Economy News 13 October 2026 12:01 (UTC +04:00)
Photo: Trend News Agency
BAKU, Azerbaijan, October 13. Cooperation between banks and financial technology (fintech) companies in Azerbaijan, the development of open banking and wider use of the instant payment system are key priorities for advancing digital financial services, President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said at the Baku Fintech Sector Trade Mission Program on Tuesday, Trend’s correspondent reports from the event.
Bringing banks, fintech companies and regulatory authorities together creates opportunities to turn the sector’s potential into concrete business partnerships and joint projects, he said. The participation of partners from Turkic states is also important for expanding cooperation at the regional level.
According to Nuriyev, the trend toward increased cashless payments in Azerbaijan has continued in 2026, following similar growth in 2025. He said calculations for 2026 showed that the volume of cashless payments had reached 53.1 billion manats ($31.2 billion), setting a new record.
The expansion of cashless payments contributes to greater economic activity, more efficient settlements and wider access to modern financial services, the ABA president said.
“Banks and fintech companies play an important role in economic development, particularly in cashless payments. Strengthening cooperation among all market participants is essential to ensure that progress in this area continues,” he said.
Nuriyev said expanding the use of the instant payment system and other modern payment solutions was a key goal in the next stage of digital payment development. He added that developing open banking and deepening technological cooperation between banks and fintech companies were also priorities.
Combining banks’ existing infrastructure and extensive customer bases with fintech companies’ technological capabilities could enable the development of new products and services, he said. This could make financial services more convenient for consumers and allow businesses to accept payments on more favorable terms.
The ABA president also emphasized that security must remain a priority in the development of digital financial services. Maintaining a balance between adopting new technologies and managing innovation-related risks is essential for the sector’s sustainable development, he said.
“Security is a fundamental condition for building trust in digital services. Alongside the adoption of new technologies, protecting customer data, managing risks properly and raising public awareness of the safe use of financial services are also important,” Nuriyev said.
He added that stronger cooperation among banks, fintech companies and regulatory authorities would help expand the use of digital payments, improve the quality of financial services and further increase cashless transactions.