Shorouk Express
BAKU, Azerbaijan, April 22. The implementation
status of the strategy on digital finance initiatives in Azerbaijan
last year was 88.9 percent, Trend reports via the implementation status of the
“2024-2026 Financial Sector Development Strategy” by the Central
Bank of Azerbaijan.
The preparation of rules for the implementation of the Special
Regulatory Regime (XTR) and the creation of a platform, the launch
of a portal for the implementation of an open banking approach, the
approval of the normative and methodological framework, the
creation of a unified platform for presenting fintech ecosystem
data to startups, investors, and other stakeholders, the transition
to a unified portal for collecting data from financial
institutions, and the approval of the “Requirements for Ensuring
Information Security in Entities Supervised in Financial Markets”
have been successfully completed.
The postponed undertakings concerning the execution of digital
financial strategies encompass the establishment and facilitation
of a unified technical architecture for the deployment of “open
banking” functionalities within financial ecosystems, the
formulation of a legislative proposal pertaining to virtual assets
and their service facilitators, revisions to the “Regulation on the
Submission of Borrower Information to the Centralized Credit
Register” applicable to credit entities, and the construction of an
IT governance paradigm for financial organizations.
It should be noted that the strategy also includes initiatives
for the integration of ESG (Environmental, Social, and Governance)
and sustainable finance criteria into financial services, the
development of digital financial solutions, the wide-scale
promotion of innovations in this field, and the strengthening of
cybersecurity.
Stay up-to-date with more news on Trend News
Agency’s WhatsApp channel
