Mon, 31 March
16.1 C
Yerevan
USD: 391.59 RUB: 4.67 EUR: 421.70 GEL: 141.37 GBP: 506.56
spot_img

Technological Gaps and Lack of Open Banking Stalling Armenia’s Investment Market- Director of Sirius Capital

YEREVAN, March 28. /ARKA/. The technological underdevelopment of the stock exchange and the lack of open banking are hindering the development of the investment market in Armenia, says Ararat Mkrtchyan, executive director and managing member of the investment company Sirius Capital.

In an interview with the ARKA agency, Mkrtchyan highlighted that the technological underdevelopment of the stock exchange is preventing smoother integration. He also pointed out that the absence of open banking technology, which allows banks to share their technological systems with other financial institutions, is a major obstacle.

“In many countries, this is enforced by the central bank’s regulatory framework. For instance, in the UK, banks were required to switch to open banking – allowing users to bypass the bank’s mobile app and directly connect to its backend (server). This way, one can check balances and conduct transactions without needing to log into the bank’s app. Such ABI (Application Binary Interface) integration is crucial for the market, especially for investment companies,” emphasized Mkrtchyan.

He also noted that, surprisingly, there is a boom in the development of Armenia’s financial market.

“The number of issuances is growing annually, particularly corporate ones, and we are seeing many companies entering the financial market for the first time through bond issuance.”

spot_img

POPULAR

Euro down 1.32 points to AMD 425.45

The average market exchange rate of the US dollar to the Armenian dram on March 20, 2025, amounted to AMD 392.26, having increased by 0.69 points compared to March 19.

US dollar exchange rate fell by 0.69 points against Armenian dram

The average market exchange rate of the US dollar to the Armenian dram on March 11, 2025, totaled 394.04 drams, down 0.69 points compared to March 10.

Euro grows by 0.24 points, USD by 0.15 points

The average market exchange rate of the U.S. dollar to the Armenian dram at the end of March 10, 2025, amounted to AMD 394.73, having increased by 0.15 points compared to March 7.

Financial transactions tax in Europe given go-ahead, BBC News reports

EU ministers have given the go ahead for 11 eurozone members, including France and Germany, to prepare a new financial transactions tax, BBC News reported Tuesday

Armenia expected improvement of its rating by Fitch, Moody’s and S&P, but not affirmation – Kerobyan

Economy minister Vahan Kerobyan said in an interview that  Armenia expected rating agencies Fitch, Moody's and S&P to improve the country’s rating rather than reaffirm its current ones

LATEST NEWS

spot_imgspot_imgspot_img