BAKU, Azerbaijan, July 24. Azerbaijan is preparing to implement the Open Banking concept, IT-Head of the Department of Financial Technologies and Innovations of the Central Bank of Azerbaijan (CBA) Sahib Hasanov said, Trend reports.
He noted that Open Banking will open up new opportunities for both the financial sector and consumers.
"The future of the fintech ecosystem in Azerbaijan has great prospects for development. We are approaching the implementation of the concept of "Open Banking" in our country," he said.
The law "On Payment Services and Payment Systems" adopted on July 14 will allow for such operations as depositing and withdrawing cash from payment accounts, creating payment instruments and conducting payment transactions, money transfer services, issuing electronic money and payments using electronic money, payment initiation services, account information services, etc.