13 October 2026
The creation of a common financial technology space and an interconnected payment infrastructure among Turkic states has been proposed. The initiative would enable bank accounts and electronic wallets from one country to be used seamlessly in other Turkic states.
According to Vesti.az, citing APA-Economics, the proposal was put forward by Edgar Abdullayev, Chairman of the Board of the Azerbaijan Fintech Association (AzFina), at the Turkic States Fintech Forum being held in Baku.
Abdullayev said that cooperation among Turkic states in financial technology should move beyond the exchange of information and regulatory practices towards practical integration.
“At a minimum, we need to work towards establishing a common payment platform and an instant payment ecosystem among Turkic states. This would make it possible to use electronic money accounts, electronic wallets and bank accounts opened in one country seamlessly and conveniently in other Turkic states as well,” Abdullayev said.
He identified five key areas for regional integration: ensuring interoperability between instant payment systems and QR-code payment systems; introducing common technical standards; mutually recognizing licenses and facilitating market access; strengthening cooperation in combating money laundering and ensuring cybersecurity; and implementing joint pilot projects.
“This does not mean that a single licensing system must be introduced in all Turkic states as early as tomorrow. However, it is possible to significantly simplify and accelerate the entry of an electronic money institution or payment service provider licensed in one country into the market of another Turkic state,” the association’s chairman noted.
According to Abdullayev, rather than attempting to introduce new payment models simultaneously in all five countries, it would be more practical to begin with pilot projects involving two or three countries. Successful practices could subsequently be expanded to the markets of other countries.
https://vesti.az/ekonomika/azerbaidzan-predlozil-obedinit-plateznye-sistemy-tyurkskix-stran-620398
