CBA: Financial sector development strategy about to be completed

The Central Bank of Azerbaijan (CBA) is about to complete work on the strategy for the development of the financial sector, CBA Director General Farid Osmanov said at the 7th International Banking Forum (IBF-2023) held in Baku, Report informs.

In addition, the CBA official said that the law "On Payment Services and Payment Systems" will come into force in the country on November 9:

"After that, necessary and fundamental measures will be taken in the direction of the formation of payment efficiency in the financial markets. Our strategic goal is to form the concept of open banking during the next period and accelerate the transition from open banking to open finance. This transition will allow us to promote open data sharing in the banking sector as well as in the insurance sector and capital markets."