Azerbaijani CBA, Azfina Moot Formation Of Innovative Payment Ecosystem


(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 12. The Central Bank of Azerbaijan (CBA) and representatives of the Azerbaijan FinTech Association (AzFina) discussed the formation of an innovative payment ecosystem, as Governor of the CBA Taleh Kazimov wrote on his page on X, Trend reports.

"We had another meeting with officials from the Azerbaijan Fintech Association at the Central Bank. During the meeting, a presentation was provided focusing on global economic developments, particularly inflation, domestic macroeconomic and monetary conditions, as well as the balance of payments and the FX market scenario," Kazimov said.

"Participants at the meeting also discussed the previous year's results, the activities of firms represented in the fintech ecosystem, the formation of the innovative payments ecosystem, and the spread of cashless payments," he added.

Previously, the CBA and AzFina representatives highlighted the opportunities for growing the fintech sector.

AzFina was created in December 2020 by six significant financial service organizations.

The association's main goals are to support the development of a digital financial ecosystem in the country as well as the creation of conditions for the transition to a digital economy; to assist fintech companies in their development; to represent and defend their interests in state and non-state institutions; and to contribute to more effective collaboration between fintech companies and other market participants.

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