Ensuring the interoperability of financial infrastructures and developing common standards among Turkic states is of great importance for the development of regional cooperation, Executive Director for Payment Systems and Financial Technologies at the Central Bank of Türkiye Ahmet Buğday said at the fintech forum of Turkic states held in Baku, APA-Economics reports.
According to him, establishing links between countries, developing common standards, and strengthening cooperation among financial institutions create new opportunities.
“It is not important for different countries to use the same technology or the same payment system. The main issue is that different infrastructures should be able to work together securely and efficiently,” A. Buğday said.
He noted that work being carried out in the fields of tokenization and central bank digital currencies could create new opportunities for cross-border financial transactions.
The Turkish Central Bank official said that the institution is currently working on open banking, the digital Turkish lira, tokenization, as well as the application of artificial intelligence in internal processes and payment systems.
“One of our main tasks is to develop critical payment infrastructures and ensure their reliable operation, as well as to create a favorable environment for the provision of innovative services on these infrastructures,” he emphasized.
According to A. Buğday, banks, payment and electronic money institutions, as well as fintech companies, contribute to the development of competition and innovation by creating new products and services based on existing infrastructures.
He added that expanding cooperation among Turkic states in the field of financial technologies could create opportunities for companies to enter new markets, establish mutual partnerships, and develop joint innovative solutions.
“I hope that the meetings held here will lay the groundwork not only for new trade relations, but also for joint projects, investments, and long-term cooperation,” the Turkish Central Bank official said.
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