FINTEX SUMMIT: FINANCE AND TECHNOLOGY SUMMIT
New trends in banking and payment ecosystem:innovative solutions, fintechs and security
Two day event supported by Azerbaijan Banks Association (ABA), Central Bank of the Republic of Azerbaijan, Financial Markets Supervision Authority of the Republic of Azerbaijan is one of the two annual events organized by the ABA (second one is an annual Banking Forum organized each year in November: https://www.gbmevents.az/en/events), and is the most famous finance and banking events in the Caucasus gathering together CEOs and management of regulating authorities in the financial and economic sphere, top management of commercial banks and fintechs, managers of commercial and public organizations, representatives of international financial institutions, academician, famous companies providing finance and banking products and solutions, and other stakeholders.
Adoption “the Strategic Roadmap for Development of Financial Services in the Republic of Azerbaijan” and “Strategic Roadmap on Development of Telecommunication and Information Technologies in the Republic of Azerbaijan” define wider application of digital payments in the country.
For implementation of the goals of the road maps “State Program on Expansion of Digital Payments in the Republic of Azerbaijan in 2018 – 2020” was adopted. New “Law on Payment services and Payment Systems” prepared by the Financial Markets Supervision Authority is under consideration by the relevant stakeholders, and its expected to be adopted soon. The law will formulate regulatory and oversight framework on payment systems and payment services, improve financial inclusion, provide for better access to payment services? Expand the usage of innovative payment solutions. It envisions the emergence of new payment service providers, electronic money organizations, payment fintechs and other. Also it will give legal framework and define the notion of electronic money for the first time in Azerbaijan, which will enhance the usage of digital currency and contribute to further digitalization of the local payment ecosystem and lead to effective integration of it with the global.
Thus, the Summit has the purpose of being the platform for exchanging ideas and experiences in the field of new and upcoming trends in financial technologies, digitalization, payment ecosystems. It’s a place for discussing opportunities provided by new financial and banking products, innovative payments solutions, digital currencies, possibilities of co-existence and co-operation of banks with fintechs, and security issues arising with the onrush of such technologies. Its where best practices in establishment of the legal framework for such new services and products are considered, and impact of all these processes on strengthening financial sustainability, financial inclusiveness and best customer experience are learned.
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