Central Bank and IFC signed a cooperation agreement


August 11, Fineko/abc.az. With the support of the International Finance Corporation (IFC), a member of the World Bank Group, the project “Electronic & Digital Financial Services in Azerbaijan” was launched and a cooperation agreement was signed between the Central Bank and the IFC.

ABC.AZ was informed at the CBA.

The project includes plans to create a regulatory framework for the availability of banking products and services, develop a roadmap for the use of an open banking approach, the functioning of the instant payment system, as well as develop recommendations on legal acts to create access to banking products and services (opening of a bank account, obtaining of a loan) with remote identification.

At the same time, cooperation is envisaged to create a special regulatory testing regime that allows banks and businesses to test innovative financial services and products.