11:07 - 24.06.2025

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June 24, Fineko/abc.az. Creating a balanced and flexible regulatory framework in the field of financial technologies, introducing new technological solutions to the market, ensuring universal access to digital financial services, and building an effective information flow with market participants are among our main goals.

ABC.AZ informs that Central Bank’s board member Vusal Khalilov stated about this, when delivering speech at FINTEX SUMMIT 2025, an exhibition of finance & technology in Baku.

He noted that open banking, distributed KYC projects, and in particular the instant payment systems they are working on, will play an important role in development of fintech companies.

"It is well known that improving the legislative framework and monitoring its implementation are our main functions. By holding regular discussions in this area with relevant associations and their expert groups, we aim to identify issues that concern market participants and take them into account in new versions of laws and regulations, and, consequently, to create a favorable legal framework that allows the safe use of innovative products and services," he said.

According to Khalilov, the Central Bank is currently improving risk-based control mechanisms in accordance with the Financial Sector Development Strategy 2024-26, and as part of this improvement, the widespread use of artificial intelligence-based models is expected: "The main idea I would like to share about this is that that the activities of the control functions serve to create a competitive market environment and protect the sector from potential risks, ensuring the rule of law," Khalilov said.

By Elmir Murad