Central Bank holds FinEdge: Open Banking and Open Finance event

18-10-2024

Baku, October 18, 2024: On October 17, the "FinEdge: Open Banking and Open Finance" event was held in Baku with the support of the Central Bank of the Republic of Azerbaijan, the Azerbaijan Fintech Association and AndersenLab. The event highlighted how the financial services sector in Azerbaijan is changing under the influence of innovations in the field of open banking and open finance.

Vusal Khalilov, Executive Director of the Central Bank, who delivered the opening speech, highlighted the Central Bank's views on Open Banking as part of the digital transformation strategy of the country's financial sector. He said that the concept of Open Banking is an important step in creating a more inclusive, transparent and efficient financial ecosystem. Vusal Khalilov noted that Open Banking should be seen as a strategic opportunity, not just a regulatory requirement, as this approach stimulates innovation, improves customer experience and encourages collaboration between banks, fintechs and third party providers. He emphasized that Open Banking is not just a technological change, but an opportunity to redefine the future of financial services in Azerbaijan and to foster cooperation and innovation in the financial ecosystem.

During the event, the representative of AndersenLab, Dmitri Gibert, and the representative of the Central Bank of Georgia, Vasil Shengeliya, gave informative presentations on the development trends of Open Banking. The event also reviewed the history of the development of Open Banking and provided information on the legal frameworks regulating this field in different regions, as well as the best international practices.

The event concluded with a session on upcoming regulations such as PSD3 and FIDA, and how initiatives like the BIS Innovation Hub (BISIH) are shaping global open finance.