BAKU, Azerbaijan, June 29. Fintech companies
are not competitors to banks, but their innovation partners, and
the further development of Azerbaijan’s digital financial ecosystem
depends on strengthening this cooperation, Azfina Board Chairman
Edgar Abdullayev said, Trend's correspondent reports from the event.
He made the remark at the “Digital Financial Agenda of
Azerbaijan” event held in Baku.
According to him, Azerbaijan is increasingly positioning itself
not only as a host of international events, but also as a key
regional player shaping the agenda in financial technologies,
digital payments, and innovative financial solutions.
“Our top priority today is not digitalization alone. Our goal is
to build a strong collaborative environment between banks, fintech
companies, regulators, and all ecosystem participants, to combine
innovation with security and reliability, and to ensure more
accessible, faster, and more resilient financial services for
citizens,” he said.
The Azfina chairman stressed that fintech companies are not
rivals to banks.
“We, fintech companies, are innovation partners of banks.
Without a strong banking sector, it is impossible to build a strong
fintech ecosystem. At the same time, without innovative fintech
players, it is difficult to ensure the long-term competitiveness of
the banking sector. Azerbaijan’s success is directly linked to
strengthening this partnership, where healthy competition and
strong collaboration are key conditions for sustainable development
of the financial sector.
Azerbaijan is already among the countries helping shape the
digital financial ecosystem, which reflects the government’s
forward-looking economic policy and support for innovation,” he
said.
