Azerbaijan’s Finance Ministry, South Korea’s Fiscal Information Service ink MoU
Baku, November 18, AZERTAC
On November 18, Sahil Babayev, Azerbaijan’s Minister of Finance, met with a South Korean delegation led by Yoon Seok-Ho, President of the Korean Fiscal Information Service (KFIS).
During the meeting, the parties discussed opportunities for expanding cooperation in public financial management, including the development of Azerbaijan’s new Integrated Financial Management Information System (IFMIS), and reviewed South Korea’s experience with the “dBrain+” financial management information system and the “e-Naradoum” subsidy management platform. The importance of the joint IFMIS seminar held at the ministry with the participation of the Korean delegation was also emphasized.
Minister Babayev noted the large-scale digitalization processes recently carried out at the Ministry of Finance, stating that under the Presidential Decree “On additional measures to ensure the efficient management of public finances,” digital reforms in the financial management sector have accelerated and the financial management architecture is being rebuilt in line with modern requirements.
He stated that South Korea’s experience has practical importance for these processes and expressed confidence that it will make a significant contribution to the formation of innovative and sustainable financial management models.
The meeting also discussed expanding knowledge and technology exchange in public financial management, improving processes and workflows based on the “dBrain+” experience, reducing dependence on external vendors, applying data-driven decision-making mechanisms, and strengthening audit, oversight, and cybersecurity frameworks.
KFIS President Yoon Seok-Ho expressed South Korea’s readiness to share its experience and advanced technological solutions in IFMIS and to support the development of Azerbaijan’s digital public finance information system.
At the end of the meeting, a Memorandum of Understanding on cooperation in the development, implementation, and operation of the Digital Public Finance Information System was signed between the Digital Finance Center of Azerbaijan’s Ministry of Finance and the Korean Fiscal Information Service.
The MoU provides for joint research, technical support, learning from expertise in cybersecurity, resilience, and audit standards, as well as capacity-building through training and professional exchange programs.
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