Central Bank of the Republic of Azerbaijan holds media training on the regulatory framework for payment services

The Central Bank of the Republic of Azerbaijan held a training session for media representatives on the regulatory framework for payment services, continuing its programme of briefings aimed at improving understanding of central banking and financial-sector issues. The session covered the main legal framework for payment services and payment systems, and the regulation and supervisory procedures applying to payment institutions, electronic money institutions and payment system operators. Khayaladdin Taghiyev, head of the central bank’s Payment Services and Payment Systems Regulation Department, also discussed the differences between payment system operators and payment service providers, requirements for foreign payment service providers and payment system operators to operate in Azerbaijan, and how the impact of fintech on the banking system is assessed and applied in the payments market. Participants’ questions were addressed during the discussion, and the event concluded with a meeting between Central Bank Chair Taleh Kazimov and the attending media representatives.