Central Bank holds Open Banking Revolution: Business Opportunities Beyond Borders Practical Training

19-06-2025

19 June 2025, Baku: On June 18, the Central Bank of the Republic of Azerbaijan (CBA) held a practical training called Open Banking Revolution: Business Opportunities Beyond Borders at the Ritz-Carlton Baku Hotel.

As part of the training program, experts from the Central Bank and the International Finance Corporation (IFC) had in-depth conversations about Open Banking solutions and their benefits, as well as the implementation of a regulatory sandbox.

Fidan Tofidi, Director of the Financial Technologies and Innovations Department at the Central Bank of Azerbaijan, gave the opening speech at the event. She provided participants with detailed information on the Central Bank's Open Banking Roadmap and its implementation in the country. Tofidi emphasized that Open Banking is a key trend shaping the future of global financial services, as well as an important step toward digitally transforming the financial sector and aligning it with international standards.

The training continued with a presentation by IFC expert Pavel Shust. The presentation covered global practices and approaches to implementing the Open Banking concept. Afterwards, the participants were divided into teams of five and worked on innovative product ideas. The teams received expert support for implementing innovative products and had their questions answered.

The event's attendees included representatives of the Central Bank and about 60 executives from banks, financial technology organizations, and other relevant institutions. This event has become an important platform for exchanging innovative ideas and establishing strategic partnerships.

The Central Bank is focused on implementing initiatives that expand the use of innovative financial technologies in the country and establish a digital banking ecosystem. Among these initiatives, the implementation of a regulatory sandbox and the adoption of the Open Banking concept are of great importance.