Azerbaijan central bank receives over 35 fintech applications

Azerbaijan’s central bank has received more than 35 applications for innovative financial products and services under its regulatory sandbox over the past two years.

Fidan Tofidi, director of the Central Bank’s Financial Technologies and Innovation Department, said the applications were submitted through the sandbox mechanism, which allows new financial solutions to be tested in a controlled environment.

She said not all applications had been approved, but the number of submissions reflected growing interest in financial innovation in the country.

According to Tofidi, the central bank is considering moving to a permanently open application model instead of accepting applications during specific periods.

N.Tebrizli