Baku: Discussions are underway on organizing cross-border payments with Trkiye and the United Arab Emirates within the framework of Azerbaijan's digital payment infrastructure, Tofig Ajirgayev, Administrator of Payment Systems at the Central Bank of Azerbaijan, said during his speech at the International Finance and Banking Summit 2026 held in Baku, APA-Economics reports.

According to Azeri-Press News Agency, the goal is to create a faster, cheaper, and more secure international payment mechanism for citizens and businesses. Ajirgayev highlighted the global trend towards a more scalable model by referencing the Bank for International Settlements' initiative, 'Project Nexus,' which aims to connect fast payment systems of different countries through a single platform. Countries such as India, Singapore, Malaysia, Thailand, and the Philippines have already started cooperating in this direction.

Azerbaijan is keen not to fall behind in this global transformation. The transition of its Instant Payment System to ISO 222 standards and the development of its digital payment infrastructure are laying a solid foundation for the country's participation in the evolving international payment ecosystem. Ajirgayev emphasized the significance of ongoing discussions with Trkiye and the UAE, stating that various integration models and cooperation mechanisms are being considered to enhance international payment opportunities. These efforts are expected to strengthen regional integration and significantly contribute to the development of Azerbaijan's digital financial ecosystem.