From May 1 to May 31, the Central Bank of Azerbaijan (CBA) will accept applications for participation in the special regulatory regime.
The General Director of the Central Bank of Azerbaijan, Farid Osmanov, said this at the presentation ceremony of the new regime.
"In addition to being a regulator in the financial markets, the regulator's view is to bring innovations to the financial system and, as a result, expand and increase financial inclusiveness, increase the scope of more financial services through digital channels, conduct risk assessment, conduct risk assessment, and ultimately protect and establish financial stability, our most urgent issues is one of our issues." he said.
Sahib Hasanov, head of the Financial Technologies and Innovations Department of CBA, provided information about the innovative products to be submitted to the special regulatory regime, their criteria, selection process and direction.
The special regulatory regime created by the Central Bank allows financial institutions and FinTech organizations to test innovative financial services with real customers under the specified period and control, to further accelerate the period of application of the service in the market, to increase its competitiveness and to eliminate a number of obstacles.
