ТРАНСФОРМАЦІЯ СТРУКТУРИ СИСТЕМИ ВАЛЮТНОГО КОНТРОЛЮ В ЦИФРОВІЙ ЕКОНОМІЦІ АЗЕРБАЙДЖАНУ

Abstract

Digital transformation in the banking and financial services sector largely involves a shift towards online and digital services from top-down branch banking, integrating digital systems, customer service platforms, applications and infrastructure. The purpose of the article is characterise the transformation of the structure of the currency control system in the digital economy of Azerbaijan. The subject of the study is processes of transformation of the currency control system structure in the digital economy of Azerbaijan. The methodological basis and information base of the research are current scientific and applied research, statistical information. The article uses a number of methods, including analysis, synthesis, comparison and generalization. The main hypothesis of the study was the assumption that the efficiency of economic management and the financial condition of the public sector depend on the quality of budget forecasting and planning, because they are the key to the sustainable development of socio-economic processes. Presenting main material. Technologies being implemented include blockchain, artificial intelligence (AI), cloud computing, machine learning, and customer data collection, management and analysis. With increasing adoption of FinTech (innovative technology supporting banking and financial services) disrupting the sector, it is attracting regulatory interest and prompting stricter regulatory standards.The originality and practical significance of the research.Systemic reforms of the payment ecosystem not only affect the development of financial markets and the country’s economy as a whole, but also ensure safe and efficient payments between business entities. Conclusions. Deepening digital transformation in the banking system and expanding the use of innovative payment solutions makes electronic payments an integral part of our daily lives and at the same time increases the competitiveness of the banking system as a whole