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Event on “Application of cloud technologies in financial sector” held in Baku




An event on the theme  “Application of Cloud Technologies in Financial Sector” was held in Baku. The event  was co-organized  by the Ministry of Transport, Communications  and High Technologies  (MTCHT) and the Financial Markets Supervisory Authority (FMSA).


The aim of the event was to inform  the heads of the Azerbaijani  banking sector and other financial institutions  on  the benefits of using  cloud technologies for the operation of financial institutions, the opportunities that cloud  solutions  enable the banking sector to respond effectively  to  modern  challenges and enhance  information security and reliability in the financial markets.


Speaking at the event, Minister of Transport, Communications  and High Technologies of the Republic of Azerbaijan  Ramin Guluzade noted that the cloud  technologies that have become an integral part of modern life are successfully applied in various sectors as international practice shows.


The Minister also stressed  that the Data Center owned by AzInTelecom LLC of the Ministry of Transport, Communications and High Technologies  possesses  an internationally-recognized  TIER III Certification.


Saying  the Center has already been equipped with the  equipment  of the world’s leading companies, Ramin Guluzade  noted  that data and cloud technologies services are provided to state bodies, individuals and legal entities. According to him, the Data Center acts in the local and foreign markets as a competitive and reliable service provider. The Minister stressed that one of the main goals is to turn Azerbaijan into a transit information center of the region.


In his speech, Chairman of the Board of Directors of the FMSA Rufat Aslanli  said that as a result of the development of information and communication technologies  new tools are being  applied in the financial sector and mechanisms of a new format providing “safe” financial services are being created.  He also stressed the need for a legal framework for the provision of financial services through information technologies, including cloud technologies. He also expressed support for the initiative regarding the application  of  cloud  technologies in the financial sector.  The Chairman of the Board of Directors  also expressed hope that joint steps of the MTCHT and FMSA will result in productive cooperation in this direction, as well as  new tools will be generated on the basis of these opportunities.


Then  company Ernst & Young  delivered a presentation  on the theme  “Basic Aspects of Transition to Cloud Technologies”. The benefits  of  cloud  technologies  to the global financial markets and the impact of  cloud  solutions on international economic relations were also mentioned.


Following the presentation, Chairman of the Board of Directors of FMSA Rufat Aslanli, and Chairman  of Azerbaijan Banks Association (ABA) Zakir Nuriyev   joined the discussions and expressed their opinion  on the risks of  cloud  technologies and management of these risks.


The next presentation was dedicated to the activities of AzIntelecom’s Data Center and it was noted that the Data Center is equipped with all the infrastructure that enables  increasing the level of information security, reliability, eliminating emergency cases, as well as  minimizing capital expenditures.


It was also stressed that due to optimization of operational costs, the development and more rapid delivery of electronic services are ensured and keeping the data in the country reduces  foreign currency flow outside the republic.


Then, representatives of the State Agency for Housing Construction (SAHC) and Golden Pay, that are customers of the Data Center, spoke about the productivity of this cooperation.