BAKU, Azerbaijan, October 13.
Azerbaijan and Türkiye possess significant opportunities to expand
cooperation in the field of financial technology, accelerate money
transfers, and integrate payment systems based on QR codes, a
representative of Tiko Azerbaijan LLC, Ismail Bayraktar, told
Trend in an
interview.


According to him, money transfers between the two countries
constitute one of the key areas of cooperation in the fintech
sector. Implementing digital solutions in this area could enable
faster and more secure transfers.


Bayraktar noted that there is substantial potential for the
development of financial transactions between Azerbaijan and
Türkiye, involving both business-to-business (B2B) and
consumer-to-consumer (C2C) interactions.


"There are significant opportunities regarding money transfers
between the two countries. Fintech companies can contribute to
making these processes faster and more secure. Improving
transactions for both businesses and individuals could yield mutual
benefits," he said.


The representative also identified the integration of payment
systems via QR codes as a promising area for cooperation. According
to him, while interest in such payments is growing in both
countries, there are differences between the existing systems.







"The mutual integration of QR payment systems could create
significant opportunities. It would enable people to make
convenient payments using QR codes while in the other country.
Achieving this might require resolving regulatory issues or
developing specialized technological solutions," Bayraktar
emphasized.


He also noted the progress observed in the field of
digitalization in Azerbaijan. Bayraktar noted that technologies
capable of competing in the global market have been developed in
the country, and business processes are evolving in line with
international standards.


"Significant development is evident in Azerbaijan. Technologies
capable of competing globally are already in place, and business
processes align with international standards. The steps taken
toward digitalization are creating new opportunities and could pave
the way for further expanding cooperation in this area in the
future," he added.