Plans are underway to establish common payment systems among Turkic states, said Tarik Tombul, a board member of the Association of Payment and Electronic Money Institutions of Türkiye (TÖDEB), at an event organized by the Turkic States Fintech Alliance (TÜRKFIN) in Baku, Report informs.
He noted that Turkic countries have historically strong trade ties, adding that expanding these relations and developing payment systems are two complementary processes.
"Payment systems are one of the essential factors in the development of trade. That is why we attach particular importance to this area. As trade grows, the need for faster, safer and more affordable payment solutions increases. With stronger payment infrastructure, it becomes easier for companies to enter new markets and conduct cross-border trade," Tombul said.
He added that cooperation in the payments sector is considered one of the key elements in strengthening economic ties between Turkic countries.
"We envision a Turkic world in which our countries develop common regulatory approaches, discuss shared payment systems and simplify cross-border payments," Tombul said.