BAKU, Azerbaijan, June 24. The first day of
FINTEX SUMMIT 2025鈥擣inance and Technology Exhibition was held in
Baku, Trend
The two-day exhibition is being organized by the Azerbaijan
Banks Association and the Central Bank of Azerbaijan (CBA), with
the support of the Ministry of Digital Development and Transport,
the Center for Analysis of Economic Reforms and Communication, and
the global partnership of Visa.
This international summit, dedicated to the theme “New Trends in
Banking and Finance Ecosystem: Digital Integration, Fintech
Partnerships and Cybersecurity”, is considered the leading platform
for digital transformation and innovation-oriented cooperation in
the region.
The summit is a melting pot of high-level discussions, featuring
seven thematic panels that will surely keep the ball rolling. The
main focus will be on the application of financial technologies,
digital payment ecosystems, the use of artificial intelligence in
banking, open banking, regtech solutions, and dynamically
developing bank-fintech cooperation models. At the same time,
challenges related to cybersecurity and data protection in the
digital environment will also be widely discussed.
Speaking at the event, Vusal Khalilov, a member of the board of
the CBA, said that in 2024, the total volume of transactions on
payment cards issued by banks operating in Azerbaijan exceeded 126
billion manat ($74 billion), which is 27 percent more than in
He noted that according to data as of April 2025, the monthly
volume of non-cash payments using payment cards approached 10
billion manat ($5.9 billion).
“In the first four months of this year, the volume of non-cash
transactions within the country increased by 67 percent, and the
number of such transactions – by more than 91 percent. This means
that nine out of 10 transactions on payment cards are made in
non-cash form, which is a significant achievement,” Khalilov
He pointed out that the development of the Instant Payment
System (IPS) continues in Azerbaijan, which allows for 24/7
transaction processing directly through bank accounts.
According to him, the coverage of the system, its technical
stability and functionality have been expanded, providing users
with faster, more convenient and accessible payment methods.
“In the first four months of 2025, compared to the same period
in 2024, the number of transactions carried out through the IPS
increased by more than 40 percent. We are closely monitoring this
trend and expect the positive trend to continue in the coming
months,” Khalilov emphasized.
A Memorandum of Understanding (MoU) on the establishment of the
Credit Bureau Platform of the Turkic States was signed during the
The MoU was signed between Elchin Gabibov, Director General of
the Azerbaijan Credit Bureau, Olkun Deniz, representative of the
Turkish Credit Bureau, Ruslan Omarov, Head of the First Credit
Bureau of Kazakhstan, Ravshan Abdulkerimov, Director General of the
Credit Analytics Center of Uzbekistan, and Marlis Duishegulov,
representative of the Kyrgyz Credit Bureau.
The parties intend to implement joint initiatives to strengthen
cooperation and exchange experience in the field of credit
reporting. Within the framework of this cooperation, seminars,
educational and training programs will be organized, as well as the
exchange of relevant knowledge and experience in accordance with
the internal policies and procedures of the Credit Bureaus.
Besides, the parties will create communication channels to expand
the capabilities of the organization’s members in the territories
of other countries and explore the potential for cooperation in
other areas of the financial sector.
Furthermore, a MoU was signed between the Azerbaijan Banking
Association (ABA) and the Association of Financiers of
Kazakhstan.
The document was signed by ABA President Zakir Nuriyev and
Chairperson of the Council of the Association of Financiers of
Kazakhstan Elena Bakhmutova.
The event is drawing a crowd of around 300 international and
regional organizations, with heavyweights like the US, the European
Union, the CIS, the Middle East, and the Asia-Pacific regions all
in the mix. All in all, over 1,500 delegates are set to throw their
hats in the ring, including folks from government agencies,
commercial banks, fintech companies, payment technology providers,
investors, diplomatic missions, and academic institutions. About 50
local and international speakers will share trends and best
practices in financial technologies at the event.
The FINTECH SUMMIT represents a pivotal convergence of global
financial thought leaders, serving as one of the premier
international financial symposiums convened annually in Baku.
Another pivotal nexus of discourse is the International Banking
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