Azerbaijan, Uzbekistan Debate Agreement In Banking And Fintech Sectors (Exclusive)
Date
12/4/2024 12:11:01 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 4. The Central Asian
Fintech Association and the Association of Banks of Azerbaijan are
actively engaging in discussions to forge a strategic partnership
and collaboration agreement, Chairman of the Central Asian Fintech
Association Otabek Nasirov told Trend.
"I see significant potential for the growth of fintech and the
Azerbaijani market, especially the financial services industry,
which includes traditional banks. Two weeks ago, I was thrilled to
read an article in which a representative of the Central bank of
Azerbaijan stated that bureaucratic barriers are being actively
removed to allow foreign competitors, especially fintech companies,
to enter the market. Furthermore, the paper communicated a clear
message: the Central Bank of Azerbaijan is interested in
strengthening competition. This approach is a call for foreign
fintech companies to come to the country, open payment
organizations, provide various services, and develop new products,"
Nasirov said.
In his view, competition serves as the driving force that
propels the economic machine forward.
"I am delighted that the Central Bank of Azerbaijan concurs with
this perspective. In terms of my expectations for the forum, I am
confident that we will be able to execute a partnership and
cooperation agreement in the near future, given my longstanding
friendship with the Association of Banks of Azerbaijan. This
agreement will serve as a foundation for the exchange of
experiences and opinions on a variety of platforms with
participants in the fintech market and financial services sector in
Central Asia, as well as for the support of fintech actors and
traditional banks. As we are aware, the post-pandemic market in
Central Asia has experienced accelerated growth, particularly in
the areas of fintech and e-commerce. We are certain that the
numerous effective solutions we have implemented in Central Asia
can serve as an exceptional foundation for their adaptation and
introduction in Azerbaijan," the association's chairman added.
Nasirov pointed out that this will open the floodgates to new
solutions for consumers, making their lives a walk in the park,
while also crafting products that can give corporate clients a leg
up.
"I am confident that next year will be a successful year for the
Azerbaijani market; we will witness the arrival of new players, and
on our part, we are ready to help by attracting companies from
Central Asia that could share experience and knowledge and find
partners here. These partnerships will be able to create joint
companies contributing to further development of the fintech and
financial services market in Azerbaijan," Nasirov said.
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