Azerbaijan, South Korea expand cooperation on digital public finance

Azerbaijan’s Deputy Finance Minister Himalay Mamishov met a delegation from the Korea Fiscal Information Service, or KFIS, on July 28, the Finance Ministry said.

The sides discussed the digital transformation of public finance management, the design of financial control and treasury systems, the integration of information systems and the preparation of a project roadmap.

The cooperation will include an assessment of Azerbaijan’s existing financial processes and information systems, a review of international practices and the development of digital solutions tailored to the country’s needs. South Korea’s dBrain+ public finance management system will serve as a key reference.

Priority areas include the use of artificial intelligence, budget forecasting, early identification of fiscal risks, improvements to audit and control infrastructure, and stronger cybersecurity for public finance information systems.

The ministry’s Digital Finance Centre and KFIS signed a memorandum on designing Azerbaijan’s digital financial control and treasury systems and preparing a roadmap for their phased implementation.