An event on the theme “Application of Cloud Technologies in Financial Sector” was held in Baku. The event was co-organized by the Ministry of Transport, Communications and High Technologies (MTCHT) and the Financial Markets Supervisory Authority (FMSA). The aim of the event was to inform the heads of the Azerbaijani banking sector and other financial institutions on the benefits of using cloud technologies for the operation of financial institutions, the opportunities that cloud solutions enable the banking sector to respond effectively to modern challenges and enhance information security and reliability in the financial markets.

Speaking at the event, Minister of Transport, Communications and High Technologies of the Republic of Azerbaijan Ramin Guluzade noted that the cloud technologies that have become an integral part of modern life are successfully applied in various sectors as international practice shows. The Minister also stressed that the Data Center owned by AzInTelecom LLC of the Ministry of Transport, Communications and High Technologies possesses an internationally-recognized TIER III Certification. Saying the Center has already been equipped with the equipment of the world’s leading companies, Ramin Guluzade noted that data and cloud technologies services are provided to state bodies, individuals and legal entities. According to him, the Data Center acts in the local and foreign markets as a competitive and reliable service provider. The Minister stressed that one of the main goals is to turn Azerbaijan into a transit information center of the region. In his speech, Chairman of the Board of Directors of the FMSA Rufat Aslanli said that as a result of the development of information and communication technologies new tools are being applied in the financial sector and mechanisms of a new format providing “safe” financial services are being created. He also stressed the need for a legal framework for the provision of financial services through information technologies, including cloud technologies.

He also expressed support for the initiative regarding the application of cloud technologies in the financial sector. The Chairman of the Board of Directors also expressed hope that joint steps of the MTCHT and FMSA will result in productive cooperation in this direction, as well as new tools will be generated on the basis of these opportunities. Then company Ernst & Young delivered a presentation on the theme “Basic Aspects of Transition to Cloud Technologies”. The benefits of cloud technologies to the global financial markets and the impact of cloud solutions on international economic relations were also mentioned. Following the presentation, Chairman of the Board of Directors of FMSA Rufat Aslanli, and Chairman of Azerbaijan Banks Association (ABA) Zakir Nuriyev joined the discussions and expressed their opinion on the risks of cloud technologies and management of these risks. The next presentation was dedicated to the activities of AzIntelecom’s Data Center and it was noted that the Data Center is equipped with all the infrastructure that enables increasing the level of information security, reliability, eliminating emergency cases, as well as minimizing capital expenditures. It was also stressed that due to optimization of operational costs, the development and more rapid delivery of electronic services are ensured and keeping the data in the country reduces foreign currency flow outside the republic. Then, representatives of the State Agency for Housing Construction (SAHC) and Golden Pay, that are customers of the Data Center, spoke about the productivity of this cooperation.