BAKU, Azerbaijan, October 13. Cooperation
between banks and financial technology (fintech) companies in
Azerbaijan, the development of open banking and wider use of the
instant payment system are key priorities for advancing digital
financial services, President of the Azerbaijan Banks Association
(ABA) Zakir Nuriyev said at the Baku Fintech Sector Trade Mission
Program on Tuesday, Trend’s correspondent reports from the event.


Bringing banks, fintech companies and regulatory authorities
together creates opportunities to turn the sector’s potential into
concrete business partnerships and joint projects, he said. The
participation of partners from Turkic states is also important for
expanding cooperation at the regional level.


According to Nuriyev, the trend toward increased cashless
payments in Azerbaijan has continued in 2026, following similar
growth in 2025. He said calculations for 2026 showed that the
volume of cashless payments had reached 53.1 billion manats ($31.2
billion), setting a new record.


The expansion of cashless payments contributes to greater
economic activity, more efficient settlements and wider access to
modern financial services, the ABA president said.


“Banks and fintech companies play an important role in economic
development, particularly in cashless payments. Strengthening
cooperation among all market participants is essential to ensure
that progress in this area continues,” he said.


Nuriyev said expanding the use of the instant payment system and
other modern payment solutions was a key goal in the next stage of
digital payment development. He added that developing open banking
and deepening technological cooperation between banks and fintech
companies were also priorities.







Combining banks’ existing infrastructure and extensive customer
bases with fintech companies’ technological capabilities could
enable the development of new products and services, he said. This
could make financial services more convenient for consumers and
allow businesses to accept payments on more favorable terms.


The ABA president also emphasized that security must remain a
priority in the development of digital financial services.
Maintaining a balance between adopting new technologies and
managing innovation-related risks is essential for the sector’s
sustainable development, he said.


“Security is a fundamental condition for building trust in
digital services. Alongside the adoption of new technologies,
protecting customer data, managing risks properly and raising
public awareness of the safe use of financial services are also
important,” Nuriyev said.


He added that stronger cooperation among banks, fintech
companies and regulatory authorities would help expand the use of
digital payments, improve the quality of financial services and
further increase cashless transactions.