Singapore: Bir, the first fully integrated banking, payments, and e-commerce ecosystem of the Caucasus, spotlighted Azerbaijan’s rapid digital transformation at this year’s Money20/20 Asia conference. The conference highlighted how frontier markets can leapfrog legacy systems and scale digital inclusion through ecosystem-driven innovation. As international investors look beyond saturated markets for growth, Azerbaijan provides a practical blueprint for building inclusive digital economies from a largely cash-based starting point.
According to Azerbaijan State News Agency, Chief Product, Marketing and Customer Experience Officer at Bir, Maksim Evdokimov, joined Roman Lavrentyev, Co-founder and COO of Uzbekistan’s largest IT ecosystem, ‘Uzum’, for a panel discussion at the conference. The event brought together more than 4,000 attendees from across banking, e-commerce, technology, and investment. The discussion, moderated by Fatima Almubbad of First Arc Capital, focused on how globally-tested models can be combined with hyperlocal strategies to build trust and unlock digital access to daily services, fueling sustainable growth.
Positioned at the crossroads of Europe and Asia, Azerbaijan is at a defining inflection point. While continuing to benefit from its status as an energy exporter, the country is prioritizing economic diversification through digitization and innovation. Strong fundamentals are already in place, including annual Gross Domestic Product (GDP) growth of around 10%, an investment-grade sovereign credit profile, and a young, connected population with a median age of 33.6 and internet penetration exceeding 91%.
At the same time, the opportunity for growth in digital financial services and e-commerce remains significant. Azerbaijan is still a largely cash-based economy, with around one-third of the population unbanked and e-commerce accounting for only about 3% of total retail turnover. This gap between infrastructure readiness and consumer adoption creates a unique opportunity for local innovation.
Maksim Evdokimov commented: “Our goal is to build a customer experience that feels natural, secure, and highly convenient for consumers and businesses that are just starting to transition from cash. By uniting essential branch-based and digital banking, payments, and e-commerce solutions under one roof, we are helping lead this transition while fueling user engagement. Our ecosystem model, which has shown success globally with platforms like ‘Kaspi’ and ‘Gojek’, is proving effective in Azerbaijan as well, helping accelerate the country’s journey towards a digital future.”
The Bir ecosystem, which brings together customers’ daily needs through leading brands such as Birbank, Birmarket, and m10 in a unified platform, has reached more than 5 million users in a short period since launching its operations in 2025. Every second digital payment in the country is carried out through the Bir ecosystem. Although its management model is based on successful global practices, it has been fully adapted to the behavioral patterns and habits of local consumers. By providing people with the services they need in the simplest possible way, the platform strengthens public trust and accelerates the formation of digital habits. The core mission of the ecosystem is to become the main digital guide in everyday life in Azerbaijan by offering fast, secure, and convenient services.
About Bir
Bir is the first fully integrated banking, payments, and e-commerce ecosystem of the Caucasus, redefining how people and businesses interact with daily services in Azerbaijan. Launched in 2025 to unite the country’s leading brands, including Birbank, Birmarket e-commerce platform, Milli¶n payment terminals, and m10 e-wallet app, the Bir ecosystem reaches over 5 million users. Through its extensive ecosystem and strategic partnerships with Trendyol marketplace and BakiKart transportation payment solution, Bir is building the foundation for Azerbaijan’s first and largest digital ecosystem for consumers and businesses.