Central Bank of the Republic of Azerbaijan runs open banking workshop highlighting its roadmap and special regulatory regime plans

The Central Bank of the Republic of Azerbaijan held a practical training session in Baku on open banking, setting out its Open Banking Roadmap and discussing open banking solutions, their benefits and the possible use of a special regulatory regime with experts from the International Finance Corporation (IFC). The session included a presentation by the central bank’s Director of the Financial Technologies and Innovations Department, Fidan Tofidi, on the roadmap and how the concept is intended to be implemented domestically, followed by an IFC presentation on global approaches to implementing open banking. Participants then worked in five-person teams on innovative product ideas with expert support, with around 60 senior representatives from banks, fintech organisations and other relevant bodies attending. The central bank also reiterated that it is keeping initiatives to expand fintech adoption and build a digital banking ecosystem in focus, including ongoing work on the special regulatory regime and the implementation of open banking.