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About

Bank Respublika OJSC and The State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan “INNOLAND” Incubation and Accreditation Center, for the first time in the country, launch the “Open Banking Lab” project for FinTex startups.

Within 16 weeks, FinTex startups will be able to present their ideas individually or as a team. FinTex startups who have passed the pre-qualifying round will be able to participate in the incubation program and be trained by the leading experts. At the same time, distinguished participants will have access to the Open API, which is being tested for access to Bank Respublika's financial services for the first time in the country.

The idea of Open Banking is an innovative approach for banks to provide a wide range of more convenient and secure services by transferring clients' data to other businesses with their participation and consent.

Currently, Open Banking implemented by many of the world's largest banks, such as HSBC, Barclays, RBS, Santander, Bank of Ireland, Allied Irish Bank, Danske, Lloyds and Nationwide, as well as Deutsche Bank of Germany, CrediAgricole Bank of France, BBVA and etc. As of September 2019, the implementation of an Open Banking approach has become mandatory for all European banks.

There are two main standards for Open Banking: PSD2 in Europe and Open Banking in UK.

Bank Respublika OJSC has opened up opportunities for developers with the Open Banking project called Quantum. A developer portal has been created for developers to facilitate their use. Within this portal, users can implement the APIs provided to them on their systems with the support of documentation, and they can test the codes in “sandbox” mode. There are sample scripts in several programming languages such as Ruby, PHP, Python, Java, Node, Swift, C#, etc.

Selected teams

1. PayLink 2. OnePoint 3. Fintrack 4. Dama-Dama 5. Bankoff
Bankoff OnePoint PayLink

How do we support startups in Incubation?

We encourage startups to implement their ideas, conceptualize, develop and apply technologies. All this, along with mentoring from both Bank Respublika and INNOLAND, will be the first time in the country to provide an open API interface for test access to Bank Respublika's financial services. The modern 24/7 INNOLAND office, kitchen and WI-FI will be avaliable for teams.

Incubation Stages

CONCEPTUAL BASIS

To check the practical potential of a particular concept or theory

Development period

Availability of a stable version of app in the preliminary stages of testing

MVP Development Period

Provide the final version of the app available for purchase in stores

News

“Open Banking Lab” selection time is over

16 October, 2019 Read

“Open Banking Lab” registration is over

7 October, 2019 Read

With the support of FIMSA, Bank Respublika and INNOLAND launched an innovative project for FinTex startups

15 August, 2019 Read

Mentors

Mammad Karim

Director of “Innoland” center

Vusal Karimli

Executive director of SUP Accelerator

Fidan Ahmadova

Incubation Manager

Rashad Ayvazov

Director of Next Step Incubation Center

Tamerlan Rustamov

Ilgar Hidayatov

Elnur Hasanov

Board of Directors

Farrukh Aliyev

Project Management

Anar Hamidov

Retail Banking

Novruz Ibrahimov

Risk Management

Nurlan Nasibov

AML

Nigar Samadova

Bank Cards

Ilkin Zeynalli

Human Resources

Ali Dashdamirov

Marketing

Rashad Aliyev

IT Innovation