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.