Azerbaijan’s Central Bank Prepares Roadmap For Open Banking

Azerbaijan’s Central Bank Prepares Roadmap For Open Banking

(MENAFN– Trend News Agency)

BAKU, Azerbaijan, November 24. The
Central Bank of Azerbaijan (CBA) prepares a roadmap for open
banking, said Head of the IT Division of CBA Sahib Hasanov during
the 6th International Banking Forum, trend reports.

According to him, the roadmap is going to cover the
period up to 2025.

‘We believe that open banking will contribute to the
development of financial tools as well as to the economy in
general. Moreover, it is planned to develop the API standards for
open banking based on international standards. Today, API standards
are implemented in more than 60 countries around the world,’
Hasanov said.

He noted that new laws that would allow the
implementation of open banking in the country and the integration
of local banks into this conception are expected.

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