This was stated by Fidan Tofidi, Director of the Financial Technology and Innovation Department of the Central Bank of Azerbaijan (CBA), at an event in Baku dedicated to the topic "Azerbaijan's Digital Financial Agenda."
According to her, when discussing innovations, many first think about the associated risks.
"Innovation is a novelty, the application of opportunities or approaches that have not been used before. Naturally, this requires additional attention and control from regulatory authorities. At the same time, in recent years, the Central Bank has played an active role in shaping the innovation environment and has come forward with numerous initiatives in this area," Tofidi said.
She recalled that since 2024, a three-year financial sector development strategy has been implemented, concluding this year.
"At the same time, preparatory work for the next strategic period is actively ongoing. Currently, work is underway on a new four-year strategy covering 2027–2030," said the department director.
According to Tofidi, during the implementation of the current strategy, extensive work has been carried out to develop the financial sector and introduce innovative solutions.