Zakir Nuriyev: Legislation on forming digital banks in Azerbaijan should be amended

Provision of payment services based on open banking technology and expansion of the scope of application of electronic money should be ensured in Azerbaijan, Zakir Nuriyev, chairman of the Azerbaijan Banks Association, told the Fintex Summit held in Baku, Report informs.

According to him, legislative reforms on the formation of digital banks should be ensured in order to achieve the priority goals set for innovative solutions and technologies in the next strategic period.

“Also, the integration relations of the existing payment ecosystem with the payment ecosystem of neighboring countries should be further deepened. One of the important steps in this direction is the optimization of cost items in the payment services market, increasing the efficiency of the tariff policy applied by the international payment system and the convenience for ecosystem participants,” Nuriyev.