BAKU, Azerbaijan, June 29. The Central Bank of Azerbaijan plans to integrate the country's payment systems with key trading partners, a senior central bank official said, Trend's correspondent reports from the event.
Speaking at the "Azerbaijan Digital Financial Agenda" event in Baku, Ramil Makhmudov, deputy director of the Central Bank's Payment Systems and Products Development Department, said the country's payment ecosystem is already widely used by banks and fintech companies.
"We invite new market participants and payment service providers to actively use the payment systems operated by the Central Bank. There has already been some progress in this direction. Azerbaijan has already implemented virtually all modern payment solutions in demand on the global market. Speaking of fast payments, account-to-account transfers, and instant payment systems, all global trends in this area have already been implemented in Azerbaijan," he said.
Makhmudov said fintech companies are viewed globally not as competitors to banks, but as an integral part of the payment infrastructure.
"Fintech companies are a supporting force and play a key role in bringing payment services and products to clients and payers. The Central Bank is striving to create conditions for Azerbaijani banks and fintech companies to offer their payment solutions not only in the domestic market but also abroad. A number of payment system integration projects are currently being implemented, including the development of cross-border payments. We hope to establish mutual integration of payment systems, primarily with those countries with which Azerbaijan conducts the most active trade, as well as with countries with high tourist flows," he said.
He added that Azerbaijan has the potential to become a regional and global hub for payment services.
"This is a long-term process, but the development of innovation and the creation of an effective regulatory framework will significantly expand our capabilities. The introduction of new payment products and services both domestically and internationally must be accompanied by the development of an appropriate regulatory framework and regulations," he said.
