At the 8th International Banking Forum held in Baku on 3 December 2024, Mustafa Aydın, Deputy Chairman of Türkiye's Banking Regulation and Supervision Agency (BRSA), discussed the collaboration and knowledge-sharing between Azerbaijan and Türkiye in the realm of digital banking. Aydın posited that these efforts are poised to enhance both nations' influence not only regionally but on a global scale within the banking and fintech sectors, as reported by AzerNews.
Aydın indicated that Azerbaijan has made significant strides in digital banking, which are garnering attention beyond its domestic market. He stated, "The steps taken by Azerbaijan in the field of digital banking are attracting attention not only in the domestic market but also in the international arena.” The deputy chairman highlighted the crucial role that digital payment systems and secure financial services play in facilitating economic development and financial autonomy.
In his address, Aydın emphasised Türkiye’s advancements in the area of payment systems and digital banking, particularly the importance of regulations that ensure secure and compliant operations. He remarked, "The standards we have set are critical to ensuring the safe and compliant operation of payment systems," underlining how regulations create obligations for financial institutions and payment service providers, thus enhancing operational security and compliance.
A key focus of his speech was the imperative for collaboration between Azerbaijan and Türkiye to strengthen the financial ecosystem. He pointed out, "It is especially important to ensure the transparency and security of the ecosystem," referencing Türkiye's regulatory framework, which not only safeguards transactions but also promotes transparency within the sector. Aydın expressed that adopting similar regulatory measures in Azerbaijan would bolster the security for both local and foreign investors, thereby fostering greater interest in the nation's financial markets.
Aydın further articulated the transformative impact of digitalisation on bilateral cooperation, noting that an upgrade in digital banking and payment systems supports overall economic growth and increases financial accessibility for citizens. He declared, "This is one of the most important cornerstones of financial freedom," and asserted that joint projects and efforts in this field would enhance regional competitiveness while affirming their positions in the international market.
Additionally, Aydın highlighted the evolving demands for security in e-commerce, noting the advantageous interplay between Azerbaijan’s dynamic digital ecosystem and Türkiye’s extensive expertise in the financial sector. He concluded, "Azerbaijan’s rapidly growing digital banking and fintech ecosystem, combined with Türkiye’s years of experience, will create a strong synergy for regional leadership." This partnership, he emphasised, would yield benefits not only for the banking sector but also for consumers, local businesses, and entrepreneurs. Aydın underscored that ensuring the robust growth and security of payment systems will contribute to economic stability and heightened investor interest in the region.
Source: Noah Wire Services