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.