The law “On Digital Payments Strategy, Payment Systems, and Services” will contribute to the creation of a favorable environment for new participants in this sphere in Azerbaijan, the representative of the IFC in Azerbaijan, Aliya Azimova said at the II Baku Forum on Sustainable Development, Trend reports. “This law also establishes the legal status of open banking.” This, in turn, allows for the creation of new participants in the field. The Central Bank of Azerbaijan now has the authority to implement a special regulatory regime in order to test innovative financial services and products in a regulatory sandbox, which we hope will result in the creation of new ideas and breakthrough solutions. Legal entities and private entrepreneurs can now open payment accounts in places other than banks, expanding the availability of financial services,” said Azimova. “I would also like to briefly mention asset-based financing and the importance of tools in this area, which will help to digitize SME financing, and als
o note the use of financial market infrastructure by including big data on payments, insurance, and data related to SMEs and e-commerce for automation and full digitization of credit services. All these initiatives point to the possibilities of increasing efficiency and the need to create a favorable infrastructure, improve digital government platforms, improve the quality of digital financial services, form a thriving digital business environment, develop digital skills, and create a reliable ecosystem. Thanks to this, Azerbaijan, we hope, will fully reveal its digital potential,” she said.
Source: TREND News Agency