The popularization of digital wallets, adoption of mobile point-of-sale devices, and active usage of accounting and warehouse management platforms are among the main trends in Azerbaijan, according to Naina Shukurova, the Chairperson of the Board at GoldenPay OJSC. Speaking at the Fintech forum, Shukurova highlighted the significance of these trends and their impact on the country’s financial landscape.
Digital wallets have been gaining popularity in Azerbaijan, making online payments and transfers more convenient. Additionally, businesses are actively implementing mobile point-of-sale devices to simplify accounting and taxation processes. These advancements have led to increased efficiency and ease for entrepreneurs in the country.
Marketplace platforms have also become a significant trend in Azerbaijan. Online markets are growing in popularity among entrepreneurs, providing new sales channels and expanding client groups. Credit scoring and alternative credit solutions are also part of the market trends in the country. There is a growing interest in scoring methods and alternative credit solutions that help with funding availability.
However, one challenge that needs addressing is the shortage of qualified individuals. As technology and market demands continue to evolve, qualified specialists are required to successfully adapt to these changes. Cybersecurity and fraud are also key concerns in the industry, as digital technologies advance, the level of cybersecurity threats and fraud increase. Therefore, it is crucial to focus on data protection and create an appropriate regulatory environment for blockchain and cryptocurrencies in Azerbaijani firms.
Shukurova emphasized that Azerbaijani businesses are actively adapting to new realities and confidently embracing the future. This positive attitude towards embracing technological advancements is reflected in the establishment of the AzFina association in December 2020. AzFina, founded by six leading companies in the financial services sector, aims to support the creation of a digital financial ecosystem in Azerbaijan. The association seeks to foster the conditions for transitioning to a digital economy, support the development of fintech companies, and represent their interests in both state and non-state institutions. Additionally, AzFina aims to facilitate more effective cooperation between fintech companies and other market participants.
The trends and efforts being made in Azerbaijan’s financial sector demonstrate the country’s commitment to adopting digital solutions and staying ahead in the rapidly evolving fintech industry. With a focus on embracing technology, Azerbaijan is creating a conducive environment for fintech companies to thrive and contribute to the country’s economic growth.
More detail via International News Agency Trend here… ( Image via International News Agency Trend )