To support Azerbaijan in leveraging financial technology to provide efficient financial services, International Finance Corporation (IFC) and the Azerbaijan Fintech Association have signed a Memorandum of Understanding, Report informs, citing IFC.
The parties will work to strengthen the framework for fintech companies helping them to scale up and provide cost-effective, fast, and quality services in the country.
Under the memorandum, IFC's Embedded Finance and Digital Financial Services Project will conduct webinars to train and build the capacity of fintech companies in line with good international practices. One of IFC's key priorities is to help bring the unbanked into the formal financial system, ensuring people have access to financial services. In this context, technological innovation is an effective way to improve access to financial services while promoting financial inclusion in developing countries.
"Fintech innovations are reducing physical barriers to financial services. Measures to bring financial services to where people live and work enable greater financial inclusion, especially in remote areas where visiting a bank branch may require additional time and resources. Given the country's growth trajectory, our partnership with IFC will aim to help fintech companies thrive, contributing to the financial sector's resilience in Azerbaijan," said Ruslan Talibov, Chairman of the Board of the Azerbaijan Fintech Association.