Deepening the mutual integration of financial infrastructures among Turkic states is one of the main strategic tasks, President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said at the fintech forum of Turkic states held in Baku, APA-Economics reports.
According to him, active discussions are already underway in this direction and certain practical work is being carried out.
“Our main goal is not only to establish technical links between payment systems. The primary objective is to create an environment that allows individuals and business entities to carry out financial transactions between our countries more conveniently, quickly, securely, and at the lowest possible cost,” Zakir Nuriyev said.
The ABA president noted that the integration of financial infrastructures would increase the efficiency of cross-border payments and transfers, reduce transaction costs, and strengthen mutual trade and investment relations.
According to him, it is important to ensure interoperability between payment systems, explore opportunities for applying common technical standards, bring regulatory approaches closer together, and implement joint pilot projects in this direction.
Zakir Nuriyev added that alongside the development of digital services, cooperation in cybersecurity, protection of customer data, and combating fraud should also be strengthened.
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