BAKU, Azerbaijan, June 25. The first day of FINTEX SUMMIT 2025—Finance and Technology Exhibition was held in Baku, Trend reports.
The two-day exhibition is being organized by the Azerbaijan Banks Association and the Central Bank of Azerbaijan (CBA), with the support of the Ministry of Digital Development and Transport, the Center for Analysis of Economic Reforms and Communication, and the global partnership of Visa.
This international summit, dedicated to the theme "New Trends in Banking and Finance Ecosystem: Digital Integration, Fintech Partnerships, and Cybersecurity", is considered the leading platform for digital transformation and innovation-oriented cooperation in the region.
The summit is a melting pot of high-level discussions, featuring seven thematic panels that will surely keep the ball rolling. The main focus will be on the application of financial technologies, digital payment ecosystems, the use of artificial intelligence in banking, open banking, regtech solutions, and dynamically developing bank-fintech cooperation models. At the same time, challenges related to cybersecurity and data protection in the digital environment will also be widely discussed.
Speaking at the event, Vusal Khalilov, a member of the board of the CBA, said that in 2024, the total volume of transactions on payment cards issued by banks operating in Azerbaijan exceeded 126 billion manat ($74 billion), which is 27 percent more than in 2023.
He noted that according to data as of April 2025, the monthly volume of non-cash payments using payment cards approached 10 billion manat ($5.9 billion).
"In the first four months of this year, the volume of non-cash transactions within the country increased by 67 percent, and the number of such transactions by more than 91 percent. This means that nine out of 10 transactions on payment cards are made in non-cash form, which is a significant achievement," Khalilov added.
He pointed out that the development of the Instant Payment System (IPS) continues in Azerbaijan, which allows for 24/7 transaction processing directly through bank accounts.
According to him, the coverage of the system and its technical stability and functionality have been expanded, providing users with faster, more convenient, and more accessible payment methods.
"In the first four months of 2025, compared to the same period in 2024, the number of transactions carried out through the IPS increased by more than 40 percent. We are closely monitoring this trend and expect the positive trend to continue in the coming months," Khalilov emphasized.
A Memorandum of Understanding (MoU) on the establishment of the Credit Bureau Platform of the Turkic States was signed during the event.
The MoU was signed between Elchin Gabibov, Director General of the Azerbaijan Credit Bureau, Olkun Deniz, representative of the Turkish Credit Bureau, Ruslan Omarov, Head of the First Credit Bureau of Kazakhstan, Ravshan Abdulkerimov, Director General of the Credit Analytics Center of Uzbekistan, and Marlis Duishegulov, representative of the Kyrgyz Credit Bureau.
The parties intend to implement joint initiatives to strengthen cooperation and exchange experience in the field of credit reporting. Within the framework of this cooperation, seminars, educational and training programs will be organized, as well as the exchange of relevant knowledge and experience in accordance with the internal policies and procedures of the Credit Bureaus. Besides, the parties will create communication channels to expand the capabilities of the organization's members in the territories of other countries and explore the potential for cooperation in other areas of the financial sector.
Furthermore, an MoU was signed between the Azerbaijan Banking Association (ABA) and the Association of Financiers of Kazakhstan.
The document was signed by ABA President Zakir Nuriyev and Chairperson of the Council of the Association of Financiers of Kazakhstan Elena Bakhmutova.
The event is drawing a crowd of around 300 international and regional organizations, with heavyweights like the US, the European Union, the CIS, the Middle East, and the Asia-Pacific regions all in the mix. All in all, over 1,500 delegates are set to throw their hats in the ring, including folks from government agencies, commercial banks, fintech companies, payment technology providers, investors, diplomatic missions, and academic institutions. About 50 local and international speakers will share trends and best practices in financial technologies at the event.
The FINTECH SUMMIT represents a pivotal convergence of global financial thought leaders, serving as one of the premier international financial symposiums convened annually in Baku. Another pivotal nexus of discourse is the International Banking Forum.
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