The prospects for developing common regulatory approaches and forming joint payment systems among Turkic states are being discussed, Board Member of the Payment and Electronic Money Institutions Association of Türkiye (TÖDEB) Tarık Tombul said at the fintech forum of Turkic states held in Baku, APA-Economics reports.
According to him, the main goal is not only to bring together representatives of the financial technology sectors of Turkic states, but also to establish direct links between companies and form concrete projects.
“We want to see a Turkic world where common regulatory approaches are developed among our countries, joint payment systems can be discussed, and cross-border payments can be carried out more easily,” Tarık Tombul said.
He noted that the expansion of trade relations and the development of payment systems are complementary processes.
“As payment infrastructures become stronger, countries’ access to new markets and cross-border trade operations become easier. Therefore, we consider cooperation in the field of payments an important factor in strengthening the economic ties of the Turkic world,” he emphasized.
Tarık Tombul added that since the establishment of the Turkic States Fintech Alliance (TURKFIN), the main focus has been on studying the financial technology ecosystems of the countries. In the next stage, the goal is to transform these ties into concrete business projects.
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