"We need to incorporate international trends in the fintech sector into our system. The biggest burden here lies on improving the legislative framework," said Zakir Nuriyev, chairman of the Azerbaijan Banks Association (ABA), at the "Baku Fintech Forum 2025" event, APA-Economics reports.
He noted as an example that there is a requirement for electronic money organizations to store funds in more than 1 bank: "At the same time, there is such a requirement for other participants in the financial sector. In particular, there is a requirement for insurance companies to store their funds in different banks. Bringing such a requirement to fintech for the upcoming period may be of great importance."
Z. Nuriyev emphasized that this approach would further strengthen the security of payment service users' funds and increase the sustainability of electronic money organizations: "We believe that in terms of developing financial inclusion and more effective application of the financial approach, additional areas of activity of fintechs should be expanded on a legislative basis."
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