The Central Bank of Azerbaijan (CBA) is developing a framework for data and artificial intelligence (AI) governance, according to Vusal Khalilov, Deputy Governor of the Central Bank of Azerbaijan (CBA), Report informs.
Speaking at an event held as part of the Baku Fintech Sector Trade Mission Program, organized by the Turkic States Fintech Alliance (TURKFIN), Khalilov noted that the framework will initially be introduced in the form of recommendations, with the intention of turning it into formal regulations in the future.
"Both fintech companies and other financial institutions must have sustainable IT infrastructure. Therefore, we are currently working with market participants to develop frameworks on security, IT, as well as data and artificial intelligence governance, which will later be presented to the market. All of this will enable innovations and digitalization to be introduced in a secure manner," he said.
The official added that fintech companies should establish themselves in this complex but promising field, creating value both for themselves and for the broader financial sector.
"Given the strong relations and broad opportunities existing across the region, I believe the value we create should benefit the entire region," he noted.