(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 19.​ Cooperation with Azerbaijan fosters long-term friendship and opens up new opportunities in the field of open banking, Mikheil Kapanadze, CEO of the Open Banking project of the Georgia Bankers Association (GBA), said in an interview with Trend on the sidelines of the IX International Banking Forum (IBF 2025) in Baku.

Kapanadze outlined the growing prospects for cooperation between the Georgian and Azerbaijani banking sectors.

“We work very actively with the Azerbaijan Banks Association (ABA), and this relationship goes far beyond cooperation; it is a long-term partnership built on trust. We support all their initiatives and will continue to do so. We are open and always ready to hear their proposals.

Collaboration in this field is not only possible but also strongly encouraged. Both sides exchange approaches and information, including practical experience on how specific issues are addressed. This is extremely important, and we intend to continue this exchange,” he said.

Kapanadze also touched on new investment projects and opportunities in the financial market between the two countries.

“We operate on the same principles as we do with Azerbaijan in Georgia. Banks functioning in the country are members of the Georgia Bankers Association and enjoy the same opportunities as all other institutions. All investments are welcome, and naturally, the environment is open for creating new prospects and expanding opportunities in this sector," he added.

The official then weighed in on the latest technological breakthroughs in the banking sector and the golden opportunity for collaboration on the horizon.

“The Georgia Bankers Association is moving toward a fully open infrastructure, meaning that systems that remained closed for decades are now being unlocked. Open banking is the first step in this transformation, and parts of this traditionally closed ecosystem are already becoming accessible. In the coming years, we will see how quickly and to what extent this opening progresses.

From the consumer's perspective, the aim is to access a wide range of services and information in one convenient place. Additionally, personal data protection must remain a priority, and the right balance must be maintained,” Kapanadze concluded.

The two-day IX International Banking Forum 2025 (IBF 2025), organized in partnership with Mastercard, has started today. This year's Forum explores the theme“Reliable, Safe, and Sustainable Banking” and is supported by the Azerbaijan Banks Association, the Central Bank of Azerbaijan, and the Ministry of Digital Development and Transport.

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