Azerbaijan, Central Asian countries consider future co-op in banking sector

The possibilities of future cooperation between the central banks of Azerbaijan and Central Asian countries were reviewed and the possibilities of integration of payment infrastructure of the countries were discussed, Report informs, citing the Central Bank of Azerbaijan (CBA).

Baku hosted a regional event at the initiative of the CBA with the participation of representatives from the central banks of Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan on June 13 and June 14.

Within the event, there was an exchange of experience among experts in payment systems of central banks, and discussions were held on global payment trends.

Innovations in the payment sector of Azerbaijan, improvement of the legislative framework, trends in the use of non-cash payments, as well as measures implemented in the direction of expanding the coverage of the National Payment System and so on were noted.

There were also discussions on important issues such as the possibilities of applying digital currencies, the role of the open banking model in the development of fintechs, and the expansion of information exchange in the field of cyber security between central banks, etc.