(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 30. The Central Bank ofAzerbaijan (CBA) will start accepting applications for the specialregulatory regime of the bank on May 1, CBA Director General FaridOsmanov said during the presentation dedicated to the regime,Trend reports.
"We encourage those involved in digitalization to facilitate theintroduction of innovative products within the special sandboxframework. Additionally, we invite financial institutions and legalentities to actively participate in promoting innovative productsand services within the sandbox environment," he added.
According to Head of FinTech and Innovations at the Central Bankof the Republic of Azerbaijan, Sahib Hasanov, the primary goal ofsuch a sandbox is to establish a platform that enhances financialinclusivity by introducing and testing innovative products in thefinancial sector. This initiative aims to manage associated riskseffectively and collaboratively develop a regulatory framework withmarket participants.
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