Azerbaijan’s financial market starts to implement Open Banking

06-10-2025

6 October 2025, Baku: Within the framework of the Financial Sector Development Strategy for 2024-2026, the Central Bank is implementing measures to digitize financial services and introduce innovative financial products to the local market, thereby increasing financial inclusion in our country. The action plan of the Strategy identifies the implementation of the Open Banking approach within the Digital Finance initiative as one of the strategic priorities. To this end, the Central Bank has developed regulatory acts and a technical platform to regulate the Open Banking approach.

Meanwhile, the integration of commercial banks into the aforementioned platform has continued. Currently, six commercial banks are in the final stage of integration. Thirteen commercial banks have fully completed the integration process:

1. Bank ABB - International Bank of Azerbaijan OJSC
2. AFB Bank OJSC
3. Bank ASB - Azerbaijan Industry Bank OJSC
4. Bank ATB – AzerTurk Bank OJSC
5. Bank of Baku OJSC
6. Bank Respublika OJSC
7. Kapital Bank OJSC
8. Turan Bank OJSC
9. Yapı Kredi Bank Azerbaijan CJSC
10. Yelo Bank OJSC
11. BANK VTB  (Azerbaijan) OJSC
12.  Premium Bank OJSC
13. Xalq Bank OJSC

Additionally, Bank ABB and Turan Bank have introduced Open Banking functionality to their customers via mobile applications. With these apps, customers can access information about their accounts at other banks and view payment transactions on their accounts through a single app, with their consent.

By the end of this year, the scope of the Open Banking platform is expected to expand to include other commercial banks, payment institutions, and electronic money institutions.

To note, the Open Banking approach ensures the closer integration of the interbank and financial technology ecosystems, accelerates the country's digital transformation process, and significantly simplifies access to financial services. At the same time, this model increases market competitiveness: banks and fintech companies are encouraged to develop innovative products and provide convenient, profitable services to customers.

Thus, implementing the Open Banking approach in our country will significantly contribute to the sustainable development of the financial market, the expansion of digital banking products, and a customer-oriented approach.

More detailed information about the Open Banking approach can be found at the link below:

https://fintech.cbar.az/open-banking