New opportunities have emerged for developing Azerbaijan's digital financial ecosystem. These are linked to open banking initiatives, instant payment systems, AzQR infrastructure, a sandbox regime, and the Financial Inclusion State Program for 2027-2030 approved by President Ilham Aliyev.
According to Oxu.Az, these remarks were made by Edgar Abdullayev, Chairman of the Board of the Azerbaijan Fintech Association (AzFina), at the event "Azerbaijan's Digital Financial Agenda" in Baku.
He stated that digitalization alone is not the priority: "Our goal is to create a strong collaborative environment between banks, fintech organizations, regulators, and all ecosystem participants, reconciling innovation with security and reliability, and providing citizens with more accessible, faster, and more sustainable financial services."
Abdullayev emphasized that fintechs are not competitors to banks: "Fintechs are not rivals of banks. We - fintechs - are innovation partners of banks. Without a strong banking sector, a strong fintech ecosystem cannot be formed. At the same time, without innovative fintechs, it is difficult to maintain the long-term competitiveness of the banking sector. Azerbaijan's success lies in strengthening this partnership."
