BAKU, Azerbaijan, December 30. A developed Middle Corridor has the potential to foster fintech growth across borders, increase trade flows, and deepen economic integration, says the Asian Development Bank (ADB), Trend reports.
“For the corridor to achieve digitalization, arrangements for cross-border data exchange and digital infrastructure governance will be needed, matched by timely coordination and a cross-sector approach. Mutual recognition of licenses would be helpful, and could be allied with the approach embodied in the mBridge and Aperta projects for cross-border trade finance and cross-border open banking (both involving Georgia),” reads the latest ADB report.
The Bank analysts point out that fintech-enabled regional cooperation among the Middle Corridor countries—including Azerbaijan, China, Georgia, Kazakhstan, and Turkmenistan, along with Türkiye—could serve as a new financial infrastructure enabler within a broader CAREC perspective.
“The Middle Corridor concept could evolve into an interesting fintech value proposition for other countries within the region. The potential for fintech-enabled regional cooperation throughout the Middle Corridor could be thought-provoking, even for those most skeptical about the real benefits of cross-country fintech cooperation. The identification of fintech-related enablers and actions under the Middle Corridor road map could be a starting point for the establishment of a cross-border sandbox, drawing in a wider range of regional authorities, and promoting common principles for open banking through relevant regional forums,” the report says.
The Middle Corridor (also known as the Trans-Caspian International Transport Route, TITR) is a transport and trade route connecting Asia with Europe, serving as an alternative to the traditional Northern and Southern corridors. It begins in China, passes through Central Asian countries such as Kazakhstan, Uzbekistan, and Turkmenistan, crosses the Caspian Sea via Azerbaijan, continues through Georgia and Turkey, and finally reaches Europe. This overland route bypasses longer maritime paths, linking eastern Asia, including China, directly to Europe.