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Central Bank talks on implementation of financial technologies in Azerbaijan

16 May 2019 13:25 (UTC+04:00)
Central Bank talks on implementation of financial technologies in Azerbaijan

By Trend

Presently, the Central Bank of Azerbaijan (CBA) is introducing an instant payment system and blockchain technologies, CBA First Deputy Chairman Alim Guliyev told Trend on May 16.

Guliyev made the remarks at the FINTEX Summit on "New trends in banking and payment ecosystem: innovative solutions, financial technologies and security" in Baku on May 16.

"The instant payment system is one of the most advanced systems in the world. This system is used in more than 50 countries,” he said.

“The CBA cooperates with IBM company in the field of blockchain technologies, which will help Azerbaijan in the digital transformation of the economy,” Guliyev added. "The use of the blockchain system and artificial intelligence in the banking sector allows the banks to render the services to the customers at a higher and safer level."

In his words, the use of new technologies contributes to the automation of operations and the decrease in the bank costs to a minimum. He added that, according to the research, 80 percent of financial institutions in the world are implementing financial technologies today.

"As of late 2018, investments in financial technologies reached $30.8 billion, while in 2011 this figure was only $1.8 billion," Guliyev said.

He stressed the importance of the State Program on Expansion of Digital Payments in Azerbaijan in 2018-2020, signed by the country’s President Ilham Aliyev. Guliyev added that the goal of the State Program is to significantly expand the use of non-cash payments by citizens, business entities and state agencies.


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