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Unified fintech and payment space proposed among Turkic states

Chairman of the Board of the Azerbaijan Fintech Association (AzFina) Edgar Abdullayev

13 October 2026 11:12 (UTC +04:00)

The creation of mutually integrated payment infrastructures and a common fintech space among Turkic states is being proposed, Chairman of the Board of the Azerbaijan Fintech Association (AzFina) Edgar Abdullayev said at the fintech forum of Turkic states held in Baku, APA-Economics reports.

According to him, cooperation among Turkic states in the field of financial technologies should now move from the exchange of information and regulatory experience to the stage of practical integration.

“At the very least, we should work on creating a common payment platform and ecosystem for instant payment systems among Turkic states. This would make it possible to use an electronic money account, electronic wallet, or bank account in one country seamlessly and conveniently in other Turkic states,” Edgar Abdullayev said.

He noted that five main areas could be identified for regional integration. These include interoperability of instant payment and QR infrastructures, the application of common technical standards, mutual recognition of licenses and simplification of market entry, cooperation in combating money laundering and cybersecurity, as well as the implementation of joint pilot projects.

“This does not mean that a single license should be introduced in all Turkic states tomorrow. However, it could be easier and more flexible for an electronic money or payment institution licensed in one country to enter the market of another Turkic state,” the association chairman emphasized.

Edgar Abdullayev added that instead of introducing new models simultaneously in five countries, it would be appropriate to initially launch pilot projects in two or three countries and later expand the successful experience.

“A payment solution created in Baku should not have to start from scratch every time it enters the Turkish or Central Asian markets. Our goal is to move from cooperation to technical integration, and from there toward a common Turkic fintech and payment space,” he said.