The Central Bank of Azerbaijan (CBA) is considering ways to strengthen cybersecurity aspects, CBA General Director Farid Osmanov said at the panel “Open Banking Rules and APIs: Ensuring Secure Data Exchange and Payment Innovations” as part of the Inmerge Innovation Summit, Report informs.
He noted that open banking will increase financial inclusion: “Presently, open banking exists in Azerbaijan, which has a legal foundation. The concept of ‘open banking’ helps financial institutions expand their ecosystem to better serve customers, quickly and efficiently interact with banking partners and third parties.”