First day of Fintex Summit 2024 concludes in Baku (PHOTO)

Economy Materials 15 May 2024 18:35 (UTC +04:00)
First day of Fintex Summit 2024 concludes in Baku (PHOTO)
Ali Gasimov
Ali Gasimov
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BAKU, Azerbaijan, May 15. The first day of the Fintex Summit 2024 concluded in Baku, Trend reports.

"New Trends in Banking and Finance Ecosystem: Innovative Solutions, FinTex, and Security" is the theme of this year's summit.

Heads of the Central Bank of Azerbaijan, the Azerbaijan Banks Association, Visa, the Center for Analysis of Economic Reforms and Communication, as well as the Banking Regulation and Supervision Agency of Türkiye, made an opening speech at the event.

First Deputy Chairman of the Central Bank of Azerbaijan (CBA) Rashad Orujov addressed the participants and emphasized that Azerbaijan is witnessing growth in e-payment systems presented by banks.

"Online payment systems offered by financial institutions are expanding. First quarter 2024 online banking transactions topped 59 billion manat ($34.7 million), an increase of 18 percent year-on-year, while mobile banking transactions topped 15 billion manat ($8.8 million)," he noted.

In turn, Chairperson of the Innovation and Digital Development Agency of Azerbaijan Inara Valiyeva noted that the country provides support to local startups to enter international markets.

“Facilitating local startups' access to international markets is paramount. To achieve this goal, we are establishing conditions for showcasing these startups at various international forums,” she mentioned.

President of the Azerbaijan Banks Association Zakir Nuriyev claimed that Azerbaijan needs to deepen the integration of payment ecosystems with neighboring countries.

"Strengthening the ties between Turkic states in their payment systems' integration could mark the beginning of this journey," he emphasized.

Eight panel talks will be held during the summit. Over the course of the two days, the event will attract 1,500 attendees from around the world, including 300 partners and participating firms.

During the summit, participants will hold eight panel discussions. Overall, around 300 partners and participating companies, as well as 1,500 local and foreign participants, will attend the event over the course of two days.

On the first day of the summit, there was an exchange of views on the digitization processes in Azerbaijan, the future of the payment industry, the application of artificial intelligence, the development of cashless payments, the development of the fintech sector in the region, and digital currencies.

In their speeches, speakers touched upon issues related to the development of payment systems in countries, open banking, the pros and cons of using artificial intelligence, accelerating the transition to cashless payments, and the future of digital currencies.

The summit will last until May 16.