BAKU, Azerbaijan, October 13. The integration of fintech
companies from Turkic states will make it possible to link the
banking systems of different countries and create additional
channels for conducting financial transactions, the Deputy Chairman
of AzFina and CEO of Epoint, Eynar Abdullayev, said during a
fintech mission involving representatives of Turkic states,
organized by the Turkic States Fintech Alliance (TÜRKFİN) in Baku,
Trend's correspondent
reports from the event.
According to him, unlike banks, fintech companies cannot always
integrate with a large number of banks and act as aggregators.
“At the same time, fintech companies are operating in Azerbaijan
and other Turkic states, and cooperation among them can ensure
broader integration of banking systems. The integration of two
fintech companies acting as aggregators makes it possible to
connect the banking systems of different countries. For example, a
single integration could enable UPT to connect to all banks in
Azerbaijan or Kazakhstan. Such cooperation is of great importance
to the financial ecosystem of the Turkic states. It is essential to
anticipate potential risks associated with international sanctions
and other threats and to establish reliable backup channels for
conducting financial transactions.
Fintech companies must understand that our secure backup
channels must remain operational. We need to anticipate and address
issues related to potential international sanctions, threats, and
risks in interbank relations right now. This can be achieved
through integration and cooperation among fintech companies,” he
said.
According to Abdullayev, fintech companies differ from banks in
that they offer greater flexibility and responsiveness, which
allows them to reach a broad audience more quickly.
“These advantages can be leveraged to develop international
cooperation,” he noted.
Furthermore, Abdullayev proposed conducting experiments on the
integration of fintech companies within the regulatory sandboxes of
the Turkic states.
According to him, if a fintech company integrates with UPT and
gains access to the relevant QR systems, Azerbaijani citizens who
have a bank card or an account at an Azerbaijani bank will be able
to use them in Türkiye.
The "Baku Fintech Sector Trade Mission" program, organized by
the Turkic States Fintech Alliance (TÜRKFİN), is taking place in
Baku. Representatives from the financial and fintech sectors of
Azerbaijan, Türkiye, and Kazakhstan are participating in the
event.
The program includes discussions on the prospects for the
development of digital payments in Turkic states, the harmonization
of approaches to the regulation of financial technologies, and new
technological trends in payment systems.
