Azerbaijan Banks Association elaborates on cooperation with fintech companies

Flexible and dynamic fintech in terms of financial accessibility should provide services that will meet the needs of customers, said Tamerlan Rustamov, deputy director of the Payment Systems Department of the Bank of Baku and head of the expert group on payment systems and digital banking of the Azerbaijan Banks Association (ABA) at the Azerbaijani-Turkish Fintex Forum, Trend reports.

“In Azerbaijan, fintech companies are both competitors of banks and also partners. Banking fintechs always need to ensure the security of funds and access to payment systems. If you look at it from the bank’s point of view, there is always a need for more dynamic and flexible fintech to provide the bank’s services to a wider audience faster and at lower costs,”he said.

According to him, with this approach, the bank can cooperate with fintech and provide its products and services through it without incurring additional costs.

As of today, more than 30 fintech companies operate in Azerbaijan.

The first Azerbaijani-Turkish Fintex forum is being held in Azerbaijan today, on September 6. The second part of the forum will be held in November and December this year in Istanbul.

The aim of the forum is to strengthen business ties between the participants of the fintech ecosystems of Azerbaijan and Türkiye, assess potential opportunities for cooperation, and create effective synergy between the two brotherly countries in the field of innovative financial technologies as well as in other areas.

Image: businessday


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