BAKU, Azerbaijan, December 20. The Central Asian Fintech Association intends to sign several agreements in Azerbaijan, said Otabek Nasirov, Chairman of the Central Asian Fintech Association, in an interview with Trend on the sidelines of the VIII International Banking Forum.
"Given our long-standing friendship with the Azerbaijan Banks Association, we plan to sign a partnership and cooperation agreement between us in the near future. We also hope to sign a similar agreement with the Azerbaijan Fintech Association. These agreements will foster more discussion between fintech startups and traditional banks in Central Asia and Azerbaijan and offer great opportunities for knowledge sharing. As is generally known, the Central Asian market has been displaying rapid growth since the pandemic, particularly in fintech and e-commerce. My colleagues from the Azerbaijan Banks Association and I are convinced that many successful projects from Central Asia can also be implemented in Azerbaijan," he said.
Otabek Nasirov pointed out that working hand in hand will speed up the integration processes between Central Asian countries and Azerbaijan in the high-tech economic arena, opening doors to fresh opportunities, solutions, products, and services for the end consumers.
"Central Asia's fintech industry is supported by government organizations and a favourable regulatory framework, which helps local enterprises expand into foreign markets and enhances their positions in the global financial ecosystem. A good example is the entry of the fintech company Alif into the Pakistani market with BNPL products, short-term loans, B2B financing, and money transfer services," he added.
Otabek Nasirov shone a light on the increasing influence of regulators in the fintech landscape across the Caucasus and Central Asia, as well as in other nations where innovative economic sectors are typically thriving.
"I see fintech and financial services sector growth in Azerbaijan, including traditional banks. I was pleased to read a few days ago that a representative of the Central Bank of Azerbaijan stated that the regulator continues to encourage new participants into the payment services market and that protecting their rights, ensuring equal conditions, and creating a healthy competitive environment will be its top priorities. The Central Bank of Azerbaijan's strategic approach uses a special regulatory regime to oversee fintech companies and other payment service providers and ensure the provision of new products and services in line with market demands. The regulator encourages new organizations to join the system and expand their product line under this regime," he commented.
As articulated by Otabek Nasirov, the Azerbaijani regulatory body is systematically establishing an environment conducive to a robustly competitive landscape within the financial services sector.
"I am confident that next year will be an exciting one for Azerbaijan's fintech market, where we will all witness the arrival of new players and foreign investments. For our part, the Central Asian Fintech Association is ready to assist fintech companies from Azerbaijan in exploring and finding partners in the markets of Central Asian nations," concluded Otabek Nasirov.