Azerbaijan and China have discussed a range of issues related to banking, insurance reforms, and AI-driven innovations in regulatory practices during a recent official business visit. A delegation from Azerbaijan, led by Taleh Kazimov, Chairman of the Central Bank of Azerbaijan, met with Li Yunze, Minister and head of the National Financial Regulatory Administration of China, to explore potential areas for enhanced collaboration.
The meeting included detailed discussions on the latest developments and ongoing economic reforms in both nations. Key topics focused on trends within the banking and insurance sectors, risk-based supervision, and advancements in regulatory technologies, including the application of artificial intelligence in regulatory processes. Both sides exchanged valuable insights on innovative solutions and new approaches in the insurance sector.
The discussion also centred around opportunities for expanding cooperation between the financial regulatory bodies of Azerbaijan and China. Both parties expressed a shared interest in strengthening collaboration between their banking and insurance sectors, with a view to further developing the relationship in the coming years.
Key Developments:
| Topic | Details |
|---|---|
| AI-Based Regulatory Innovations | Emphasis on artificial intelligence and regulatory technology enhancements to improve supervision and risk management in financial sectors. |
| Risk-Based Supervision | Both sides discussed the concept of risk-based supervision, highlighting its role in improving regulatory frameworks and processes in banking and insurance sectors. |
| Customs Payment Increase | Azerbaijan’s implementation of the Risk Analysis System (ARAS) has led to an additional 300,000 manats in customs payments this year. |
| Employment in Azerbaijan’s Liberated Territories | The employment rate in these regions exceeds 92%, with efforts focused on assessing residents’ professional skills before resettlement under the Great Return programme. |
The two nations are keen to continue sharing experiences and innovative approaches in both the banking and insurance industries, with an emphasis on strengthening financial regulatory cooperation. Additionally, Azerbaijan’s use of AI-based systems like ARAS has proven effective in managing customs and risk-based inspections, adding another layer to the collaborative dialogue.