BAKU, Azerbaijan, October 26. Popularization of digital wallets, adoption of mobile point-of-sale devices, and active usage of accounting and warehouse management platforms are among the main trends in Azerbaijan, the Chairperson of the Board at GoldenPay OJSC Naina Shukurova said during the Fintech forum, Trend reports.
She mentioned that Marketplace platforms and alternative credit products are also in focus.
Speaking of trends, it is impossible not to mention digital wallets. It is worth noting that digital wallets are gaining popularity in Azerbaijan, facilitating online payments and transfers. Additionally, mobile point-of-sale devices can also be considered market trends. Businesses are actively implementing mobile registers to simplify accounting and taxation," the company's representative noted.
"When discussing trends, it is necessary to highlight Marketplace platforms. Online markets are growing increasingly popular among entrepreneurs, opening up new sales channels and broadening client groups. In Azerbaijan, market trends include credit scoring and alternative credit solutions. There is growing interest in scoring methods and alternative credit solutions that help with funding availability," Shukurova explained.
"However, there is a shortage of qualified individuals. For successful adaption to changing technology and market demands, qualified specialists are required. Cybersecurity and fraud are also key industry challenges in today's environment," she added. "As digital technologies advance, the level of cybersecurity threats and fraud rises, necessitating increased focus on data protection." Furthermore, creating an appropriate regulatory environment for blockchain and cryptocurrencies is an important issue for Azerbaijani firms."
She also added that Azerbaijani businesses are actively adapting to new realities and confidently embracing the future.
AzFina was founded in December 2020 by six leading companies operating in the field of financial services. The main goals of the association are to support the creation of a digital financial ecosystem in the country and the creation of conditions for the transition to a digital economy, to help the development of fintech companies and to represent and defend their interests in state and non-state institutions, to contribute to more effective cooperation between fintech companies and other market participants.