Azerbaijan Reaches New Stage Of Financial Services Development - IFC

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 15. Azerbaijan is entering a new stage in the development of financial services, the representative of IFC in Azerbaijan Aliya Azimova said at the II Baku Forum on Sustainable Development, Trend reports.

"Over the last few years, the IFC has been working to build digital financial markets in Central and Eastern Europe, the Caucasus, and Central Asia. This path will remain in the forefront of our minds in the future, as it will have a big impact on the availability of financial services and economic prosperity. We collaborate with financial sector stakeholders, including assisting banks in their digital transformation efforts through consulting services and programs. We also assist emerging fintech startups in constructing market platforms," Azimova said.

"Azerbaijan is developing digital financial concepts, however the country will need major backing to encourage adoption and implementation. The banking sector is deploying innovative digital technologies, and online banking penetration is comparable to other nations in the region. I'd like to speak quickly on the newly passed law "On Digital Payments Strategy, Payment Systems, and Services," which was created with the assistance of the World Bank and the International Finance Corporation. It will emerge as the most crucial legal foundation for the growth of digital financial services. With the passage of this legislation, Azerbaijan enters a new phase in its financial services development. The IFC will continue to engage in this area and advocate for further electronic and digital payment reforms," she said.

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