Azerbaijani FinTech firms successfully penetrate global markets

Five of the companies operating in the field of fintech in Azerbaijan have entered the markets of foreign countries, Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communication of Republic of Azerbaijan, said at the FinTech Summit held in Baku, Report informs.

According to him, these are Türkiye, Kazakhstan, Uzbekistan and Pakistan.

"In the last 5 years, the country's banks have spent 300 million manats (about $176.5 million) on the implementation of financial technologies. Since May of this year, the Central Bank has introduced a special regulatory sandbox that will allow testing new fintech products and services in real conditions. Also, the Instant Payments System, which includes modern payment solutions, and blockchain-based A Digital Identification System has been created," Gasimli added.