Azerbaijani Central Bank talks countrywide development of financial technologies

By Trend

Azerbaijan is conducting comprehensive work to expand the introduction of contactless payments, and creating a base for non-cash forms of payment, the First Deputy Chairman of the country's Central Bank Alim Guliyev said at the FINTEX SUMMIT ONLINE event, Trend reports on Jan.28.

According to Guliyev, in 2020, blockchain technology was launched in Azerbaijan for the first time, which provides full protection of the confidentiality of operations.

He noted that consistent work is underway in Azerbaijan in the field of implementation of the ‘government cloud’ (G-Cloud), which will simplify the interaction processes, having a positive impact on the country's economy.

"Azerbaijan has great opportunities in the development of financial technologies, the business sector, and other important industries by exchanging views with specialists from foreign countries, especially with fraternal Turkey," added the deputy chairman.

Another participant of the event, President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said that the number of contactless transactions with payment cards in Azerbaijan over 2020 amounted to about 118 million, which is 10 percent more than in 2019.

Besides, this figure exceeded 58.3 percent of the total number of payment operations, which also showed growth compared to the previous year.

Nuriyev noted that some banks presented the possibility of issuing virtual bank cards to pay for services without visiting a bank and in a matter of seconds.

"In the near future, it is planned to integrate solutions of fraternal Turkey in the field of forming technologies for protecting non-cash payments, as well as protecting against cyber threats in general," he added.

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