Digitization of the financial sector of Azerbaijan
https://doi.org/10.31432/1994-2443-2024-19-1-21-28
Abstract
Purpose. To develop the theoretical, methodological and methodological foundations for organizing banking activities in Azerbaijan based on financial innovations in the digital economy. In Azerbaijan, digital technologies are largely seen as an important strategic vector in the national policy for economic diversification.
The theoretical basis of the article consists of the works of foreign and domestic specialists, substantiating scientific and theoretical directions and concepts, principles of formation and development of banking activities in the context of the introduction of financial innovations, key definitions of economic theory in relation to the activities of banks in the digital economy. The study used methods of systemic, structural, functional and comparative analysis of economic reality, objective assessments and determination of vectors for the development of the functional framework to study the consequences of the introduction of financial innovations by Azerbaijani credit institutions.
About the Author
Z. F. Mamedov
Institute of Control Systems of the Ministry of Science and Education of the Republic of Azerbaijan; Azerbaijan State University of Economics
Azerbaijan
Azerbaijan
Zahid Farrukh Mamedov, Dr. Sci. (Econ.), Prof.,
Bakhtiyar Vahabzadeh street, 68, AZ 1141, Baku;
Istiglaliyat str., 22, AZ 1001, Baku.
References
1. Nikitina T.V., Gal’Per M.A., Kibasov V.V., Chernov E.G. Implementation and Regulation of Innovations in Global Financial Services Markets. Economics and Management. 2017;(3):87-92. (In Russ.).
2. Shvetsov Yu. Digital bank in the era of virtual business. Society and Economics. 2020;(2): 5-17. (In Russ.). https://doi.org/10.31857/S020736760008340-3
3. Evseenko A, Ogrizko K. Society without cash: opportunities and prospects. Society and Economics. 2011;(3):124-139.
4. Mamedov Z.F. Global challenges for the transition to a “cashless economy”. Information and Innovations. (In Russ.). 2021;16(1):18-22 https://doi.org/10.31432/1994-2443-2021-16-1-18-22
5. Mamedov Z.F., Kazymov M., Farzalieva S., Gasimov A. Digital payment system of Azerbaijan: new trends, problems and prospects. Information and innovations. 2023;18(1):32-42. (In Russ). https://doi.org/10.31432/1994-2443-2023-18-1-32-42
6. Belozyorov S., Sokolovska O., Kim Y. Fintech as a Precondition of Transformations in Global Financial Markets. Foresight and STI Governance. 2020;14(2):23–35. https://doi.org/10.17323/2500-2597.2020.2.23.35
7. Vasilenko O.A. Trends and prospects for the development of financial innovations in the Russian banking business. The world of the new economy. 2019;13(2):80-89. (In Russ.). https://doi.org/10.26794/2220-6469-2019-13-2-80-89
8. Gorlovoy D.N., Maziy V.V. Banking innovations: prospects and problems of implementation. Bulletin of Eurasian Science, 2020;1(12):1-9. https://esj.today/PDF/65ECVN120.pdf
9. Karagodin A.V. International banking activities in the context of digitalization of the economy. Rostov-on-Don - 2023. P. 5.
10. Mamedov Z.F., Mamedova Ch. Modern trends in the development of the digital financial and payment market of Azerbaijan. Economics and Management. (In Russ.). 2024;30(2):161-169. https://doi.org/10.35854/1998-1627-2024-2-161-169
Review
For citations:
Mamedov Z.F. Digitization of the financial sector of Azerbaijan. Information and Innovations. 2024;19(1):21-28. (In Russ.) https://doi.org/10.31432/1994-2443-2024-19-1-21-28
Views:
346
Email this article 