Azerbaijan News 13 October 2026 13:32 (UTC +04:00)
Photo: Trend News Agency
BAKU, Azerbaijan, October 13. The integration of fintech companies from Turkic states will make it possible to link the banking systems of different countries and create additional channels for conducting financial transactions, the Deputy Chairman of AzFina and CEO of Epoint, Eynar Abdullayev, said during a fintech mission involving representatives of Turkic states, organized by the Turkic States Fintech Alliance (TÜRKFİN) in Baku, Trend's correspondent reports from the event.
According to him, unlike banks, fintech companies cannot always integrate with a large number of banks and act as aggregators.
“At the same time, fintech companies are operating in Azerbaijan and other Turkic states, and cooperation among them can ensure broader integration of banking systems. The integration of two fintech companies acting as aggregators makes it possible to connect the banking systems of different countries. For example, a single integration could enable UPT to connect to all banks in Azerbaijan or Kazakhstan. Such cooperation is of great importance to the financial ecosystem of the Turkic states. It is essential to anticipate potential risks associated with international sanctions and other threats and to establish reliable backup channels for conducting financial transactions.
Fintech companies must understand that our secure backup channels must remain operational. We need to anticipate and address issues related to potential international sanctions, threats, and risks in interbank relations right now. This can be achieved through integration and cooperation among fintech companies,” he said.
According to Abdullayev, fintech companies differ from banks in that they offer greater flexibility and responsiveness, which allows them to reach a broad audience more quickly.
“These advantages can be leveraged to develop international cooperation,” he noted.
Furthermore, Abdullayev proposed conducting experiments on the integration of fintech companies within the regulatory sandboxes of the Turkic states.
According to him, if a fintech company integrates with UPT and gains access to the relevant QR systems, Azerbaijani citizens who have a bank card or an account at an Azerbaijani bank will be able to use them in Türkiye.
The "Baku Fintech Sector Trade Mission" program, organized by the Turkic States Fintech Alliance (TÜRKFİN), is taking place in Baku. Representatives from the financial and fintech sectors of Azerbaijan, Türkiye, and Kazakhstan are participating in the event.
The program includes discussions on the prospects for the development of digital payments in Turkic states, the harmonization of approaches to the regulation of financial technologies, and new technological trends in payment systems.