Azerbaijan, South Korea to cooperate in deposit insurance

A Memorandum of Understanding on cooperation was signed between the Azerbaijan Deposit Insurance Foundation (ADIF) and the Korea Deposit Insurance Corporation (KDIC), Report informs.

The document was signed by the deputy executive director of the institution, Akshin Jahangirov, and the chairman and president of KDIC, Dr. Yoo Jaehoon.

The Memorandum aims to promote joint international cooperation in the field of deposit insurance between ADIF and KDIC, as well as to improve the process of liquidation of banks under the liquidation of the ADIF, to strengthen the development of the deposit insurance system in Azerbaijan and to increase financial literacy.