ADIF signs MoU with Korean Deposit Insurance Corporation

Akshin Jahangirov, Deputy Executive Director of the Azerbaijan Deposit Insurance Fund (ADIF), signed a Memorandum of Understanding with Yoo Jaehoon, the Chairman and President of the Korean Deposit Insurance Corporation (KDIC), Azernews reports.

ADIF said that the Memorandum is to promote joint international cooperation in the field of deposit insurance between the Fund and KDIC, as well as to improve the process of liquidation of banks that are under liquidation of the ADIF in a prompt and fast way, taking advantage of the advanced experience of the corporation, and to strengthen the development of the deposit insurance system in Azernews and increase financial literacy.

It should be noted that within the framework of the memorandum, the main directions and goals of cooperation, positive contribution to the development of the deposit insurance system, support for increasing the practical and theoretical knowledge of the potential human resources of the ADIF in order to optimize the liquidation process of banks by taking advantage of the advanced experience of the ADIF, to increase the efficiency of the asset management process and speed up the payment of compensations.

In addition, if it is considered necessary, a joint research group consisting of human resources of the ADIF and the Corporation will be created for the purpose of carrying out multi-directional studies on the system of deposit insurance and exchange of experience.

It should be recalled that the International Association of Deposit Insurers (IADI), which attaches great importance to international cooperation, participated in the voting for the selection of the new president and the composition of the executive board of the Association as an organization with full voting rights at the Annual General Meeting of the International Association of Deposit Insurers (IADI) held in the United States on September 26. In addition, ADIF held business meetings with the delegations of countries such as Turkiye, Spain, France, Kazakhstan and Uzbekistan, which have a multi-year and professional activity strategy, in order to further expand relations with international institutions in order to learn the most advanced practices of leading countries and apply them in their activities. During the meetings, detailed discussions were held with the delegations of the mentioned countries about the activities and development prospects of the ADIF, as well as financial innovations, cyber security and data protection, as well as the most current topics in the financial system. In particular, we should mention that educational events were held in Azerbaijan with the head of the Toronto Center, the institute that provides the leading financial, consulting and training services for risk management, Babek Abbaszade, improving the deposit protection mechanism, in the field of digitization, which is the main demand of the modern era. Discussions were held about taking new steps.