Central Bank of Azerbaijan preparing digital maturity index for financial sector

The Central Bank of Azerbaijan (CBA) plans to develop digitalization indices, specifically a digital maturity index, Fidan Tofidi, director of the Financial Technology and Innovation Department of the Central Bank of Azerbaijan (CBA), said at the Azerbaijan's Digital Financial Agenda event, Report informs.

According to her, this is considered one of the CBA's largest projects: "Since the approval and preparation processes are ongoing, we cannot disclose details at this time. However, preliminary results have already been compiled and will be presented to the media and the financial sector in the near future."

Tofidi emphasized that digitalization and the application of AI are currently one of the main development areas in the financial sector: "Because digitalization is no longer considered something new in the world. While we are still talking about the widespread application of digitalization, global attention is already focused on the application of AI-based solutions, and this process is progressing quite rapidly. Therefore, one of the main tasks facing us is to increase the level of digitalization of financial institutions, as well as expand the application of AI-based solutions. In the next strategic period, current projects will continue, and many initiatives will reach a wider audience."