15:31 - 24.06.2025

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June 24, Fineko/abc.az. The establishment of innovative central laboratories in Azerbaijan is important in terms of the future development of the financial ecosystem.

ABC.AZ reports that Zakir Nuriyev, the president of the Association of Banks of Azerbaijan, said this at the next Finance & Technology Exhibition (Fintex Summit) in Baku.

According to Nuriyev, in order to create a more open ecosystem that promotes the introduction of innovative solutions in the future, it is necessary, first of all, to form innovative central labs that will play the leading role in introducing innovations into the financial ecosystem and ensure more successful projects for ecosystem participants: "We believe that the innovative central labs found in Singapore, Italy and other leading countries will contribute to more efficient projects."

Nuriyev added that the creation of digital banks, which will play the crucial role in the beginning of a new digital era in the financial system, should also remain in the spotlight: "In this regard, it is very important to carry out legislative reforms. The formation of legislation on digital banking will create favorable conditions for further expansion of activities in the financial system. The centralized infrastructure based on open banking, which will be put into operation by the Central Bank of Azerbaijan, will make it possible to deepen and successfully apply the open finance approach."