Azerbaijan expands open banking to wider financial ecosystem

Azerbaijan is developing its “Open Banking” infrastructure with plans to extend participation beyond banks to include non-banking financial institutions, AzerNEWS reports, citing the Central Bank of Azerbaijan (Central Bank of Azerbaijan). Elmar Didakanan, a specialist at the Central Bank’s Financial Technologies and Innovations Department, said the system will allow businesses to integrate bank accounts into digital platforms and, in the next phase, make payments and conduct transactions directly, as individual users do. The long-term goal is to move toward a broader “Open Finance” model involving insurers, investment firms, and other financial players. A key benefit of Open Banking is...

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