CBA Director General: ‘Several banks are ready to enter ’open banking’

Several banks in Azerbaijan are ready to enter ‘open banking’, other banks will achieve this in the near future. This was stated by Director General of the Central Bank of Azerbaijan (CBA) Vusal Khalilov at the meeting of the VIII International Banking Forum held in Baku.

‘Open Banking’ and “Open Finance Initiative” are aimed at creating an inclusive, transparent and efficient financial system. This approach opens up new opportunities for banks, fintech companies and consumers. For banks, these are primarily new revenue streams, optimised services and improved customer experience; for fintech, these are collaboration with banks and access to advanced financial solutions; and for consumers, greater choice, transparency and access to safe financial solutions.

Banks are the biggest beneficiaries of these opportunities. Their technical capabilities and potential are much greater. Several banks are already fully prepared to enter the production environment. Other banks will achieve this in the near future,’ he said.

In conclusion, the CBA official said that local banks would spare no effort to move towards green economy: ‘Banks have made financial commitments worth AZN29 billion until 2030 under SOR29.’