Turkic states need unified digital wallet, Kyrgyz banker says

Turkic states need to create a unified digital wallet, CEO of Kyrgyzstan's Doscredobank Talantbek Omuraliev said at a panel discussion during the Baku Fintech Sectoral Trade Delegation Program organized by the Turkic States Fintech Alliance (TURKFIN), Report informs.

According to him, mutual recognition of ID cards is insufficient for full-fledged digital interaction. As an example, he cited the European digital wallet, which will allow users to receive any service in any EU country starting January 1, 2027, regardless of the bank or government agency.

"I think such an initiative is also needed across the Turkic-speaking states. We should move towards unified digital wallets so that states create a regulatory platform for recognition at the national level," Omuraliev noted.

He stressed that identification currently severely hinders service provision, as banking services are closely linked to other types of activities.

"In essence, fintech is the interaction of banks, IT companies, and platforms. If we are talking about cooperation at the level of OTS [Organization of Turkic States] countries, it is necessary to establish systematic interaction between interbank operators, which requires open protocols and platforms," he added.