This opinion was voiced by Edgar Abdullayev, Chairman of the Board of Directors of the "Azerbaijan Fintech Association" Public Union, at the "X International Finance and Banking Summit" held in Baku.
He said that the reforms implemented in recent years and state support have given impetus to the rapid development of the digital financial ecosystem in the country. According to Abdullayev, fintech companies have ceased to be an alternative to traditional financial services and have become an integral part of the financial sector and play an important role in the development of the market.
The head of the association emphasized that open banking, Instant Payment System, digital identification technologies, promotion of innovative projects and special regulatory mechanisms are forming new opportunities in the financial sector.
In his opinion, expanding cooperation between state agencies, regulators, banks, payment organizations and technology companies will create conditions for Azerbaijan to become one of the leading digital financial centers in the region.
