ADIF Signs Mou With Korean Deposit Insurance Corporation
Date
10/16/2023 5:23:58 AM
(MENAFN- AzerNews) Akshin Jahangirov, Deputy Executive Director of the Azerbaijan
Deposit Insurance Fund (ADIF), signed a Memorandum of Understanding
with Yoo Jaehoon, the Chairman and President of the Korean Deposit
Insurance Corporation (KDIC), Azernews reports.
ADIF said that the Memorandum is to promote joint international
cooperation in the field of deposit insurance between the Fund and
KDIC, as well as to improve the process of liquidation of banks
that are under liquidation of the ADIF in a prompt and fast way,
taking advantage of the advanced experience of the corporation, and
to strengthen the development of the deposit insurance system in
Azernews and increase financial literacy.
It should be noted that within the framework of the memorandum,
the main directions and goals of cooperation, positive contribution
to the development of the deposit insurance system, support for
increasing the practical and theoretical knowledge of the potential
human resources of the ADIF in order to optimize the liquidation
process of banks by taking advantage of the advanced experience of
the ADIF, to increase the efficiency of the asset management
process and speed up the payment of compensations.
In addition, if it is considered necessary, a joint research
group consisting of human resources of the ADIF and the Corporation
will be created for the purpose of carrying out multi-directional
studies on the system of deposit insurance and exchange of
experience.
It should be recalled that the International Association of
Deposit Insurers (IADI), which attaches great importance to
international cooperation, participated in the voting for the
selection of the new president and the composition of the executive
board of the Association as an organization with full voting rights
at the Annual General Meeting of the International Association of
Deposit Insurers (IADI) held in the United States on September 26.
In addition, ADIF held business meetings with the delegations of
countries such as Turkiye, Spain, France, Kazakhstan and
Uzbekistan, which have a multi-year and professional activity
strategy, in order to further expand relations with international
institutions in order to learn the most advanced practices of
leading countries and apply them in their activities. During the
meetings, detailed discussions were held with the delegations of
the mentioned countries about the activities and development
prospects of the ADIF, as well as financial innovations, cyber
security and data protection, as well as the most current topics in
the financial system. In particular, we should mention that
educational events were held in Azerbaijan with the head of the
Toronto Center, the institute that provides the leading financial,
consulting and training services for risk management, Babek
Abbaszade, improving the deposit protection mechanism, in the field
of digitization, which is the main demand of the modern era.
Discussions were held about taking new steps.
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