Joint fintech initiatives to boost Azerbaijan-Türkiye financial ecosystem, says Deputy Chairman

Collaboration and knowledge-sharing between Azerbaijan and Türkiye in digital banking are set to enhance the two nations' regional and global influence in banking and fintech, according to Mustafa Ayd?n, Deputy Chairman of Türkiye's Banking Regulation and Supervision Agency (BRSA).

Speaking at the 8th International Banking Forum in Baku, Ayd?n highlighted Azerbaijan’s achievements in digital banking: “The steps taken by Azerbaijan in the field of digital banking are attracting attention not only in the domestic market but also in the international arena. In this growth process, digital payment systems and secure financial services play an important role in terms of economic development and financial freedom.”

He noted Türkiye’s advancements in payment systems and digital banking, emphasizing the role of regulations in fostering secure and compliant operations. “The standards we have set are critical to ensuring the safe and compliant operation of payment systems. These regulations create certain obligations for financial institutions and payment service providers to increase operational security and ensure compliance processes,” Ayd?n stated.

He further underscored the importance of Azerbaijan and Türkiye’s joint efforts in bolstering the financial ecosystem: “It is especially important to ensure the transparency and security of the ecosystem. Control processes in Türkiye not only ensure the security of financial transactions but also increase transparency and security in the sector. Adopting a similar approach in Azerbaijan will strengthen the security of local and foreign investors in this area and increase interest in the country.”

Ayd?n emphasized the transformative potential of digitalization for bilateral cooperation. Modernizing digital banking and payment systems, he noted, supports economic growth while enhancing financial accessibility and independence for citizens. “This is one of the most important cornerstones of financial freedom. Joint projects and cooperation between the two countries in this area will both increase regional competitiveness and ensure their significant place in the international market,” he said.

He also addressed the evolving needs in e-commerce security, pointing to the synergy between Azerbaijan’s fast-growing digital ecosystem and Türkiye’s extensive experience.

"Azerbaijan’s rapidly growing digital banking and fintech ecosystem, combined with Türkiye’s years of experience, will create a strong synergy for regional leadership. This partnership will benefit not only the banking sector, but also consumers, local businesses, and entrepreneurs. Ensuring the growth and security of payment systems will significantly contribute to economic stability and increased investor interest."