Edgar Abdullayev: Fintechs are not banks' rivals, but innovation partners

Fintech companies in Azerbaijan are not competitors of banks, but their innovation partners, Edgar Abdullayev, Chairman of the Azerbaijan Fintech Association (AzFina) Public Union, said at an event on Azerbaijan's digital finance agenda held in Baku, according to Report.

Abdullayev said that today Azerbaijan is no longer just a country hosting international events, but is also becoming one of the key players shaping the region's development agenda in the fields of financial technologies, digital payments, and innovative financial solutions: "In recent years, the consistent reforms carried out under the leadership of the Central Bank of Azerbaijan, open banking initiatives, the Instant Payment System, AzQR infrastructure, the special regulatory regime known as 'sandbox,' as well as the steps taken toward expanding other digital financial services have created an important foundation for the development of innovations in the country."

Abdullayev emphasized that currently the main priority in this field is not just digitalization: "Our goal is to create a strong cooperation environment among banks, fintech organizations, regulatory bodies, and all ecosystem participants, to harmonize innovations with the principles of security and reliability, and to provide citizens with more accessible, faster, and more sustainable financial services. Fintech companies are not competitors of banks, but their innovation partners. A strong fintech ecosystem cannot be formed without a strong banking sector. At the same time, without innovative fintechs, maintaining the long-term competitiveness of the banking sector also becomes difficult. Azerbaijan's success lies precisely in further strengthening this partnership."