BAKU, Azerbaijan, October 13. Azerbaijan plans
to introduce new legislative and regulatory changes in the near
future to expand fintech companies' scope of operations and the
range of services they can offer, Deputy Governor of the Central
Bank of Azerbaijan Vusal Khalilov said, Trend's correspondent reports from the
event.
He made the remarks on Tuesday at the Baku Fintech Sector Trade
Mission Program.
According to him, Azerbaijan's fintech sector has developed
through several stages, and the current priority is to accelerate
market growth, expand access to financial services and promote
innovation across the sector.
Khalilov said that during the first stage of fintech
development, which lasted until 2023–2024, the market largely took
shape amid a limited regulatory framework. During this period,
various companies emerged and introduced new products and
services.
The second stage, covering 2024–2026, saw significant progress
in the sector's institutional development. The Central Bank
established a legislative framework for payment services, adopted
relevant regulations and strengthened supervisory mechanisms.
“The main goal now is to accelerate the development of the
fintech sector based on the results achieved in previous stages. To
this end, we are working to improve legislation, expand market
participants' scope of operations and develop new services,” the
deputy governor said.
He emphasized that improving the legislative framework is one of
the key priorities for sector development. In this regard, the
Central Bank is cooperating with fintech associations, including
ASFINX, while taking into account market participants' proposals
and practical experience.
“New legislative and regulatory changes are expected to be
introduced in the near future to expand fintech companies' scope of
operations and the range of services they offer,” Khalilov
said.
The deputy governor also identified digital transformation and
the adoption of artificial intelligence as important areas for
fintech development. According to him, applying these technologies
in the financial sector is essential for improving services and
developing innovative solutions.
Khalilov added that the Central Bank is also working on
technical and digital solutions to support the sector's
development. These solutions are not intended to compete with banks
and fintech companies, but rather to help them address operational
challenges and facilitate the adoption of innovation in the
financial market.
He noted that work is continuing in Azerbaijan on legislative
improvements, digital transformation and technical solutions to
support fintech development. This approach is expected to
strengthen the institutional foundations of the market and enable
fintech companies to take advantage of new opportunities.
