Discussions are underway on organizing cross-border payments with Türkiye 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 him, the goal is to create a faster, cheaper, and more secure international payment mechanism for citizens and businesses.
“Currently, the world is moving toward a broader and more scalable model. The BIS initiative ‘Project Nexus’ aims to connect the fast payment systems of different countries through a single platform. For example, India, Singapore, Malaysia, Thailand, and the Philippines have already begun cooperation in this direction, and the system is expected to cover millions of users. Azerbaijan has also taken its first steps to ensure it is not left behind in this global transformation. The transition of the Instant Payment System to ISO 222 standards and the development of digital payment infrastructure create a solid foundation for Azerbaijan’s participation in this new ecosystem. In this regard, the active discussions on organizing cross-border payments with Türkiye and the United Arab Emirates are of particular importance. Various integration models and cooperation mechanisms are currently being considered. The goal is to create faster, safer, and more efficient international payment opportunities for citizens and businesses. This will strengthen regional integration and make a significant contribution to the development of Azerbaijan’s digital financial ecosystem,” he said.
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