The Central Bank of Azerbaijan (CBA) is working on developing a new regulatory framework for data and artificial intelligence management in the financial sector, Deputy Governor of the CBA Vusal Khalilov said at the Turkic states fintech forum held in Baku, APA-Economics reports.
According to him, banks lead the financial sector in terms of digitalization, followed by fintech companies.
"The advantage of fintech companies is their flexibility and speed. Compared to large banks, fintech companies can bring new products to market in a shorter period of time. However, the expansion of digitalization also increases cybersecurity risks," Vusal Khalilov noted.
The CBA Deputy Governor stated that the Central Bank has already introduced information security and cybersecurity regulations to the market. This was followed by the development of recommendations on information technology management, which are expected to be implemented as mandatory regulations in the future.
"We are currently working with the sector on frameworks for data management and artificial intelligence governance. The goal is to ensure the safe implementation of innovations and digitalization," Vusal Khalilov emphasized.
He added that a resilient information technology infrastructure should be established across all financial institutions, including fintech companies.
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