An important innovation in loans is expected in Azerbaijan

In Azerbaijan, the development of a mechanism for voluntary credit opt-out has entered the home stretch. Thanks to this innovation, citizens will be able to remotely impose a strict ban on the issuance of any loans in their name, thereby erecting a reliable wall against cybercriminals.

As reported by Oxu.Az, this was announced by Deputy Chairman of the Central Bank of the Republic of Azerbaijan Togrul Aliyev. The statement was made during the large-scale forum "Consumers in the Modern Digital World: E-Commerce, Digital Services and Security Issues."

According to the official, against the backdrop of global statistics recording an annual increase in digital identity theft, this step will serve as a powerful tool for radically reducing cases of fraud and the financial risks associated with them.

"At the same time, the Central Bank is carrying out consistent historic reforms in the direction of legal regulation of the behavior of players in financial markets. To this end, by analyzing best international practices and engaging reputable foreign experts, we have developed a draft methodological guide on the market conduct of financial institutions.

This document is aimed at ensuring transparency and fair business ethics. It establishes strict standards of responsible conduct not only for traditional banks but for the country's entire financial ecosystem as a whole.

Furthermore, in accordance with the risk-based supervision policy adopted by the Central Bank, active work is underway on a fundamentally new mechanism for monitoring market conduct. This analytical framework will allow us to apply more intensive and stringent supervisory measures in a targeted manner to those products, services, or financial institutions that generate the greatest risks for our citizens and consumers of digital services," he said.