Posted: 3 years ago

Fintech Association And Central Bank of Azerbaijan Discuss The Expansion of Digital Payments Ecosystem

A meeting held between the Central Bank and Azerbaijan Fintech Association on the expansion of the digital payments ecosystem in the country on 9 April 2021, Baku.

As part of the implementation of the ‘State Program on the expansion of digital payments in the Republic of Azerbaijan for 2018-2020’ approved by Decree, No 508 of the President of the Republic of Azerbaijan dated 26 September 2018, the Central Bank is always focused on the transformation of payment organizations that are non-bank payment service providers and electronic money organizations into active participants in the payment services market and application of innovative payment solutions.

As a follow-up of related measures, the next meeting was held in a video conference format between the Central Bank, the Azerbaijan Fintech Association, and other Fintech representatives. Meeting participants discussed modern development trends in the domestic and foreign payment services market, stimulation of cashless payments and financial literacy events, and the draft Law on Payment Services and Payment Systems that will play a critical role in the expansion of the digital payment ecosystem.

During the discussions, it was noted that the draft Law on Payment Services and Payment Systems will create a legislative basis for active involvement of payment organizations, electronic money organizations, and other Fintech organizations in projects on the expansion of digital payments in the country.

Thus, after the draft law and legal acts arising from it are adopted, services provided by these organizations will be effectively supervised and regulated. At the same time, ongoing measures will be taken to expand the application of innovative solutions in the implementation of regulatory testing regimes and remote banking services in digital payment technologies. Efforts will continue with the Azerbaijan Fintech Association public union, that unites non-bank payment service providers operating in our country on the basis of common interests, voluntariness, and equality of members on the expansion of the digital payment ecosystem in the country, further increase of the role of Fintechs in the said ecosystem and acceleration of development of financial technologies.