Azerbaijan, South Korea sign deal to develop digital financial information system PHOTO

Azerbaijan and South Korea have agreed to cooperate on the creation of a digital system for exchanging financial information.

The Centre for Digital Finance in Azerbaijan and the Korean Fiscal Information Service (KFIS) signed a Memorandum of Understanding (MoU) on collaboration in the development, implementation, and operation of a digital government financial information system, Caliber.Az reports via local media.

The agreement was signed during a meeting between Azerbaijan’s Finance Minister Sahil Babayev and a South Korean delegation led by KFIS President Yoon Seok-Ho.

Under the MoU, both sides will conduct joint research, provide technical support, and exchange expertise in areas such as cybersecurity, resilience, and audit compliance. The deal also includes initiatives to strengthen human resources through training programmes and practical experience.

Discussions during the meeting focused on expanding bilateral cooperation in financial governance, including the development of Azerbaijan’s new Integrated Financial Management Information System (IFMIS).

The Azerbaijani side will also study South Korea’s experience with its government financial system, dBrain+, and the e-Naradoum system for managing government subsidies. The importance of a joint IFMIS workshop held at the Ministry of Finance with the South Korean delegation was also highlighted.

By Aghakazim Guliyev