BAKU, Azerbaijan, January 9. Currently, the main tendencies in Azerbaijan's fintech sector arise from non-financial applications, which we call "embedded finance" (financial technology included in the functionality of any non-financial digital service), said the Chairman of the Board at the Azerbaijan Fintech Association (AzFina), Ruslan Talibov during the Financial Forum on "Achievements and challenges", Trend reports.
Talibov added that the mentioned tendencies arise not only from non-financial apps but also from the provision of financial services in the field of blockchain.
""Embedded finance" is becoming a prominent direction of financial technology development in Azerbaijan, as it has in many other nations. This trend represents the incorporation of financial services into non-financial applications and platforms, making it easier for consumers to access services such as payments, loans, and insurance. This allows businesses not usually linked with the financial industry to offer financial services directly through their digital platforms, therefore improving the user experience," he said.
"In addition, by incorporating blockchain technology into financial services, transaction security is improved and greater transparency in financial transactions is provided. Overall, this tendency can contribute to the development of a more innovative, efficient, and customer-oriented financial ecosystem in Azerbaijan," he added.
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