Edgar Abdullayev: Fintech sector became full-fledged participant in financial services in Azerbaijan

The fintech sector in Azerbaijan has ceased to be an alternative to financial services and has become a full-fledged participant, Edgar Abdullayev, chairman of the Board of the Azerbaijan Fintech Association (AzFina), said at the 10th International Finance and Banking Summit in Baku, Report informs.

He noted that government policy in recent years has contributed to the rapid development of the digital financial ecosystem in Azerbaijan.

"Today, the fintech sector is not an alternative to financial services, but an integral part of the financial market and one of the main drivers of its development. Open banking, instant payment systems, digital identification solutions, innovation incentive mechanisms, and a special regulated regime (sandbox) are creating new opportunities for the development of the financial sector," Abdullayev said.