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Nov 14, 2023 774

VII International Banking Forum was held in Baku!

#Finance

""VI International Banking Forum"" organized by Azerbaijan Banks Association has ended

On November 25, 2022, the Central Bank of the Republic of Azerbaijan, in collaboration with the Azerbaijan Banks Association and with the support of the Center for Analysis and Communication of Economic Reforms of the Republic of Azerbaijan, concluded the traditional VI INTERNATIONAL BANKING FORUM - "TRUSTWORTHY, SECURE, AND SUSTAINABLE BANKING," in partnership with the global payment system "Mastercard."

Opening the forum with a welcoming speech, Taleh Kazimov, the Chairman of the Central Bank of the Republic of Azerbaijan, provided an overview of the banking and financial sector, emphasizing the rapid integration of digital transformation and technological innovations into banking and financial products. He highlighted the necessity of focusing on cybersecurity, an area closely associated with technological innovations, underscoring its crucial role in the evolving landscape of banking.

Subsequently, Alpaslan Çakar, the Chairman of the Executive Board of the Turkish Banks Association, spoke about the role of the banking sector in economic development, tasks related to financial sustainability, Turkey's banking sector experience, economic innovations, digital transformation, sustainable financing, ESG banking, and the work carried out by the Turkish Banks Association in these directions. Çakar's insights shed light on the broader trends influencing the banking sector on both national and international levels.

Tahir Mirkishili, the Chairman of the "Economic Policy, Industry, and Entrepreneurship" Committee of the National Assembly, provided insights into recent trends in the world economy, emphasizing that Azerbaijan would face numerous challenges in the coming year. He highlighted Azerbaijan's flexibility in monetary and fiscal policies, timely actions, adopted programs, and the country's strategic foreign exchange reserves as key factors contributing to overcoming global challenges and ensuring financial sustainability.

Zakir Nuriyev, the Chairman of the Azerbaijan Banks Association, described the recent development of the banking sector using various quantitative and qualitative indicators. He anticipated a managed, calm development trend in the banking sector post-pandemic and suggested that the application of innovations supporting the sector's development could be considered the most optimal period. Nuriyev, when discussing neobanks and digital banks, stressed the importance of accelerating the legislative framework formation process in this field and adapting it to the dynamic foundations that can meet the requirements of the time.

The Executive Director of the Center for Analysis and Communication of Economic Reforms, Vusal Gasimli, discussed Azerbaijan Bank assets' share in Gross Domestic Product (GDP) and provided information on the main development directions of banking in the "Social-Economic Development Strategy for 2022-2026." The forum also witnessed the signing of a strategic partnership memorandum between "Mastercard" and "AzeriCard," signaling a collaborative step towards advancing financial technologies in the region.