Azerbaijan and Kazakhstan advance cross-border banking through fintech cooperation
What happened
During a fintech mission in Baku involving Turkic states, Eynar Abdullayev, Deputy Chairman of AzFina and CEO of Epoint, stated that fintech cooperation enables the linking of banking systems across different countries. This integration allows fintech companies acting as aggregators to connect national banking systems, such as enabling UPT to connect to all banks in Azerbaijan or Kazakhstan.
From trend.az
Why it matters
The cooperation is considered vital for the financial ecosystem of Turkic states, facilitating broader integration of banking systems. Furthermore, the discussion highlighted the necessity for fintech companies to establish secure backup channels to anticipate risks associated with international sanctions and other threats.
From trend.az
Who's involved
- AzerbaijanHost of the fintech mission in Baku
- KazakhstanParticipant in the fintech mission
- Organization of Turkic StatesOrganized the fintech mission involving Turkic states
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The entities involved
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Azerbaijan
country in the Caucasus in Eastern Europe and Western Asia
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Kazakhstan
sovereign state in Eastern Europe and Central Asia
Related events
- Azerbaijan's fintech sector is expanding and being regulated by the Central Bank, with efforts to cooperate with the EU.
- Timur Suleimenov is leading the national bank of Kazakhstan through a period of financial modernization.
- The Central Bank of Azerbaijan supervises non-bank credit institutions.
- The Central Bank of Azerbaijan manages liquidity within the banking sector.
- S&P Global Ratings upgraded its assessment of banking risk within Kazakhstan.