Baku:Azerbaijan’s financial technology sector is entering a new phase of rapid development, as announced by Vusal Khalilov, Deputy Governor of the Central Bank of Azerbaijan (CBA), during the Turkic states fintech forum.
According to Azeri-Press news agency, Khalilov outlined a three-stage developmental plan for Azerbaijan’s fintech industry. The first stage, lasting until 2023-2024, lacked a specific regulatory framework. The current second stage, covering 2024-2026, involves the establishment of legislation and regulations for payment services, marking institutional development as a top priority. The sector is now transitioning to the third phase, characterized by rapid development.
Khalilov stated that the upcoming phase will focus on updating legislation and regulatory guidelines. Key priorities include enhancing legislation, advancing digitalization and artificial intelligence, and developing technological infrastructure by the Central Bank.
He further clarified that the Central Bank’s technological products and systems aim to support, not compete with, banks and fintech companies, addressing challenges within the sector.