Kazakhstan and Azerbaijan can create a common ecosystem in the fintech sector, said Yuliya Salehova, Deputy Chairman of the Kazakhstan Association of Payment Institutions, in a statement to APA-Economics.
She said that Azerbaijan and Kazakhstan can form a single ecosystem in the region by cooperating in the fields of fintech and open banking.
According to her, a number of companies in Kazakhstan are working on KYC (know your customer) systems to support the local fintech and banking sector: "In fact, the idea of common KYC systems was put forward by the National Bank of Azerbaijan. But we also have many companies developing products in this direction. I hope that in the future these systems will reach a level where they can exchange information between different countries. This will greatly facilitate international development."
Y. Salekhova noted that the activities of the Turkic States Fintech Alliance can give impetus to the development of this cooperation: "Through this alliance, we can form a real partnership environment and ensure that both countries benefit from it. There are already many business relations; people live in one country and work in another. This creates the foundation for a joint ecosystem."
She emphasized that the region is currently developing very rapidly and this is a favorable stage to show the world new opportunities: "The potential of this region is great. Now is the right time to show the world what we are capable of."
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