CBA, FinTech discuss expansion of digital payments in Azerbaijan

By Trend

As part of the implementation of the measures envisaged in the "State Program for the Expansion of Digital Payments in Azerbaijan for 2018-2020", approved upon the order of the president of Azerbaijan, the Central Bank of Azerbaijan (CBA) is focusing on the transformation of non-bank providers of payment services and payment systems into the active market participants and the introduction of innovative payment solutions, Trend reports on April 9 citing the data from the Central Bank (CBA).

Another video conference meeting was organized with the representatives of financial technologies in continuation of the events being conducted in this sphere.

The modern trends in the development of the domestic and foreign payment services market, the measures of stimulating non-cash payments and improving the financial literacy, as well as the bill "On payment services and payment systems", which will play an important role in expanding the digital payment ecosystem, were discussed during the meeting.

During the discussions, the participants stressed that this bill will create a legal basis for the active involvement of payment and other fintech organizations in the projects to expand digital payments in Azerbaijan.

So, after the adoption of the bill and the legal acts arising from it, an effective system of regulation and control over the services which are rendered by these organizations will be introduced.

At the same time, the measures will continue to expand the application of the regulatory test regime in the field of digital payment technologies and innovative solutions.

Thus, the activity will be continued to expand the digital payment ecosystem in Azerbaijan.