Baku:The creation of an integrated payment infrastructure and a common fintech space among Turkic states has been proposed by Edgar Abdullayev, Chairman of the Board of the Azerbaijan Fintech Association (AzFina), at a fintech forum held in Baku.

According to Azeri-Press news agency, Abdullayev emphasized the need for cooperation among Turkic states to advance from merely exchanging information and regulatory experience to actual practical integration in the field of financial technologies.

Abdullayev suggested that establishing a common payment platform and ecosystem could enable seamless use of electronic money accounts, electronic wallets, or bank accounts across the Turkic states. He identified five key areas for regional integration interoperability of instant payment and QR infrastructures, common technical standards, mutual recognition of licenses, market entry simplification, combating money laundering and enhancing cybersecurity, and joint pilot projects.

The association chairman clarified that while a single license for all Turkic states is not immediately necessary, facilitating market entry for licensed electronic money or payment institutions is crucial. He proposed that pilot projects should initially be launched in two or three countries before expanding successful models.

Abdullayev concluded by stressing the importance of moving from cooperation to technical integration to establish a unified Turkic fintech and payment space, allowing solutions developed in one region to be easily implemented in others without restarting processes.