12:30 - 14.02.2025

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February 14, Fineko/abc.az. For the purpose of sustainable innovative development in the financial market of Azerbaijan, in a more correct form, within the sandbox mode and the testing of planned projects, it is proposed to create a central platform for innovative solutions involving leading experts from both the public sector of the Central Bank and the private sector.

ABC.AZ reports that Ruslan Talibov, chairman of board of the Azerbaijan Fintech Association, made such an initiative at the Azerbaijan Financial Forum.

According to Talibov, this will allow testing new projects in the sandbox more efficiently and systematically.

He also stressed that as part of the financial sector development strategy for 2024-2026, it is necessary to expand the scope of activities of fintech companies. In particular, speech is about their integration into the payment systems of the Central Bank, participation in government projects and the use of electronic money for a number of social benefits.:

"In this direction, it is necessary to take into account the integration of fintech companies into payment systems operated by the Central Bank, including the instant payment system, the creation of opportunities for participation in government projects, and the implementation of certain social payments using electronic money as an innovative payment instrument, thereby creating new opportunities for fintech companies."

In addition, Talibov proposed to review the requirements for non-bank payment organizations, including issuers of electronic money and payment operators.

In his opinion, providing them with the opportunity to act as technical suppliers in areas less attractive to banks can contribute to the diversification of the payment services market.