Baku, Azerbaijan, January 25, 2023—To support Azerbaijan in leveraging financial technology to provide efficient financial services, IFC and the Azerbaijan Fintech Association have signed a Memorandum of Understanding. The parties will work to strengthen the framework for fintech companies helping them to scale up and provide cost-effective, fast, and quality services in the country.
Under the memorandum, IFC's Embedded Finance and Digital Financial Services Project will conduct webinars to train and build the capacity of fintech companies in line with good international practices. One of IFC's key priorities is to help bring the unbanked into the formal financial system, ensuring people have access to financial services. In this context, technological innovation is an effective way to improve access to financial services while promoting financial inclusion in developing countries.
"Fintech innovations are reducing physical barriers to financial services. Measures to bring financial services to where people live and work enable greater financial inclusion, especially in remote areas where visiting a bank branch may require additional time and resources. Given the country's growth trajectory, our partnership with IFC will aim to help fintech companies thrive, contributing to the financial sector's resilience in Azerbaijan," said Ruslan Talibov, Chairman of the Board of the Azerbaijan Fintech Association.
In Azerbaijan, one of the government's priorities includes accelerating economic growth based on sustainable, inclusive private initiatives. A significant way in which fintech can help achieve that is by bringing down the cost of financial services. New tools developed through technological innovations such as cloud-based services, are transforming the way financial services firms operate—faster and more efficiently, thereby reducing operational costs.
"Fintech, a disruptive technology, delivers stronger financial inclusion, the potential for accelerated growth, and shared prosperity across the developing world. We are hopeful that our partnership with Azerbaijan Fintech Association will help fintech companies in the country modernize the way in which financial services are provided, supporting responsible and innovative solutions to reach unserved and underserved populations," said Rana Karadsheh, IFC's Regional Director for Europe.
Over the past decade, with advice from IFC, in partnership with the Swiss State Secretariat for Economic Affairs SECO, the government of Azerbaijan has implemented a series of regulatory reforms to improve the country's financial infrastructure. With IFC's support, Azerbaijan adopted the Open Banking Roadmap, an important step to help financial sector players and fintech companies provide innovative digital financial services to individuals and businesses.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About Azerbaijan Fintech Association
The Azerbaijan Fintech Association was founded in December 2020 by six leading fintech organizations with the support of the Central Bank of the Republic of Azerbaijan. The main objectives of the Association are to help fintech companies organize their activities, support their dynamic development, and coordinate their relations with state and private institutions. Currently, 11 members providing payment services via self-service kiosks, mobile payment solutions, e-money issuers and other service providers are represented in the Association. Leading payment and electronic money organizations in the country eManat, PashaPay, GoldenPay, FinDynamix, ePul, Portmanat, Payonix are among our members.
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