Azerbaijan's PASHA Bank Sums Up Last Year As Hikes In IT And Cybersecurity - Official


(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 29. PASHA bank madesignificant achievements in IT and cyber security last year,Chairman of the Executive Board and Chief Executive Officer atPASHA Bank Javid Gouliyev said during today's press conferencededicated to the bank's performance results for 2023 in Baku,Trend reports.

“Significant achievements have been made in the field ofinformation technology, data, and cybersecurity within thestrategic period. One of the key achievements was the introductionof integration with the SIMA digital platform, which improvedefficiency and security. The Sentry system was successfully used tomonitor clients' mobile applications, which ensured timelydetection and elimination of potential threats,” he said.

According to Gouliyev, standardization of payment ordersaccording to ISO 20022 was also implemented, which significantlyimproved the quality and speed of processing financialtransactions.

“Furthermore, a CRM system has been successfully integrated toimprove the level of customer service for private bankingcustomers. The Cyber Risk project launched in 2021 deserves specialattention. As part of this project, stress tests were conducted andmany critical scenarios were taken into account to identify andeliminate significant risks promptly. This made it possible tosignificantly strengthen the protection of information systems. Anequally important achievement was the introduction of the Swift GPIsystem, which provides customers with the ability to quickly trackthe status of their international payments. This system has madethe process of international transactions more transparent andreliable,” he added.

PASHA Bank is a prominent corporate bank in Azerbaijan in 2007, it provides a comprehensive array of financialservices, such as asset management, trade financing, and investmentbanking, to a diverse clientele, ranging from large corporations tosmall and medium-sized enterprises.

To note, at the end of 2023, PASHA Bank's assets stood at 8.622billion manat or $5.07 billion (2.2 percent growth), with the loanportfolio at 2.958 billion manat or $1.7 billion (4.7 percentgrowth), liabilities at 7.809 billion manat or $4.59 billion (35.7percent growth), and the bank's net profit reached 271.551 millionmanat or $159.7 million (3.18 times growth).

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