Azerbaijan developing open banking standards

The Central Bank of Azerbaijan (CBA) is developing open banking standards, Farid Osmanov, the Director-General of the Central Bank of Azerbaijan (CBA), said at a conference on the topic 'Fintech-ecosystem in Azerbaijan - today and tomorrow', Report informs.

"We think that after the formation of the legal framework, the banking system and the fintech system in our country will not work in competition but in synergy with each other. Open banking standards, one of the main guidelines for this, are being developed and will be adopted.

CBA acts as both a regulatory and supporting financial institution. In this regard, we attach importance to forming a special regulatory regime. Each innovative idea will go through a special regulatory authority before the startup enters the market. In this way, we will support the access of healthier startups and fintechs to the financial markets," he said.