Azerbaijan, Korea ink MoU on development of digital banking

Azerbaijan Banks Association (ABA) and the Korea Federation of Banks (KFB) have signed a Memorandum of Understanding (MoU) on expanding cooperation in the banking sector, Report informs, referring to the ABA.

The ABA delegation will be on a visit to Korea from today until November 28. The visit includes meetings with leading financial institutions of Korea.

On the first day of the visit, ABA president Zakir Nuriyev and KFB Chairman Cho Yong-byoung signed a Memorandum of Understanding on expanding cooperation in the banking sector. The signing ceremony was also attended by ABA executive director Yunus Abdulov and a representative from the Central Bank of Azerbaijan.

The document envisages strengthening institutional partnership in the banking field, expanding the exchange of advanced international experience and information, organizing joint initiatives on digital banking, FinTech and innovative financial technologies, as well as studying global practices in the banking sector and expert exchange. The document creates new opportunities for the implementation of joint projects between the parties, organization of trainings and seminars, as well as more systematic implementation of mutual cooperation.

The visit of the ABA delegation to Korea continues, and additional bilateral meetings with financial organizations are planned over the next two days.