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Azerbaijan's electronic money and payment organizations begin to join SWIFT network

19 February 2025 18:04 (UTC +04:00)

Electronic money and payment organizations operating in Azerbaijan have begun to join the SWIFT network, Deputy Chairman of the Central Bank of the Republic of Azerbaijan Vusal Khalilov said during a meeting with representatives of the SWIFT User Group, APA-Economics reports.

He underlined that it is vital for financial institutions and strategic partners to closely familiarize themselves with the Central Bank's "Strategy for the Development of the Financial Sector in 2024-2026" and pay attention to the initiatives mentioned in this framework. At the same time, the current connection of electronic money and payment organizations licensed by the Central Bank, along with banks, to the SWIFT network is considered one of the important indicators of the development of the fintech sector and the beginning of the next stage in the financial sector.

During the meeting, the current and future activity programs implemented by the SWIFT organization, strategic goals, including the goals set for cross-border payments of the G20 countries, were discussed.

At the same time, practical discussions were held at the meeting on innovative payment solutions implemented in Azerbaijan within the framework of joint cooperation with the SWIFT organization. Representatives of commercial banks also made speeches on relevant topics.