17:49 - 10.06.2026
June 10, Fineko/abc.az. Some fintech companies operating in Azerbaijan may outpace individual banks in terms of development and quality of services provided in the next 2-3 years.
ABC.AZ reports that this opinion was expressed by chairman of board at the Azerbaijan Fintech Association (AzFina) Edgar Abdullaev.
He pointed out that it is premature to assert that any fintech company is capable of surpassing the bank, since licensing of fintech companies in Azerbaijan began only in May 2024, while banks have many years of experience in the financial market.
"However, the regulatory environment created by the Central Bank, introduction of a regulatory sandbox and further development of the open banking infrastructure may create conditions under which individual fintech companies can outperform some banks. In the most optimistic scenario, it will take 2-3 years.
The open banking system should provide users with the ability to manage their accounts at various banks and electronic money institutions through a single platform. This will significantly expand the possibilities of interaction between financial market participants," Abdullayev said.
He also stressed that the widespread adoption of the myGov platform would play an important role in this process.
"It's not just about financial transactions. The introduction of biometric identification mechanisms and KYC (Know Your Customer) procedures on a single electronic platform is also of great importance. After creating all the necessary infrastructure, fintech companies will be able to outpace banks in certain segments of financial services," he emphasized.
