Azerbaijani fintech companies to test products in Turkic states

Azerbaijani fintech companies will be able to test their products in the markets of Turkic states, Vusal Khalilov, Deputy Chairman of the Management Board of the Central Bank of Azerbaijan (CBA), said at an event held today as part of the Baku Fintech Sector Trade Mission Program, organized by the Turkic States Fintech Alliance (TURKFIN), Report informs.

He noted that local banks have already joined the service, highlighting the significant opportunities it offers fintech companies.

"I believe there are great opportunities for fintech companies here. Local fintech firms should explore the development of products based on open banking. It is also important to recognize that this growth is not limited to Azerbaijan but is taking place across the entire region encompassing the Turkic states. Similar growth rates are continuing in each country. This allows fintech companies to invest in one country and subsequently introduce the products they develop into other markets," Khalilov said.

He added that the CBA maintains close cooperation with the central banks of Türkiye, Uzbekistan, Kazakhstan and other countries in the region.

"We are considering jointly developing special regulatory frameworks in the near future. This will enable fintech companies to test their products in different markets," Khalilov said.