Over 20 fintech companies from Turkey participated in the Azerbaijan and Turkey Fintech Forum, where opportunities in the fintech sector were explored. Organized by the Turkey Payment and Electronic Money Institutions Association (TÖDEB) and the Azerbaijan Financial Technology Association (AzFina) in collaboration with Fintech Innovation Hub (FTIHUB), the forum hosted prominent figures from the financial technology sectors of Turkey and Azerbaijan.
The event, which took place in Baku for the first time, saw over 160 attendees, including Ufuk Bilgetekin, the President of TÖDEB; Kamale Gurbanova, Deputy Chairman of the Central Bank of Azerbaijan; Zakir Nuriyev, President of the Association of Banks of Azerbaijan; and Ruslan Talıbov, President of AzFina.
Ruslan Talıbov, President of the Azerbaijan Financial Technology Association, highlighted that $52 billion in investments were made in the fintech sector globally during the first half of 2023. He emphasized Azerbaijan's efforts, in collaboration with the Central Bank and industry players, to ensure resilience in the fintech sector. Under recently approved legislation, fintech companies can now engage in money transfers, open payment accounts for legal and individual entities, provide loans, and offer various services. Talıbov expressed confidence that the Azerbaijani market would be of great interest to Turkish fintech companies, and vice versa, considering the importance of the Turkish market for Azerbaijani fintech firms. He noted that companies aiming to become regional and global players would benefit from the experience of the Turkish market.
Ufuk Bilgetekin, President of TÖDEB, emphasized that the meeting of financial technology specialists from both countries reflects the commitment to strengthening the fintech ecosystems of Turkey and Azerbaijan. He stated that this commitment would continue to reflect the historical ties of the two countries in a sector that represents the future, such as financial technologies. Bilgetekin noted that the fintech sector is expected to continue growing, driven by increased digitization, artificial intelligence, blockchain technology, and other innovations, making financial services more accessible and secure. He highlighted that these technologies would not only transform the sector but also economies and societies. He also expressed his intention, as sector representatives, to follow and enhance the path laid out by high-level bureaucrats. Bilgetekin concluded by noting that Turkish and Azerbaijani entrepreneurs have demonstrated and will continue to show what they can achieve when given opportunities and support.