The Central Bank of Azerbaijan discussed the priorities of open banking

The Central Bank continues to expand the use of innovative financial technologies and develop the country’s digital banking ecosystem. In this context, the Central Bank held an event titled “Next Goals and Steps in Open Banking,” with participation from representatives of the financial sector.

At the beginning of the event, Fidan Tofidi, Director of the Department of Financial Technologies and Innovations at the Central Bank, delivered a speech. She emphasized that open banking is one of the key elements of the digital transformation of the country’s financial sector. According to her, the open banking platform will significantly contribute to ensuring reliable information exchange between banks and FinTech companies, the development of innovative financial services, and the formation of a competitive market environment.

During the event, the work accomplished in the field of open banking and future priorities were discussed in detail. Central Bank representatives provided participants with detailed information about the regulator’s initiatives in open banking, as well as new challenges, opportunities, and prospects for the development of this area.

The event continued with a presentation on international experience and innovations in this field, delivered by Aliya Azimova, Country Manager of the International Finance Corporation for Azerbaijan. The presentation covered international approaches to open banking, their practical application opportunities, and current development trends.

In the practical part of the event, participants worked in teams to develop ideas for innovative products. Teams received expert support in developing various use cases and solutions in the field of open banking, and questions from participants were answered.

Source: e-cbar.az