The Central Bank of the Republic of Azerbaijan announced that it has completed its assessment of 14 applications submitted in the second intake of its special regulatory regime and selected four innovative products for testing under restricted conditions. The pilots are intended to run within a limited framework and under the central bank’s supervision. The selected products include Islamic banking offerings proposed by ABB OJSC (a Murabaha product) and Rabitabank OJSC (Mudaraba and Murabaha products), a Pasha Insurance OJSC product enabling the purchase of voluntary insurance products through gift vouchers, and the BITAZN LLC “BITAZN cryptocurrency exchange” product. The central bank linked the regime to supporting the market introduction of innovative services, increasing financial inclusion, and improving the safety and accessibility of financial services for users.
Central Bank of the Republic of Azerbaijan 2025-12-26
Central Bank of the Republic of Azerbaijan selects four products from 14 applications for regulatory sandbox testing
The Central Bank of the Republic of Azerbaijan assessed 14 applications for its special regulatory regime, selecting four innovative products for testing. The pilots include Islamic banking offerings from ABB OJSC and Rabitabank OJSC, a Pasha Insurance OJSC product for purchasing insurance via gift vouchers, and the BITAZN LLC cryptocurrency exchange. The initiative aims to support market introduction of innovative services, enhance financial inclusion, and improve financial service safety and accessibility.