BAKU, Azerbaijan, June 24. Projections indicate that by 2030, the global financial technologies (fintech) market could attract close to $700 billion in investment. Azerbaijan has also set clear goals in this sector through the same period, said Vusal Gasimli, Executive Director of the Center for Analysis and Communication of Economic Reforms (CAERC), Trend reports.
During his speech today at the “FINTEX SUMMIT—Finance and Technologies Exhibition” in Baku, Gasimli emphasized that fintech has become one of the key focus areas for development:
"We must now view the bank as a platform business. A bank is no longer just a branch-centered institution. We accept that it is a platform now. The President has instructed us to advance this platform model, and it is an extremely important issue," he said.
He also highlighted the trajectory of escalating convergence within the financial services ecosystem.
"Financial platforms must begin integrating with other sectors—from taxi services to diverse payment systems. Another important point is regulation. For example, regulation is vital in areas ranging from anti-money laundering to various segments of payment systems," he added.
The official then highlighted the growing importance of personalization in finance.
"There is now a personalized approach in everything from education to healthcare. In the banking sector as well, artificial intelligence (AI) technologies must be applied—from credit history assessments to other processes.
Another factor is related to green tech. As you know, our banking sector has committed to attracting 2 billion manat ($1.1 billion) in this field. All of these trends must be brought into the platform business model and banking," Gasimli concluded.
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