Several banks in Azerbaijan are ready to embrace the open banking revolution, with others set to follow suit in the near future, Vusal Khalilov, a member of the Board of Directors of Azerbaijan's Central Bank (CBA), stated at the 8th International Banking Forum held in Baku, Report informs.
Khalilov highlighted that open banking and open finance initiative aim to create an inclusive, transparent, and efficient financial ecosystem, opening up new opportunities for banks, fintechs, and consumers alike. He added that for banks, this means access to new revenue streams, optimized services, and enhanced customer experiences.
Meanwhile, for fintechs, it provides opportunities for collaboration with banks and access to advanced financial solutions; and for consumers, it offers more choices, transparency, and access to secure financial solutions, the director noted.
Khalilov also pointed out that banks are among the biggest beneficiaries of open banking, given their extensive technical capabilities and potential. "Several banks are already fully prepared to enter the production environment, with others set to achieve this in the near future," he stated.
He further emphasized that local banks will spare no effort in supporting the transition to a green economy: “As part of the COP29 framework, banks have committed to providing 2 billion manats ($1.176 billion) in financing by 2030.”