BAKU, Azerbaijan, November 1. The strategy for the development of Azerbaijan's financial system is being formulated and is nearing completion, the Executive Director of the Central Bank of Azerbaijan (CBA) Farid Osmanov said at the 7th International Banking Forum (IBF-2023) in Baku, TurkicWorld reports.
"After the law on payment services and payment systems comes into force, necessary and fundamental measures will be taken to establish payment efficiency in financial markets. Our strategic goal is to develop the concept of open banking for the next period, accelerating the transition from open banking to open finance. This transition will enable us to promote the spreading of open data in the banking sector as well as in insurance and other capital markets," he noted.
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