BAKU, Azerbaijan, October 26. Azerbaijan is closely following global fintech advancements and making great strides in this arena, the Chairman of the Board at Azerbaijan Fintech Association (AzFina) Ruslan Talibov said during the Fintech forum, Trend reports.
He noted that in Azerbaijan, the volume of non-cash transactions with payment cards has reached nearly 54 percent.
"Non-cash payments in our country have totaled $56 billion in the last eight months, with debit cards accounting for over 90% of the total. Adoption of a law is one of the most progressive measures performed in this area. The law will go into effect on November 9, and licensing proceedings for enterprises in this area will take place for the next six months," Talibov explained.
"The law reflects several significant stages in the development of the fintech sector. Open banking is one of them. The law includes a separate regulatory "sandbox" system that, once implemented, will allow businesses to offer services not covered by existing legislation while being supervised by the Central Bank," he also said.
Besides, the association's representative pointed out that one of the most interesting and profitable sectors in the world is financial and banking services.
"At present, the revenue of this sector worldwide is approximately $12 trillion. Approximately $2.3 trillion of this is the net profit of this sector. It is forecasted that by 2030, this revenue will reach $21.9 trillion. Fintech is expected to constitute about $1.5 trillion of this amount," Talibov added.
AzFina was established in December 2020 by six significant financial services organizations. The association's main goals are to support the development of a digital financial ecosystem in the country and the creation of conditions for the transition to a digital economy, to assist in the development of fintech companies and to represent and defend their interests in state and non-state institutions, and to contribute to more effective cooperation between fintech companies and other market participants.