Baku:The Central Bank of Azerbaijan (CBA) is planning to establish joint regulatory frameworks for fintech operations with the central banks of Turkic states, as announced by the Deputy Governor of the CBA, Vusal Khalilov, during the Turkic States Fintech Forum in Baku.
According to Azeri-Press news agency, the CBA is actively collaborating with central banks in Turkey, Uzbekistan, Kazakhstan, and other regional countries. This collaboration aims to ensure the unified operation of special regulatory regimes soon, facilitating fintech companies in testing their products across different markets.
Khalilov highlighted that the similar developmental pace of the fintech sector within these Turkic states presents an opportunity for companies to introduce technological products developed in one country into the markets of others. He also pointed out that Azerbaijani banks have already integrated into the open banking service, offering extensive opportunities for fintech companies in this area.