Turkic States Push for Financial Integration at Baku Fintech Forum
Central Bank of Türkiye and Azerbaijan financial leaders called for secure cross-border payment interoperability and digital expansion during a fintech forum in Baku.
Financial leaders from Türkiye and Azerbaijan convened in Baku on October 13 to advocate for deeper digital integration and the expansion of cashless payment systems across Turkic states.
Ahmet Buğday, Executive Director for Payment Systems and Financial Technologies at the Central Bank of Türkiye, urged the development of common financial standards and secure links between different infrastructures. He argued that interoperability is more critical than using identical technologies and noted that tokenization and central bank digital currencies could streamline cross-border transactions. The Central Bank of Türkiye is currently advancing its own digital lira, open banking initiatives, and the integration of artificial intelligence into payment systems.
Simultaneously, Zakir Nuriyev, President of the Azerbaijan Banks Association, reported that cashless payments in Azerbaijan reached a record 53.1 billion manats ($31.2 billion) in 2026. Nuriyev outlined priorities for the region including the expansion of instant payment systems and open banking. He emphasized that combining traditional banking infrastructure with fintech capabilities is essential for creating better consumer products, provided that security and risk management remain central to maintaining public trust.
