BAKU, Azerbaijan, September 6. Azerbaijan's market is of sufficient interest to Turkish fintech companies because it gives them access to CIS markets, said Chairman of the Association of Financial Technologies (AzFina) Ruslan Talibov during the Azerbaijani-Turkish Fintex forum, Trend reports.
He further said that the local Azerbaijani fintech companies could use the experience of Turkish companies, aiming to become global market players.
Talibov noted that one of the important problems in the global fintech sphere is risks. Therefore, appropriate steps are being taken to address them.
"The Central Bank of Azerbaijan is taking joint steps with players in the sector to ensure stability in this area in our country. One of them was the enactment of 14 new laws in July, which not only defined the supervisory and regulatory framework for fintech companies, but also allowed them to provide services traditionally offered only by banks. Under the new laws, fintech companies can now engage in money transfers themselves, open a payment account, provide services to individuals and lend 50 manat ($29) for two months of payment services," he explained.
"Another important step taken by the CBA was the sandbox mode, which is applied in many developed countries. Any fintech company can apply and test any innovative product under the supervision of CBA," he said.
More than 30 fintech companies are present in Azerbaijan today.