Central Bank of Azerbaijan announces plans to move to open banking

Implementation of the transition from closed banking to open banking and the subsequent transition to the open financial concept is the main goal of the Central Bank of Azerbaijan (CBA).

CBA Chairman Taleh Kazimov made the statement at a conference within the framework of the Critical Infrastructure Defence Challenge 2023 event in Baku, Report informs.

According to him, this makes it necessary to strengthen measures on information security and cyber security of financial institutions: "Issues of strengthening cyber security and information security in the financial market, introduction of adequate risk control mechanisms and formation of risk-based regulatory framework are in the centre of attention of the Central Bank".

He also said that in January-September this year, the volume of transactions through Internet banking in Azerbaijan increased by 15 per cent compared to the same period of 2022 up to $101 billion.

"The volume of transactions carried out through mobile banking has increased 2.4 times to $10.8 billion," the CBA chairman added.