Azerbaijan and Central Asian central banks to set up payment system working group

A delegation led by Deputy Chairman of the Central Bank of Azerbaijan Vusal Khalilov took part in the 4th Regional Meeting on the Development of Payment Systems of Central Banks of Central Asia and Azerbaijan, held in Dushanbe. According to APA-Economics, citing the Central Bank of Azerbaijan (CBA), Khalilov presented work on modernizing the country's payment sector, strengthening the resilience and efficiency of national payment infrastructure, and expanding modern payment solutions. He also described Azerbaijan's experience applying artificial intelligence in supervisory processes.

Khalilov stressed that exchanging experience and deepening cooperation among regional countries are important for developing and integrating payment systems. Central Bank representatives also highlighted initiatives to expand innovation in the financial sector, improve the regulatory framework and develop data management.

Participants discussed current payment sector trends across the region, the development of national payment infrastructures, instant payment systems, unified QR code standards and modern financial technologies. At the close of the meeting, central bank representatives from Central Asian countries and Azerbaijan agreed to set up a joint working group to explore integrating national payment systems, and signed a joint protocol outlining the main areas of future cooperation.