Baku:The potential for developing unified regulatory approaches and creating joint payment systems among Turkic states is currently under discussion. This was highlighted by Tarik Tombul, Board Member of the Payment and Electronic Money Institutions Association of Türkiye, at the fintech forum of Turkic states held in Baku.
According to Azeri-Press news agency, Tombul emphasized the aim of not only connecting representatives from the financial technology sectors of Turkic states but also establishing direct company links to form concrete projects.
He expressed a vision of a unified Turkic world where common regulatory approaches are developed, enabling discussions on joint payment systems and facilitating smoother cross-border payments. Tombul noted that enhancing trade relations and payment systems are mutually supportive processes.
Tombul further explained that as payment infrastructures are strengthened, countries gain easier access to new markets and cross-border trade operations. Hence, cooperation in payment systems is seen as a key factor in bolstering the economic ties within the Turkic world.
Since the establishment of the Turkic States Fintech Alliance (TURKFIN), the focus has been on studying the financial technology ecosystems of the member countries. The next objective is to transform these connections into practical business projects.