17:24 - 1.05.2026

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May 1, Fineko/abc.az. For the first time in Azerbaijan, two electronic money organizations, MPay and GoldenPay, have joined ecosystem "open banking".

ABC.AZ reports with reference to the CBA that one of organization’s important initiatives towards development of digital financial services is application of the open banking approach.

For the first time, the inclusion of e-money organizations in this ecosystem, which includes a number of commercial banks, contributes to development of financial technologies in the country, expansion of innovative payment solutions and formation of more accessible digital services for users.

The introduction of open banking mechanisms allows users to manage various financial accounts through a single platform, as well as access financial information in a more convenient and secure way.

The integration also opens up new opportunities for e-money organizations. Thus, the open banking environment promotes development of innovative products and services, strengthens cooperation between market participants and increases their competitiveness.

Thus, this initiative serves to increase transparency of financial transactions, expand the digital economy, and enhance financial inclusion.

Currently, work is underway to expand ecosystem of open banking. In the next stages, it is assumed that other participants will also join the ecosystem.