IV International Banking Forum “Cashless Economy: Towards Sustainable Banking” kicks off

The VI International Banking Forum “Cashless Economy: Towards Sustainable Banking” has kicked off in Baku. The event, organized by the Azerbaijan Banks Association (ABA), was held with the support from the Ministry of Transport, Communications and High Technologies, Central Bank, Financial Markets Supervisory Authority, Center for Analysis of Economic Reforms and Communication.

Speaking at the event, Deputy Minister of Transport, Communications and High Technologies Elmir Velizade noted that the banking and financial sector is one of the areas where ICTs are most widely used. The expansion of digital payments as a priority is reflected in the Strategic Roadmap for the Development of Telecommunication and Information Technologies in the Republic of Azerbaijan.

Noting that the introduction of modern technologies in the country contributes to the development of the banking sector, the Deputy Minister emphasized that our banks make ample use of internet banking and online services. “Modern technologies, in fact, increase the scale of external influence on the banking and financial sector. Along with existing risks, new cyber risks also emerge in the financial and banking sectors. Finding the right solutions in this regard is one of the main requirements of our time. International experience shows that the banking sector is one of the sectors that is most affected by critical infrastructure. Organizing cybersecurity issues at high-level creates new opportunities for banking sector,” said the Deputy Minister.

Stressing that cybersecurity is a priority in our country, Elmir Velizade said that the National Cybersecurity Strategy has been developed and is currently at the stage of approval. According to him, the Law of the Republic of Azerbaijan “On Personal Data” is being revised in accordance with the latest documents on personal data adopted in Europe.