Opening bank account online in Azerbaijan to become possible soon

Opening a bank account online without leaving home will become possible in Azerbaijan in the near future, said Tamerlan Rustamov, Head of Financial Markets Infrastructure Supervision Division at Financial Market Supervisory Authority (FIMSA), Trend reports.

He was speaking at the FINTEX (Finance and Technology) Summit titled “New Trends in the Banking and Payment Ecosystem: Innovative Solutions, Financial Technologies and Security” in Baku.

Rustamov noted that in this connection FIMSA is negotiating with the Central Bank of Azerbaijan (CBA): “This procedure includes 3 main goals – transformation, inclusiveness, and competition.”

He added that individuals will be able to open a bank account in several ways.

“The first approach consists of opening a bank account using bank software,” he said.

Another approach, according to Rustamov, consists of opening bank accounts via a video link.

The Financial Technology Summit is conducted within the “Week of financial and digital technologies” in Baku. About 100 representatives of international organizations and leading companies from the US, CIS, Europe, Japan, India and many other countries are taking part in the event.