CBA: New players face hurdles due to stricter financial market requirements in Azerbaijan

The establishment of stricter requirements in the financial market in Azerbaijan complicates the process of entering the market for new players in certain cases, Rashad Orujov, the First Deputy Chairman of the Central Bank of Azerbaijan, said at the FinTech Summit held in Baku on May 15, Report informs.

According to him, experience shows that fintech innovations are an important component of the global financial system, and their development expands the activities of not only startups, but also financial service providers as a whole: "For this purpose, the Central Bank has formed a special regulatory regime. The special regulatory regime is a set of rules that include measures for testing innovative financial products in the financial markets within a limited framework and under the supervision of the Central Bank".

Orujov said that one of the main goals of the CBA is to support the activities of non-bank payment service providers and fintech by ensuring equal market conditions: "Regulatory agencies consider ensuring stability in the market and protecting customer rights as a priority, and prepare the normative legal framework with these principles in mind. The special regulatory regime allows banks and fintech to test innovative products and services not only in the field of payments, but also in the financial sector as a whole, as well as creating conditions for preventing unsuccessful outcomes and ensuring the overall safety of the financial system.