CBA announces plans to switch to open banking

Carrying out the transition from closed banking to open banking and the subsequent transition to an open financial concept is the main goal of the Central Bank of Azerbaijan (CBA), CBA Chairman Taleh Kazimov said at a conference as part of the Critical Infrastructure Defense Challenge 2023 event taking place in Baku, Report informs.

He noted that this makes it necessary to strengthen measures for information security and cybersecurity of financial institutions: “The issues of strengthening cybersecurity and information security in the financial market, the introduction of adequate risk control mechanisms and the formation of a risk-based regulatory framework are in the center of attention of the Central Bank.”