12:01 - 1.11.2023

---

November 1, Fineko/abc.az. CBA is preparing a financial development strategy, and this work is approaching to the end.

ABC.AZ reports that Central Bank’s general director Farid Osmanov stated about this during his speech at the VII International Banking Forum.

He noted that the president-endorsed Law on Payment Systems & Services will come into force on November 9, 2023. Then "the stage of fundamental measures in the financial markets towards the formation of country's payment ecosystem" will begin.

According to Osmanov, the strategic goal in the subsequent period is to form the concept of open banking, as well as accelerated transition from open banking to an open financial concept.

"This transition will allow us to disseminate open information to the insurance sector and capital markets along with API-based banking. The Central Bank is preparing a financial development strategy, and this work is close to completion, which will lead to transparency of the financial market, its diversification and competitiveness," Osmanov emphasized.