Baku:The Turkish Central Bank is advocating for increased financial integration among Turkic states to bolster regional cooperation. This call was made by Ahmet Bugday, Executive Director for Payment Systems and Financial Technologies at the Central Bank of Turkey, during a fintech forum held in Baku.

According to Azeri-Press news agency, Bugday emphasized the importance of ensuring interoperability of financial infrastructures and developing common standards to foster collaboration among Turkic states. He highlighted that the ability for different financial systems to work together securely and efficiently is more crucial than using the same technology or payment systems.

Bugday also pointed to ongoing work in tokenization and central bank digital currencies, which could open up new opportunities for cross-border financial transactions. The Turkish Central Bank is focusing on several initiatives, including open banking, the digital Turkish lira, and the use of artificial intelligence in payment systems and internal processes.

One of the primary goals is to develop and ensure the reliability of critical payment infrastructures, creating an environment conducive to innovative service provision. Bugday noted that banks, payment, and electronic money institutions, along with fintech companies, are pivotal in fostering competition and innovation by leveraging existing infrastructures.

Expanding cooperation in financial technologies among Turkic states could enable companies to enter new markets and form mutual partnerships, thereby developing joint innovative solutions. Bugday expressed optimism that the forum's discussions would lead to not only new trade relations but also joint projects, investments, and enduring cooperation.