Baku: Azerbaijan is making strides towards reducing its reliance on international payment systems as part of a broader strategy to enhance financial independence and boost domestic digital capabilities. The Chairman of the Central Bank of Azerbaijan, Taleh Kazimov, outlined this vision during his address at the GFTN-Tbilisi Financial Summit, focusing on the measures being taken to achieve a robust national payment infrastructure.
According to Azeri-Press News Agency, Kazimov emphasized the significance of minimizing foreign dependence by expanding the Instant Payment System (IPS) and other local digital platforms. This initiative aims to lower transaction costs and create a more accessible payment environment for both citizens and businesses within the country.
Kazimov further elaborated on the integration of the interbank settlement center into the IPS and the introduction of tokenized payments, which are expected to enhance the flexibility and security of the national ecosystem. These efforts are set to modernize the payment market, increase domestic digital potential, and establish an alternative national model to existing international card systems.
The Central Bank head highlighted that the upcoming phase will involve the application of artificial intelligence and innovative technologies. These advancements are intended to foster a more flexible, fair, and citizen-oriented financial infrastructure. As a result of these reforms, Azerbaijan aims to distinguish itself in the region with its innovative and sustainable financial infrastructure.