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The Central Bank of the Republic of Azerbaijan (CBAR) continues to advance initiatives aimed at expanding the use of innovative financial technologies and building a digital banking ecosystem in the country. As part of these efforts, on October 15, the CBAR organized an event titled “Special Regulatory Regime – Outcomes and New Opportunities.”
In her opening speech, Fidan Tofidi, Director of the Financial Technologies and Innovations Department of the CBAR, emphasized the contribution of the special regulatory regime to deepening the financial ecosystem within the framework of the “Financial Sector Development Strategy for 2024–2026.” She also highlighted the Central Bank’s priority initiatives that lay the groundwork for the development of digital financial solutions and the large-scale promotion of innovation.
Later, Sahib Hasanov, Head of the Special Regulatory Regime Organization Division of the CBAR, discussed the results achieved in the implementation of the regime and its future development prospects. Pavel Shust, an expert from the International Finance Corporation (IFC), shared important insights into international practices and the latest developments in the field.
During the event, participants of the special regulatory regime shared their experiences gained throughout the testing phases.
At the end of the session, practical workshops were held. Participants, working in teams, completed assignments related to developing innovative products for application under the special regulatory regime. The teams received expert guidance, and their questions were addressed in detail.
It should be noted that the special regulatory regime, established on the initiative of the Central Bank, provides broad opportunities for the introduction of innovative services and products in the country’s financial markets. It contributes to enhancing financial inclusion as well as improving the security and accessibility of financial services.
