The Financial Technologies Forum, organized by the Azerbaijan Banks Association, was held at Holiday İnn Baku hotel on May 17-18, 2018.
Two-day forum named New Trends in Financial Technologies:Blockchain,Cryptocurrencies and Security organized by Azerbaijan Banks Association.
Opening speech of the forum was made by President of Azerbaijan Banks Association Zakir Nuriyev. Zakir Nuriyev welcomed participants of the forum organized by Azerbaijan Banks Association for the first time in our country and wished success to the forum.
The president of the Azerbaijani Banks Association, which combines the commercial banks operating in the country under its own umbrella, said that the organization of conferences and forums devoted to topical issues of the banking sector has been consistently characterized by the fact that today's forum is a continuation of such events.
Later, Mr. Nuriyev noted the broad application of our lives in almost all spheres, which also rank among the main clients creating demand for advancement of information technologies. Today, the world's cryptocurrency market continues to boost its market share, with its rapidly gaining momentum. But it is difficult to say what will happen in the future. Noting that there are cryptocurrencies and transactions with them in our Republic, this Forum also includes a professional analysis of new trends in financial technologies, support for commercial banks in developing new technologies for the new era, identifying investment and IT security strategies, representatives of government agencies and independent local and international together with experts to discuss topical issues, look at international practice and seek answers to new challenges.
Afterwards, Alim Guliyev, First Deputy Chairman of the Central Bank of Azerbaijan, said that the CBA demonstrated a conservative approach to crypto-currency and investigated the risks of these processes.
Ibrahim Alishov, Chief Executive Officer of the Financial Markets Supervisory Authority, said the legal framework for payment services providers in Azerbaijan is being formed.
"The providers of payment services are the fastest reactors in the Azerbaijani market for information technology innovations. For this purpose, the draft law "On payment services and payment systems" has been set as a necessary task for the formation of a legal framework in this area. The project is in the final phase. With the application of the law, the number of payment service providers will increase and new electronic money will be introduced. We will witness the creation of new products in this direction ".
Vusal Gasimli, executive director of the Economic Reform Analysis and Communications Center, said that the "sandbox" approach used in world practice during Blockchain and other new financial technologies can also be considered in Azerbaijan.
Thus, an application based on the "test and learn" principle and the activity of the private sector can be created to apply the blocker. Because blocker technologies are new, even in developed countries such mechanisms of government have not been fully settled, "he said.
According to V. Gasimli, application of blockchain technologies is studied in Azerbaijan as well as risks and opportunities in the world: "Azerbaijan's financial and banking sector is entering a qualitatively new level, improving financial services, expanding access to financial resources and globally competitive sustainability will also depend on the effective use of blockchain technologies.
The three panels will feature European and US trends in block and cryptography, new opportunities and new risks, application of artificial intelligence in the banking sector, classification and protection of data, security issues in digitalization, ATM and payment card security issues and foreign experience.
More than 200 delegates from 83 institutions, including the financial sector, government agencies and IT companies, participated in the two-day forum.