Uzbekistan, Azerbaijan sign memorandum on cooperation in financial sector

Uzbekistan and Azerbaijan have signed a memorandum of understanding aimed at expanding cooperation in the financial sector.

The agreement was concluded between Uzbekistan's National Agency of Perspective Projects (NAPP) and the Central Bank of Azerbaijan, according to NAPP's statement cited by Report.

The memorandum focuses on cooperation in the development, regulation and supervision of capital markets, insurance, and the circulation of crypto-assets.

It is intended to establish a long-term and sustainable platform for interaction, facilitating the exchange of expertise and information within the mandates of both institutions. The document envisages joint international events, seminars, forums and training programmes, as well as online meetings, short-term study visits and collaborative research projects. It also provides for the exchange of legislative and statistical data in relevant areas.

Special emphasis will be placed on the development of innovative financial technologies, improving financial inclusion and operational efficiency, and sharing best practices in the regulation of fintech companies and emerging financial technologies.

The parties also plan to strengthen cooperation in professional training and capacity-building, including joint educational programs and exchanges in the field of digital financial services.

The signing of the memorandum reflects the mutual interest of Uzbekistan and Azerbaijan in deepening institutional cooperation and advancing modern financial markets in both countries, the statement said.