Baku hosts IX International Banking Forum

The IX International Banking Forum is being held in Baku today. The event runs under the motto “Reliable, Secure, and Sustainable Banking.”

The forum is dedicated to discussing current trends in areas such as the cashless economy, digital transformation, artificial intelligence, cybersecurity, open banking, capital markets, and new payment ecosystems, AzerTAc reported.

The event is attended by representatives of government agencies, banking and financial institutions, the fintech ecosystem, international organizations, and leading companies.

Deputy Chairman of the Central Bank of Azerbaijan Vusal Khalilov said the AzQr standard is already being adopted throughout the country.

According to him, this standard will simplify the acceptance of non-cash payments for entities in both the regions and the center. At the same time, the cost of payments will decrease.

In general, this transition is aimed at significantly reducing the costs not only of financial institutions but also of entrepreneurs."

“We, as the Central Bank, are improving our control mechanisms, taking into account these changes and dynamics. According to our strategy, this is a transition to risk-based control. To implement this transition, we are introducing several technological solutions and striving to ensure that these solutions are applied by financial institutions,” Vusal Khalilov said.