). Furthermore, Unibank is working closely with financial-technology companies and in the near future the bank is expected to launch another payment solution - Garmin Pay together with one of the local fintech companies, the Topla (Moneybox) project.
Also Revolut British financial technology company will launch the optimized version of its application in Azerbaijan. Revolut will provide Azerbaijani users with the ability to transfer money to more than 50 countries in 30 different currencies in the first stage.
