The development of the digital financial ecosystem is accompanied by the emergence of new risks, Chairman of the Board of the Azerbaijan Fintech Association (AzFina) Edgar Abdullayev told journalists, Report informs.
According to him, this process required bringing a large market, which previously functioned without regulation, into the legal field within a short timeframe.
"We are talking about frameworks that are necessary and add value to the sector. For this reason, we are currently developing the sector in conditions of constructive dialogue with the Central Bank of Azerbaijan. We have a lot of work ahead of us and great potential. These opportunities are not limited only to Azerbaijan. They can be developed across the Turkic states, then the European Union, and worldwide," Abdullayev said.
However, Abdullayev noted that the expansion of the digital financial ecosystem also highlights issues related to preventing financial fraud, money laundering, and the financing of terrorism.
"Therefore, we cannot leave this area unattended. Within the framework of a constructive dialogue with the regulator, we strive to develop the sector while defining the rules in the most flexible and sector-appropriate manner," he emphasized.