BAKU, Azerbaijan, October 13. Cooperation in the fields of fintech and payments among Turkic states should be expanded, Board Member of the Payment and Electronic Money Institutions Association of Türkiye (TÖDEB), Tarık Tombul, said on Tuesday at the Baku Fintech Sector Trade Mission Program on Tuesday, Trend's correspondent reports from the event.
According to him, the Turkic States Fintech Alliance (TURKFIN) platform was established to bring together the fintech ecosystems of countries in the Turkic world, foster direct connections between companies, and encourage the implementation of joint projects.
He stated that one of the primary objectives of TURKFIN, established on September 9, 2024, is to unite institutions, companies, and government bodies operating within the fintech sector of the Turkic world on a single platform.
According to Tombul, the initial phase of the platform's activities focused on gaining an understanding of the fintech ecosystems in member countries, studying their specific characteristics, and establishing connections. The current goal is to transform these connections into tangible outcomes, direct cooperation between companies, and joint projects.
"Within this framework, we are bringing together government agencies, industry umbrella organizations, and companies. Since the platform's inception, we have sought to recognize and understand the fintech ecosystems of various countries. Now, we aim to elevate these relationships to the level of companies and concrete projects," he noted.
The TÖDEB executive emphasized the existence of strong, historically established trade ties among the countries of the Turkic world. The expansion of these ties drives the demand for faster, secure, and accessible payment solutions.
According to him, the development of payment infrastructures facilitates companies' access to new markets and enables more efficient cross-border trade operations. In this regard, strengthening cooperation between fintech companies and payment service providers is of great importance.
"There are strong, historically rooted trade ties among the countries of the Turkic world. As trade grows, the need for faster, secure, and convenient payment solutions arises. Strengthening payment infrastructures makes it easier for companies to enter new markets and engage in cross-border trade," Tombul explained.
He pointed out that, looking ahead, it would be beneficial to ensure closer integration among Turkic states in the fields of financial technology and payment systems. Key areas for cooperation could include developing shared regulatory approaches, discussing common payment system capabilities, and simplifying cross-border payments. According to Tombul, achieving these goals requires establishing open and direct communication between countries, as well as strengthening mutual trust and business ties among fintech companies.
"We strive to create an environment within the Turkic world where common regulatory approaches are developed, shared payment systems are discussed, and cross-border payments are facilitated. We attach great importance to open and direct communication between our countries. We’ll continue our efforts to strengthen partnerships in the fintech and payments sectors," he stressed.