BAKU, Azerbaijan, October 9. Open Banking is a direction that can give certain advantages to the market and can give a serious impetus to the development of market participants, not only banks, but primarily small fintech companies, Deputy Chair of the Kazakhstan Association of Payment Organizations Yulia Salehova told the media on the sidelines of the Baku Fintech Forum 2025, Trend reports.
According to her, the development of regional markets and the possibility of some integration between fintech systems are important.
"Of course, its implementation will require a lot of resources and time. But I think it should not only be possible, but also a priority," Salehova emphasized.
She also spoke about the advantages of open banking, the experience of Kazakhstan, and the possible opportunities for cooperation with Azerbaijan in this direction.
"Open Banking represents a strategic direction that holds the potential to offer substantial advantages within the market, providing significant momentum for the growth and development of market participants—not only for traditional banking institutions but also for smaller fintech enterprises. To nurture the emergence of 'unicorn' companies, it is essential to cultivate an environment that fosters their growth. Facilitating access to Open Banking opportunities for these players could be a crucial avenue in the creation of such high-growth firms.
When examining the potential benefits of Open Banking for the banking sector, particularly within the context of Azerbaijan, several key advantages emerge. The facilitation of data sharing between banks and across various customer accounts can substantially enhance the speed and efficiency of transactions.
At its core, Open Banking offers clients the ability to consolidate and manage their various accounts in a single interface, thus enhancing the user experience. This would allow customers of one bank to seamlessly access services offered by another, streamlining both service delivery and access.
If successfully implemented, the primary beneficiary of this system would undeniably be the end customer. Moreover, extending Open Banking capabilities to fintech companies would not only stimulate their growth but also promote the creation of innovative interfaces and products. This, in turn, would contribute to the overall development of the market, potentially revealing new opportunities and avenues for growth that may not yet be fully visible," Salehova emphasized.
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