Azerbaijan may launch lending platform bypassing financial organizations

Business Materials 20 November 2018 20:08 (UTC +04:00)

Baku, Azerbaijan, Nov. 20

By Sara Israfilbayova - Trend:

Azerbaijan may become the next country after the UAE, where the Maliyya (Finance) startup will be implemented, allowing for P2P lending without financial organizations, co-founder of the startup Jafar Babayev told Trend Nov. 20.

He noted that they have applied for a special [Innovative Technology License] to the Dubai International Financial Center (DIFC) in order to be able to work in the UAE.

“We cannot say for sure when the whole process will end,” added Babayev. “Because of the novelty of the project, there are special procedures for [obtaining permission].”

Regarding the possibility of working in Azerbaijan, he noted that the country lacks the necessary conditions for today, but the government has already made the first attempts in this direction.

“We see that the Center for Analysis of Economic Reforms and Communications is doing a lot of work in the area of ​​studying crowdfunding [collective collaboration of people who voluntarily pool their money to support the efforts of other people or organizations] and P2P financing,” he said.