SMB

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The role of business in expanding cashless payments has been discussed 08.12.21

The 5th International Banking Forum is being held in Baku with the support of the Association of Banks of Azerbaijan, the Central Bank, the Ministry of Digital Development and Transport, and the Center for Analysis of Economic Reforms and Communications.

At a panel “Cashless economy: achievements and challenges,” arranged as part of the forum, Chairman of the Board of the Agency for the Development of Small and Medium Business (SMBDA) Orkhan Mammadov spoke about expanding cashless payments against the background of digitalization of business and the Agency's support and services in this area. It was noted that digital transformation has accelerated in recent years due to the widespread use of innovative technologies. The COVID-19 pandemic made the importance of digitalization abundantly clear in terms of improving business sustainability and competitiveness and expanding sales opportunities. To implement the "smart city" and "smart village" concepts in our territories liberated from the occupation, the availability of appropriate knowledge in society and businesses and strengthening digital potential are important.

The Agency has specified the SMB digitalization among the key strategic areas of its activity. The SMBDA chairman stressed measures taken to develop the digital environment, expand digital knowledge, and provide resources in this area, and informed of the grant competition performed by the Agency for SMBs, a “Startup” certificate, the internal market research mechanisms, kobmarket.az and video training platforms, as well as activities of SMB development centers and SMB houses.