Central Bank of Azerbaijan working on new digital finance strategy until 2031

The Central Bank of Azerbaijan is developing a new digital development strategy for the financial sector covering the 2027–2030 period, according to Vusal Khalilov, a board member of the Central Bank of Azerbaijan (CBAR).

According to Report, speaking at the 10th International Finance and Banking Summit in Baku, he emphasized that 2026 is the final year of the financial sector development strategy covering 2024–2026:

"A new strategy for 2027–2030 is already being developed, in which a number of initiatives related to digitalization and artificial intelligence are planned to be reflected. In parallel, work is also underway on a state program for the digital development of the financial sector covering the same period. Within close cooperation with other state bodies, measures and initiatives are being defined that will accelerate the digital transformation of the financial sector. It is expected that the main priorities in this direction will be formed by the end of the year."

According to him, the mandate of the CBA includes establishing the necessary minimum requirements in the field of digitalization and artificial intelligence within policy and supervision.

"For this purpose, recommendations on IT governance were presented to market participants last year. This year, part of this document will be approved as rules. Work is currently ongoing on the preparation of additional regulatory documents that will contribute to digital development. One of the most important directions in this area is platforms that support ecosystem development. Open banking, the instant payments system, and a special regulatory regime aimed at stimulating innovation are among the strategic priorities," he stressed.