"Azerbaijan's main goal is to reduce dependence on international payment systems," said Taleh Kazimov, Chairman of the Central Bank of Azerbaijan, during his speech at the GFTN-Tbilisi Financial Summit, speaking about the steps taken to strengthen the country's financial independence and domestic digital potential, APA-Economics reports.
The CBA Chairman noted that the main goal is to reduce dependence on international payment systems and form a fully integrated, secure, and sustainable national payment infrastructure: "We want to minimize foreign dependence in the country's financial system by expanding the IPS (Instant Payment System) and other local digital platforms. This will both reduce transaction costs and create a more accessible payment environment for citizens and businesses."
T. Kazimov noted that the national ecosystem will become more flexible and secure with the integration of the interbank settlement center into the IPS and the addition of tokenized payments: "These steps will modernize the payment market, increase domestic digital potential, and form an alternative national model to international card systems."
The head of the Central Bank added that the upcoming stage also includes the application of artificial intelligence and innovative technologies. The goal is to create a more flexible, fair, and citizen-oriented financial infrastructure.
According to him, as a result of the reforms carried out, Azerbaijan will stand out in the region with its innovative and sustainable financial infrastructure.
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