Elchin Habibov: Interregional platforms important for financial stability

Cross-exchange of credit information, harmonization of standards and creation of interregional platforms are key to financial stability, Director General of the Azerbaijan Credit Bureau Elchin Habibov said at the opening of the first International Conference on Credit Reporting in Baku, Report informs.

He noted that the Association of Credit Information Providers in Eurasia (ACIPE) plays an important role in developing cooperation in this area.

"We feel this both in joint trainings and research, and in regular events. The bureau is open to the creation of new platforms, and the announcement of one of such projects will be presented tomorrow at a fintech event," he said.

Elchin Habibov noted that modern credit bureaus have gone beyond databases and have become specialized institutions that support digital transformation.

"Today, they help financial institutions correctly assess risks, promote business growth and strengthen trust. Credit reporting is a key element of financial stability. It ensures responsible lending, a borrowing culture and the safety of both banks and society as a whole. For central banks, such systems are a tool for ensuring macroeconomic stability. Cooperation between regulators and credit bureaus contributes to the formation of a more transparent and efficient market," he added.

Habibov also emphasized that with the development of digital technologies, the capabilities of the bureaus are also expanding.

"Many of them today use alternative data sources - mobile operators, utilities, e-commerce platforms - and include in the credit history of citizens not covered by the traditional financial system. Significant results have already been achieved in this direction in Azerbaijan, and the work continues," he said.