The Banking Forum in Baku, Azerbaijan, organized by the Azerbaijan Banks Association, focused on the challenges and perspectives related to the development of the banking system in post-oil period and covered the benefits of opening a credit bureau in the country. This major industry event took place on the 24th and 25th of November, 2016.
Key presenters and participants were top government representatives and regulators. Mr. Rufat Aslani, the Chairman of the Board of Directors of Financial Markets Supervisory Authority talked about the changes occurring in the market post-oil period. All speakers mentioned and agreed that the introduction of the credit market is a major positive development for Azerbaijan’s economy.
Creditinfo Executive Director of Decision Analytics, Mr. Paul Randall, outlined the real benefits of a credit bureau and what value it will deliver to the market, based on genuine cases in multiple other countries. Value added products, such as scoring and alerts, which are tailored for the Azerbaijani market, were emphasized and generated substantial interest during his speech.
The credit bureau in Azerbaijan will be a joint venture with 20 banks, micro finance and insurance companies, and will involve a significant inward investment from Creditinfo into the market, showing the confidence Creditinfo has gained in Azerbaijan.