YEREVAN, October 29. /ARКА/. The Central Bank of Armenia plans to implement the concepts of Open Banking and Open Finance in the coming years, as well as change its approach to banking licensing. This was stated by Central Bank Chairman Martin Galstyan in an interview with Hetq.
“In the coming years, we plan to implement two important things. The first is the concept of Open Banking and Open Finance, within which people will manage their own data and will not be tied to a single financial institution,” Galstyan said.
According to him, the implementation of these concepts will allow citizens to more flexibly change financial institutions and choose them depending on the financial instruments they use.
The second direction, according to the head of the Central Bank, will be changing the current approach to issuing banking licenses.
“We will provide the opportunity to engage in banking activities based on other types of licenses. “For example, these could be investment banks, and perhaps also banks with certain electronic capabilities—electronic money, accounts, and so on,” he explained.
Speaking about the prospects of digital banks in Armenia, Galstyan confirmed that this issue is also being discussed.
“We also have certain plans regarding digital banks. I am hopeful that we will achieve this,” the Central Bank Chairman noted.
