(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 9.​ Integration of sub-fintechs into open banking has begun in Azerbaijan, Director of the Financial Technologies and Innovations Department of the Central Bank of Azerbaijan (CBA) Fidan Tofidi said at the Baku Fintech Forum 2025 event, Trend reports.

She highlighted that this represents merely a singular instance among a plethora of advancements within the open banking ecosystem.

"We will implement a series of strategic initiatives." The assimilation of sub-fintech entities has commenced. The pertinent correspondence was disseminated to financial technology entities yesterday.

Furthermore, our approach will prioritize the integration of traditional banking institutions initially, followed by the incorporation of fintech entities for the facilitation of payment initiation, specifically pertaining to the execution of payment transactions.

It doesn't end there, because the CBA, as a mega-regulator, would not call this open banking for both insurance and the insurance sector, but open finance. We plan to integrate both insurance companies and capital market companies into open finance," the department director added.

Fintech, an abbreviation for financial technology, encompasses the integration of cutting-edge digital innovations to enhance and streamline financial services and products, thereby optimizing accessibility, efficiency, and cost-effectiveness. It encapsulates a diverse array of cutting-edge advancements, encompassing digital banking infrastructures, mobile transaction platforms, crowd-sourced funding mechanisms, algorithm-driven advisory services, virtual lending solutions, and decentralized ledger technologies exemplified by digital currencies.

MENAFN09102025000187011040ID1110172088