BAKU, Azerbaijan, December 4. The Central Asian Fintech Association and the Azerbaijan Banks Association are engaged in negotiations to formalize a partnership and cooperation agreement, signaling a promising new phase of collaboration in the region's financial ecosystem, Chairman of the Central Asian Fintech Association Otabek Nasirov told Trend.
Speaking at the VIII International Banking Forum on Tuesday Otabek Nasirov shared his optimism about Azerbaijan's fintech market, emphasizing its potential for growth and innovation.
"I see significant prospects for the development of Azerbaijan's fintech market, including the financial services sector, which also involves traditional banks. A few days ago, I was delighted to read an article where a representative of the Central Bank of Azerbaijan noted that the regulator continues to encourage the entry of new participants into the payment services market and that protecting their rights, ensuring equal conditions, and creating a healthy competitive environment will be key priorities for the Central Bank of Azerbaijan. Furthermore, the integration of fintech companies and other payment service providers into the system is being carried out in accordance with the Central Bank of Azerbaijan's strategic approach, which utilizes a special regulatory regime to oversee their activities and ensure the provision of new products and services in line with market demands. Under this regime, the regulator not only supports the inclusion of new organizations into the system and their operations in the market but also stimulates their development and the expansion of their product range," he commented.
Otabek Nasirov underscored the significance of the forthcoming agreement between the Central Asian Fintech Association and the Azerbaijan Banks Association.
"Building on our longstanding partnership, I am optimistic that we will soon finalize this agreement. It will serve as a foundation for fostering a dynamic dialogue between fintech companies and traditional banks across Central Asia and Azerbaijan. Additionally, it will create valuable opportunities for sharing expertise and knowledge. The post-pandemic period has sparked remarkable growth in the Central Asian market, particularly in fintech and e-commerce. We believe that many successful initiatives from our region can be effectively implemented in Azerbaijan," he said.
He further emphasized that this collaboration will enhance integration efforts between Central Asian countries and Azerbaijan in advanced technological sectors, delivering cutting-edge solutions, products, and services to consumers.
"Looking ahead, I am confident that next year will mark a transformative period for Azerbaijan's fintech landscape. We anticipate the arrival of new players and increased foreign investment. The Central Asian Fintech Association is fully committed to supporting Azerbaijani fintech companies in exploring opportunities and forging partnerships across Central Asian markets," Otabek Nasirov concluded.