BAKU, Azerbaijan, June 9. An Innovation Center to expand innovations in the financial and banking sector was proposed to be established in Azerbaijan within the framework of the International Finance and Banking Summit 2026 held in Baku, President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said at the event, Trend reports.
According to him, it's important to implement a number of important reforms in Azerbaijan to accelerate digital transformation, transform the country into an innovation center, and increase its role in global financial integration with Turkic states.
Nuriyev noted that the adoption of the law on digital banks, as a continuation of the reforms carried out in the banking system, will make a significant contribution to the expansion of integration relations in the financial-banking system in the region, the transition of bank-customer relations to a fully digital level, and the formation of Azerbaijan as an "innovation hub".
He emphasized that the reforms to be implemented should be accompanied by the establishment of an Innovation Center, which will play an important role in promoting the application of innovations in the ecosystem and determining the main directions. The ABA President added that it is proposed to establish this center under the Central Bank.
Nuriyev also said that as a continuation of the application of innovative solutions, digital payment capabilities based on NFC technology should be created in the Instant Payments System in order to make digital payments more convenient and effective.
