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Internet of things laboratory to be set up in Azerbaijan

Azerbaijan’s Ministry of Transport, Communications and High Technologies has signed a memorandum of understanding with Microsoft Azerbaijan for the creation of an internet of things (IoT) laboratory. The laboratory, which will be open for everyone, will help increase the knowledge level and skills of young specialists working to innovate our …

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Azerbaijan updates cryptographic keys

Azerbaijan has announced the replacement of cryptographic keys that serve as protection for domain name systems (DNS). Cryptographic keys, first introduced in 2010, are responsible for the security and integrity of internet addresses. In Azerbaijan, this is for websites that end in “.az”, including those ending in “.com.az” and “.edu.az”. …

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Azerbaijan developing national cybersecurity strategy

The government of Azerbaijan has announced the development of a national cybersecurity strategy. The strategy, an initiative of the Ministry of Transport, Communications and High Technologies, envisages setting up a coordinating commission in the field of information security and bringing in the most advanced experience. Once fully-developed, the strategy will …

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Pasha Bank recognized as leading bank in non-cash payments

Pasha Bank has been recognized as the leading bank in the field of non-cash payments in Azerbaijan. Currently, 90% of payment transactions and currency exchange operations conducted by legal entity customers of the bank are performed through the bank’s internet banking service. Pasha Bank has also outlined a strategy for …

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Baku to host Finance and Investment Forum 2018

Baku is set to host the second Finance and Investment Forum (FIF 2018) on May 5, 2018. The forum will last for 3 days and will feature 12 local and foreign speakers in three panel discussions: ‘Investment Strategies’, ‘Funding Strategies’ and ‘Tax Policy and Accounting’. The main purpose of this …

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Pasha Bank to introduce mobile e-signature capabilities

Pasha Bank will become the first in Azerbaijan to introduce the Asan Imza electronic certificate. This e-certificate will act as a mobile e-signature, allowing customers to verify their identity electronically in order to easily use a range of bank products and services 24/7 from anywhere in the world. The technology …

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Azerbaijani business sector using artificial intelligence

The Azerbaijani business sector is exploring the use of BotBox Artificial Intelligence. Currently, the artificial intelligence service is being tested in the public sphere by an insurance company and a catering company; however, its uses can easily be expanded to other types of businesses, including banks and financial organizations. This …

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Azerbaijan considering mutual recognition of e-signatures

The Ministry of Transport, Communication and High Technologies of Azerbaijan is negotiating the mutual recognition of signatures with Iran, Qatar, Turkey and Ukraine. Azerbaijan has also signed an agreement with Kazakhstan, Kyrgyzstan and Turkey to create the necessary conditions for the mutual recognition of e-signatures between those countries. Work is …

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Non-cash payments up 33% in Azerbaijan

Between January and August of this year, cashless payments amounting to AZN 696 million were carried out in Azerbaijan via POS terminals. This represents a 33% increase (AZN 173 million) as compared to the same period of 2016. In August, cashless payments at POS terminals increased by 8% (AZN 5 …

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New project to boost access to digital finance

The ‘Electronic and Digital Financial Services’ project is being launched by the International Finance Corporation (IFC) to boost financial inclusion in Azerbaijan by improving access to digital financial services for individuals and smaller businesses, helping them to grow and create jobs. The three-year project will help introduce modern e-banking services …

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E-mortgage system launched in Azerbaijan

The government of Azerbaijan has completed the integration of an e-mortgage system, the Azerbaijani Mortgage Fund (AMF), into its e-government portal. This means that, as of August 1, 2017, it is possible to apply for a loan online without having to go to a bank in Azerbaijan. An electronic signature …

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Credit debt information to be hosted on e-government portal

Azerbaijan’s Cabinet of Ministers has amended the Instruction on the Rules of Notary Movements to allow negative credit histories of citizens to be published on an e-government portal. Detailed information (such as delinquent days, penalty amounts, purpose of the debt, reasons for late payments, etc.) will be gathered and published …

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Silk Way Bank facilitating VAT refunds using a mobile app

Silk Way Bank in Azerbaijan has launched a new mobile app called TaxFree4U. The app facilitates the process of refunding VAT after travelling to European countries, specifically Italy, Spain, France, Great Britain, Germany and Finland. The benefits of the system are: TaxFree4U’s service gives the highest cash-back percentage and combines …

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VTB Bank launches online reservation system for services

In order to save clients time, VTB bank is launching a convenient online service for clients to book a time slot before coming to the bank. A client only needs to fill out an online form specifying his/her interested service, branch location and date and time. Once the registration has …

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New version of Unibank Mobile has been launched

Unibank has launched a new version of its Unibank Mobile application for iOS and Android tablets. This last version adds few more functionalities to the previous version. Now the application allows users to: Access any account information Complete any C2C money transfer Block/Unblock cards Pay any service fee (ex: loan …

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International Bank of Azerbaijan among top banks in development of e-commerce

International Bank of Azerbaijan (IBA) has been nominated for the ‘Bank-Leader in e-Commerce Development’ award and the ‘Bank-Leader in Infrastructure on Contactless POS-Terminals’ award. The awards are part of a competition held by the Azerbaijan Central Bank. By developing its e-commerce infrastructure, IBA is promoting the expansion of non-cash payments …

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