11:39 - 9.10.2025

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October 9th, Fineko/abc.az. The adoption of the Law on Payment Services & Payment Systems under the auspices of the Central Bank has allowed us to create a competitive, advanced fintech ecosystem in our country, taking into account international best practices and trends.

ABC.AZ informs that Zakir Nuriyev, the chairman of the Association of Banks of Azerbaijan (ABA), made this statement during his speech at the Baku Fintech Forum.

He noted that definition of legislative requirements for formation of a fintech ecosystem, based on a conservative position, allowed creating conditions for its more sustainable development and the presence of reliable organizations in it.

"The addition of e-money and payment organizations to the number of payment service providers has led to emergence of new competitive platforms, as well as introduction of new solutions and technologies into the digital payments ecosystem. As an example, we can mention the requirement for electronic money organizations to store funds in several banks. This approach makes it possible to increase the stability of e-money organizations, further strengthening the security of funds of users of the payment service. We believe that from angle of developing financial inclusion and applying an open financial approach in a more effective form, additional areas of activity of fintech companies should be expanded on a legislative basis," Nuriyev said.