CBA: Fintechs to be able to participate in important payment systems in Azerbaijan

Azerbaijan will ensure the direct or indirect participation of fintechs in systemically important payment systems, said Khayaladdin Taghiyev, head of the Payment Services and Non-Payment Systems Regulation Department of the Central Bank of Azerbaijan (CBA), Report informs.

Some developed countries have already created conditions for fintechs to participate directly or indirectly in systemically important payment systems.

"This will also be possible in Azerbaijan in the near future. The payment chain consists of 3 stages - authorization, clearing, and settlement. With this, fintechs will be able to provide the settlement stage themselves, and their dependence on banks will decrease. This will have a positive impact on their profitability and earnings," the CBA official noted.