BAKU, Azerbaijan, Feb.29
By Fidan Babayeva, Trend:
Azerbaijan’s tendency towards rapid development ensures easier introduction and wider application of technological innovations, which implies that Azerbaijan has a great potential for development of financial-technological sector, Trend reports referring to Azerbaijan’s Center for Analysis of Economic Reforms and Communication.
The existing financial technologies are scanty, which indicates the necessity of their further growth and development. Application of regtech and suptech technologies can be considered as a perspective, which is a global trend, the center noted.
"Digitalization process hasn’t been completed in Azerbaijan yet, i.e. use of cash money can be considered to be inversely proportional to the development of financial technologies. This is primarily conditioned by the people mentality and habits. Development of the necessary infrastructure surely plays important role in speeding up the process," stressed the center.
In this regard, a system transition to digitalization will increase demand for new ideas in the field of financial technologies with chain effect as well as the number of startups, which in turn will give impetus to development of the sector.
"Given that demand for creative ideas is high, the support of startups can result in development of the financial technologies' sphere. Thus, it is very important to increase technological knowledge and train more qualified personnel," the center said.