Ruslan Talibov: Azerbaijan to provide Turkish fintech companies with access to post-Soviet countries

The markets of post-Soviet countries, including Azerbaijan, will be of sufficient interest to Turkish fintech companies, Chairman of the Board of the Azerbaijan Fintech Association Ruslan Talibov said at the Azerbaijani-Turkish Fintech Forum in Baku, Report informs.

He stated that the Azerbaijani market will provide Turkish fintech companies with access to the markets of post-Soviet countries: “Also, the Turkish market is of particular importance for Azerbaijani fintechs. That’s because companies wishing to become regional and global players will be able to use Turkish experience for these purposes.”

Talibov said that in the first half of this year, about $52 billion were invested in fintech around the world: “Some 2,154 transactions were concluded in this area. On a global scale, fintech development is most often driven by connectivity, lower cost of data storage, a relative reduction in information asymmetry, and lower transaction costs. One of the important problems in the field of fintech around the world is the risks they carry.”

The chairman of the Board of the Association noted that the Central Bank is taking joint steps with the sector players to ensure stability in this area and in the country: “One of them was the adoption of a new law in July. Under the new law, fintechs can now independently carry out money transfers, open and service payment accounts of legal entities and individuals, provide a loan of 50 manats ($29.41) to pay for services within two months. Another important implementation undertaken by the Central Bank was the Sandbox regulatory regime practiced in many developed countries. Any fintech company under the control of the Central Bank will be able to apply and test any innovative product.”