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Azerbaijan plans to begin formation of legal framework for open banking in 2022

9 December 2021 16:50 (UTC+04:00)
Azerbaijan plans to begin formation of legal framework for open banking in 2022

By Trend

The beginning of the formation of a legal framework for open banking in Azerbaijan is scheduled for 2022, project manager of the Information Technology Department of the Central Bank of Azerbaijan (CBA) Sahib Hasanov said at the 5th International Banking Forum in Baku, Trend reports.

"The CBA prepared a roadmap for open banking in October this year, and it covers the 2021-2025 period. It provides for the implementation of projects to standardize the infrastructure of banks and create a legal framework, an appropriate working group, and conduct trainings. The Open Banking Platform presents a catalog of API (Application Program Interfaces) solutions for the banking sector. Open banking of the CBA will allow centralized development of mobile applications of the country's banks based on user preferences," Hasanov said.

The project manager also noted that open banking will contribute to the emergence of new financial players, start-up projects and services on the local market.

"Open banking is a fundamental basis for the development of a startup ecosystem. In 2022, it is planned to begin to form an appropriate legal framework, in 2022-2023 standards will be developed in accordance with the requirements of AISP (Account Information Service Providers) and PISP (Payments Initiation Service Provider). Also, work has been carried out to form open banking on the basis of this legal framework and standards," he added.

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