BAKU, Azerbaijan, November 2. Azerbaijan's GoldenPay launched using the “buy now, pay later” model, but due to legal restrictions it's not yet able to provide this service directly, GoldenPay Board Chairwoman Naina Shukurova told Trend.
"We are collaborating with a non-bank credit organization for the "buy now, pay later" project because they have the necessary permits and licenses." "We've given it the ability to offer small advances to our users for payment of services on our portal," she explained.
Furthermore, Shukurova stated that GoldenPay is attempting to be among the first to receive a license under the new payment services law.
The payment systems and services draft law was passed in August 2023 and is to take effect on November 9, 2023.
"Our team is actively preparing necessary documents and complying with all legal procedures in accordance with legislation and regulatory acts issued by the Central Bank," the official said.
Golden Pay is Azerbaijan's first fintech startup, having been established in 2007.
