15:59 - 26.01.2024
January 26, Fineko/abc.az. In accordance with the Rules of Organization & Implementation of Activity by Payment Organizations & Electronic Money Organizations approved by the Central Bank, lending limits, minimum capital requirements and other requirements are established for these organizations operating in the country.
ABC.AZ reports that Tamerlan Rustamov, the head of the expert group on payment systems and digital banking at the Association of Banks of Azerbaijan (ABA), said that the definition of the minimum requirement for organizations was made in accordance with the European Directive (PSD2).
"When these requirements were determined, the current situation was assessed and discussed repeatedly in coordination with ecosystem participants. Indicators and requirements for the established amount are important from angle of ensuring the safe and effective operation of a payment organization and electronic money organizations receiving a license, and protecting the rights of users of the payment service. Sustainable and competitive payment and electronic money organizations will operate in the ecosystem. At the same time, the introduction of innovative solutions and technologies will expand and play a positive role in expanding financial inclusion," Rustamov noted.
He expects that the activity of digital platforms will become even more active:
"This feature of the Rules [capital requirements] will further enhance competition between ecosystem participants and introduce innovative solutions and technologies that will meet the needs of consumers who are users of payment services. At that, these Rules envisage provision of brokerage services and account information services for making payment transactions based on the use of open banking technology, as well as further activation of digital platforms."
