BAKU, Azerbaijan, November 18. The Ministry of Finance of Azerbaijan and the Korean Fiscal Information Service (KFIS) signed a new Memorandum of Understanding (MoU) on cooperation in the development and implementation of a digital public finance information system on November 18, Trend reports via the ministry.
According to the ministry, Finance Minister Sahil Babayev met with the KFIS delegation led by the president of KFIS, Yoon Seok-Ho, to discuss expanding cooperation in public financial management, including the development of Azerbaijan’s Integrated Financial Management Information System (IFMIS). The sides also reviewed Korea’s experience with the “dBrain+” public finance system and the “e-Naradoum” subsidy management platform, noting the importance of a joint IFMIS seminar held at the ministry.
Babayev emphasized that large-scale digitalization reforms at the ministry have accelerated under the Presidential Decree on efficient public finance management. He noted that Korea’s experience holds “practical significance” for building innovative and sustainable financial management models.
During the meeting, the parties discussed expanding knowledge exchange in public financial management, improving workflows based on “dBrain+,” reducing dependence on external vendors, introducing data-driven decision-making mechanisms, and strengthening audit, oversight, and cybersecurity frameworks.
KFIS President Yoon Seok-Ho stated that Korea stands ready to share its experience and advanced technological solutions in the IFMIS field and support the development of Azerbaijan’s digital public finance information system.
At the end of the meeting, the Ministry’s Digital Finance Center and KFIS signed the Memorandum on cooperation in developing, implementing, and operating the Digital Public Finance Information System. The document covers joint research, technical support, cybersecurity and resilience standards, and capacity-building programs through training and professional exchange.
"dBrain+" is South Korea's state-of-the-art IFMIS, which uses artificial intelligence to digitize the whole national fiscal process, from creating budgets to keeping the books. Improved transparency through the Open Fiscal Data platform, real-time data processing, use of artificial intelligence and big data for risk assessment and policymaking, integration with 63 systems from different institutions, and comprehensive management of government financial tasks are key features. With the introduction of dBrain+ in 2022, the Korea Fiscal Information Service (KFIS) upgraded the old dBrain system, which had been launched in 2007, by adding sophisticated functionality.
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