Meeting on “Special Regulatory Regime” for Fintech Startups Held

A meeting on the “Special Regulatory Regime,” which is of significant importance for the fintech ecosystem, was successfully held with the joint organization of the Central Bank of the Republic of Azerbaijan and the INNOLAND Incubation and Acceleration Center.

During the presentation, detailed information was provided on the purpose of the special regulatory regime, evaluation criteria for applications, and the pilot process, followed by extensive discussions in this direction. The session was both informative and practically useful for startups operating in the fintech sector.

Speakers:
• Sahib Hasanov– Head of Department, Central Bank of the Republic of Azerbaijan
• Vagif Guliyev– Senior Specialist, Central Bank of the Republic of Azerbaijan

The meeting included extensive discussions on existing opportunities for the fintech ecosystem, regulatory requirements, innovation regulation, and future cooperation prospects. A Q&A session was also organized for participants, during which current issues in the field were explained in detail.

On March 17, memorandum of understanding signed between "Innovations Center" LLC (INNOLAND), which is subordinate to the State Agency for Citizens Service and Social Innovations under the President of The Republic of Azerbaijan, and “Yeni Fikir” LLC. The purpose of the Memorandum is to support entrepreneurship ecosystems for technological startups in our country and in the regions of Azerbaijan and to implement a high-level partnership that serves the needs of emerging (or other) technology entrepreneurs.

The document, along with the formation and development of technology entrepreneurship, also reflects cooperation issues related to the strengthening of business initiatives. Thus, the content of the Memorandum reflects the factors that are being estimated for the establishment and development of innovation ecosystems in our country, as well as business initiatives.

"Innovations Center" LLC (INNOLAND) cooperates with local and international organizations in accordance with the strategy of the development of innovation ecosystem in our country and in the region, as well as for the development of technology entrepreneurship (startups). As one of such organizations, "Yeni Fikir" LLC is one of the companies operating in the intellectual sector in Azerbaijan and having a specific role in the formation of startup culture.

Thus, the "Yeni Fikir" startup competition, which was held for the sixth time this year, is being implemented by "Yeni Fikir" LLC, sponsored by BP, the Baku Engineering University. The company "Yeni Fikir" cooperates with "Innovations Center" LLC (INNOLAND) in organizing the same startup competition. Five startup projects that will win the competition.

The development of five startup projects that will win the competition will also be supported at the Innoland Incubation and Acceleration Center.

President of the Republic of Azerbaijan Ilham Aliyev and the first lady Mehriban Aliyeva have attended the inauguration of the administrative building of E-Government Development Center under the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan.

The head of state cut the ribbon symbolizing the opening of the administrative building.

The President`s Assistant for Work with Law Enforcement Bodies and Military Issues, department head Fuad Alasgarov and chairman of the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan (ASAN Service) Ulvi Mehdiyev informed President Ilham Aliyev and first lady Mehriban Aliyeva of the conditions created in the building.

The building will feature the INNOLAND Incubation and Acceleration Center as well as the IT Training and Education Center.

President Ilham Aliyev familiarized himself with the INNOLAND Incubation and Acceleration Center. INNOLAND is an incubation, acceleration and research center created to develop the private sector, promote innovation and expand the startup movement both in Azerbaijan and beyond its borders.

The IT Training and Education Center is a place where young people will be taught programming, information technologies, and coding skills.

President Ilham Aliyev and first lady Mehriban Aliyeva then viewed innovative projects here.

President Ilham Aliyev and first lady Mehriban Aliyeva were also informed of the new development concept of e-government.