CBA: Foreign organizations may join open banking in Azerbaijan

Foreign organizations, including PayPal, may join Open Banking in Azerbaijan if they meet the requirements, Elmar Didakenan, Open Banking specialist at the Financial Technologies and Innovations Department of the Central Bank of Azerbaijan (CBA), Report informs.

"Even foreign bank branches can join our Open Banking system if they meet the requirements and obtain the necessary license. To connect to the Account Information Service, it is enough to register with us. That is, this service can be provided with registration even without a license," Didakenan said.

The official also emphasized that crypto investment platforms could be included in the Open Finance concept: "Currently, there are no cryptocurrency payments in the country, and we cannot say whether they will exist in the future. However, by joining the Open Finance ecosystem, you can add your bank and e‑money accounts to the platform, transfer funds to a specific account, and potentially move them to crypto accounts."