Electronic money organizations will be able to open and maintain payment accounts for legal entities and individuals.
The president of the Association of Banks of Azerbaijan, Zakir Nuriyev, said about this, when delivering speech at the Turkish-Azerbaijani fintech forum.
He added that although fintech is a new area for banks, interest in it is high:
“Recently, a number of reforms have been carried out under the leadership of the head of state in order to develop financial markets and introduce international best practices in this area. So, this year President Ilham Aliyev approved a new law on payment services & payment systems. The new law establishes the legal basis for the functioning of payment systems, payment services, payment organizations, electronic money organizations and payment system operators, as well as the legal, organizational and economic basis for regulation and control in this area. I think this law will contribute to further development and competitiveness of digital payments ecosystem. The continuation of inflationary processes in the world has led to an increase in demand for lending. This makes it necessary to increase transparency of fintech companies, lending and other