BAKU, Azerbaijan, June 29. Fintech companies are not competitors to banks, but their innovation partners, and the further development of Azerbaijan’s digital financial ecosystem depends on strengthening this cooperation, Azfina Board Chairman Edgar Abdullayev said, Trend's correspondent reports from the event.
He made the remark at the “Digital Financial Agenda of Azerbaijan” event held in Baku.
According to him, Azerbaijan is increasingly positioning itself not only as a host of international events, but also as a key regional player shaping the agenda in financial technologies, digital payments, and innovative financial solutions.
“Our top priority today is not digitalization alone. Our goal is to build a strong collaborative environment between banks, fintech companies, regulators, and all ecosystem participants, to combine innovation with security and reliability, and to ensure more accessible, faster, and more resilient financial services for citizens,” he said.
The Azfina chairman stressed that fintech companies are not rivals to banks.
“We, fintech companies, are innovation partners of banks. Without a strong banking sector, it is impossible to build a strong fintech ecosystem. At the same time, without innovative fintech players, it is difficult to ensure the long-term competitiveness of the banking sector. Azerbaijan’s success is directly linked to strengthening this partnership, where healthy competition and strong collaboration are key conditions for sustainable development of the financial sector.
Azerbaijan is already among the countries helping shape the digital financial ecosystem, which reflects the government’s forward-looking economic policy and support for innovation,” he said.
