Joint initiatives and open dialogue can transform Caspian region into dynamic center of digital finance

17:15 - 24.06.2025

June 24, Fineko/abc.az. Joint initiatives such as cross-border innovation hubs, as well as an open dialogue between the central banks of Azerbaijan and Kazakhstan and the private sector, can transform the Caspian region and Central Asia into a dynamic hub for digital finance.

ABC.AZ informs that Yelena Bakhmutova, chairperson of the Board of the Association of Financiers of Kazakhstan, stated about this during the Fintex Summit 2025 financial & technology exhibition held in Baku.

“Our countries are united not only by geography, but also by the spirit of innovation, sustainability, and partnership. We are at the intersection of East and West, traditions and technologies. Fintech today is one of the most powerful driving forces for the transformation of our economies,” Bakhmutova noted.

She emphasized that Kazakhstan, like Azerbaijan, sees fintech as a tool for expanding financial inclusion, simplifying everyday transactions, and increasing transparency in the public and private sectors.

“Kazakhstan’s experience reflects the same processes that are happening in Azerbaijan and throughout the region. Financial technologies not only accelerate development, but also open up new opportunities for people,” she noted.

According to Bakhmutova, the synergy between the state and the fintech ecosystem promotes innovation while ensuring stability and strengthening trust in the system.

“As we study the next wave of digital finance, it is important to remember: the goal of innovation is not just technological novelty, but a real effect. Whether it is digital platforms, cross-border payments, or decentralized technologies, our focus must remain on creating real solutions for real needs,” she emphasized.

At the same time, each country has its own path of digital development, determined by culture, regulatory environment, infrastructure, and consumer behavior, she noted.

“Fintech is not a universal model. But we have a common goal - increasing the availability of financial services, increasing efficiency, and strengthening trust,” she added.