(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 13. Work is underway in Azerbaijan to optimize legal framework, contributing to development of the financial sector, President of Azerbaijan Banks Association (ABA) Zakir Nuriyev said during a financial technology (fintech) summit in Baku, trend reports.

According to him, the law "On payment systems and services" has already been adopted, which will accelerate the development of this sector and ensure its effective regulation.

"The financial sector needs the latest technologies (including blockchain). The role of digital currencies and cryptocurrencies is constantly growing. Work is underway in Azerbaijan to develop a digital manat," he noted.

"In addition, with the development of technology, it's necessary to pay attention to the cybersecurity sector. So, in 2022, as a result of hacker attacks, we lost $4.2 billion, which indicates the need to strengthen the technical and technological base of banking," he said.

Nuriyev noted that ABA continues to provide support to the financial sector players.

The two day event (fintech summit) supported by ABA, Azerbaijan Fintech Association, Central Bank, Ministry of Digital Development and Transport, Center for Analysis of Economic Reforms and Communication is one of the two annual events organized in Baku, Azerbaijan (second one is an annual Banking Forum organized each year in November), and the most famous finance and banking events in the region gathering together CEOs and management of relevant government bodies, top management of commercial banks and fintechs, famous companies providing finance and banking products and solutions, and other stakeholders.

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