BAKU, Azerbaijan, June 29. The Central Bank of
Azerbaijan plans to integrate the country's payment systems with
key trading partners, a senior central bank official said, Trend's correspondent
reports from the event.


Speaking at the "Azerbaijan Digital Financial Agenda" event in
Baku, Ramil Makhmudov, deputy director of the Central Bank's
Payment Systems and Products Development Department, said the
country's payment ecosystem is already widely used by banks and
fintech companies.


"We invite new market participants and payment service providers
to actively use the payment systems operated by the Central Bank.
There has already been some progress in this direction. Azerbaijan
has already implemented virtually all modern payment solutions in
demand on the global market. Speaking of fast payments,
account-to-account transfers, and instant payment systems, all
global trends in this area have already been implemented in
Azerbaijan," he said.


Makhmudov said fintech companies are viewed globally not as
competitors to banks, but as an integral part of the payment
infrastructure.







"Fintech companies are a supporting force and play a key role in
bringing payment services and products to clients and payers. The
Central Bank is striving to create conditions for Azerbaijani banks
and fintech companies to offer their payment solutions not only in
the domestic market but also abroad. A number of payment system
integration projects are currently being implemented, including the
development of cross-border payments. We hope to establish mutual
integration of payment systems, primarily with those countries with
which Azerbaijan conducts the most active trade, as well as with
countries with high tourist flows," he said.


He added that Azerbaijan has the potential to become a regional
and global hub for payment services.


"This is a long-term process, but the development of innovation
and the creation of an effective regulatory framework will
significantly expand our capabilities. The introduction of new
payment products and services both domestically and internationally
must be accompanied by the development of an appropriate regulatory
framework and regulations," he said.