Central Bank holds meeting as part of launch of Blockchain based Digital Identification System project

12-09-2019

11 September 2019, Baku: The Central Bank of the Republic of Azerbaijan developed a ‘2018-2020 State Program on expansion of digital payments in the Republic of Azerbaijan’ approved by Resolution#508 of the President of the Republic of Azerbaijan dated 26 September 2018  to ensure implementation of the priority targets with respect to boosting digital services and creating e-banking environment in the ‘Strategic Roadmap on development of telecommunication and information technologies in the Republic of Azerbaijan’ approved by Resolution#1138 of the President of the Republic of Azerbaijan dated 6 December 2016.

As part of the State Program, the Central Bank is implementing the launch of the blockchain based Digital Information System project under the Actions Plan to expand the coverage of digital payments in the country and deliver more secure and prompt e-services to end-users, building hi-tech platform based ‘customer-bank’ relations.

According to the ‘Regulations on opening, maintaining and closing bank accounts’ approved by the Financial Markets Supervisory Authority (FMSA) of the Republic of Azerbaijan, as part of the said project the functionality on opening distant current accounts for individuals has been fully developed; the system was presented at the meeting held at the Bank on 11 September 2019 for the representatives of the Ministry of Taxes, the FMSA, the Azerbaijan Banks Association, and credit institutions included to the work group. The participants saw functionalities and mobile applications of the information resource and maintained discussions on prospects of the system.

As a result of the project implementation, individuals and legal entities will be able to promptly receive distant bank services without going to the bank, there will be no need for required information to be delivered in paper carriers, consequently, data integrity, accessibility and confidentiality will be maintained. The Bank will continue efforts with related organizations to successfully complete the project and strategically expand it on other directions.