In Azerbaijan, a balance between innovation and risk in the financial sector must be maintained, Fidan Tofidi, Director of the Financial Technologies and Innovations Department of the Central Bank of Azerbaijan (CBA), said at an event held in Baku on Azerbaijan's digital finance agenda, Report informs.
According to her, a very important point in this matter is related to maintaining the right balance: "Because when the concept of innovation is discussed, the first thing that comes to many people's minds is risks. Innovation means novelty, that is, the implementation of an opportunity or approach that has not existed until now. Naturally, this is also regarded as an area that requires additional attention and oversight from regulatory bodies. However, during this period, the CBA has played a sufficiently active role and has come forward with numerous initiatives aimed at shaping the innovation environment."
Tofidi recalled that the implementation of the financial sector development strategy was launched in 2024. We are already in the final year of that strategy, which covers a three-year period. At the same time, preparatory work for the next strategic period is also being actively continued. Currently, work is underway on a new four-year strategy covering 2027–2030. As for the results of the current strategy, in simple terms, sufficiently extensive and diverse work has been carried out during this period."