Azernews.Az

Nazrin Abdul

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The Central Bank of Azerbaijan (CBA) and the State Customs Committee (SCC) are implementing a project to enable banks and insurance companies to submit customs guarantees and insurance electronically.

Azernews reports that Mushfiq Karimov, an official from the Central Bank, spoke about the initiative at the “Customs-Business Forum 2025: Dialogue and Trust” held today in Baku.

“The Central Bank, in cooperation with the State Customs Committee, has launched a project allowing banks to provide customs guarantees and insurance companies to issue insurance electronically. Currently, banks are integrating with the VAIS (Single Automated Information System). Six banks have fully integrated, serving 80% of business entities. Three more banks are in the testing phase and are expected to join the system soon. One insurance company is also testing the platform. The main advantages of this system are faster customs processing, automation, and 24/7 operation,” Karimov said.

He added that business-oriented reforms and electronic integration projects led by the Central Bank mark an important step in modernising customs procedures:

“Trade flows depend not only on technical infrastructure but also on digitalisation. The electronic integration of bank guarantees and insurance contracts provides a secure form of assurance. Overall, we are seeing the development of trade and logistics along the Middle Corridor, indicating the emergence of a new regional logistics model. This highlights the importance of a reliable guarantee system for payments in trade flows,” Karimov emphasised.