Azerbaijan's financial technology (fintech) sector is entering a new phase of rapid development, Deputy Governor of the Central Bank of Azerbaijan (CBA) Vusal Khalilov said at the Turkic states fintech forum held in Baku, APA-Economics reports.
According to him, the development of Azerbaijan's fintech sector can be divided into three stages. The first stage covers the period up to 2023–2024, when there was no specific regulatory framework.
"The second stage covers 2024–2026. During this period, legislation and relevant regulations in the field of payment services were adopted, and the institutional development of the sector was identified as the main priority. We are now approaching the end of this stage and moving into the third phase of rapid development," Vusal Khalilov said.
The CBA Deputy Governor noted that the next stage envisages updating legislation and regulatory rules.
According to him, three main priorities have been identified for the development of the fintech sector: improving legislation, digitalization and the application of artificial intelligence, as well as the development of technological infrastructure by the Central Bank.
Vusal Khalilov emphasized that the technological products and systems developed by the Central Bank are not intended to compete with banks and fintech companies, but rather to support their activities and help address challenges in the sector.
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