Finance Office of Presidency of the Republic of Türkiye and the Central Bank of the Republic of Azerbaijan signed a Memorandum of Understanding
The Finance Office of Presidency of the Republic of Türkiye continues its efforts and strategic cooperations to make Türkiye one of the world's most significant and leading financial centers. In this manner, the Finance Office of Presidency of the Republic of Türkiye, closely follows the development in the world, continues its cooperations with different countries and international organizations.
Regarding these studies, aiming to establish cooperation in the fields of diversification of fintechs, financial instruments and services, digitalization of financial markets and insurance sector and with the scope of this direction carrying out capacity building activities and to establish a mutual cooperation in the development of fintechs that have a growing importance in the world, the Finance Office of Presidency of the Republic of Türkiye and the Central Bank of the Republic of Azerbaijan signed a Memorandum of Understanding in Baku on 31 March 2022.
For the Memorandum of Understanding, Prof. Dr. Göksel Aşan, President of Finance Office of Presidency of the Republic of Türkiye, and Dr. Elman Rustamov, Chairman of the Central Bank of the Republic of Azerbaijan, met in Baku. After the meeting, covering the evaluations on the financial cooperations between the two countries, a Memorandum of Understanding was signed. Within the scope of this Memorandum of Understanding, it was planned to cooperate on the issues of the preparation of a roadmap for joint work in the field of fintech and work on joint project development, development of the fintech ecosystem and the digital transformation of the payment systems and insurance sector.
In the Memorandum of Understanding, as well as the issues related to cooperation on the establishment of the legal framework of the fintech sector, cooperation in the implementation of the open banking model, establishment of a licensing policy for fintechs, and sharing of knowledge, experience and best practices in this field were also included.
“It will make a significant contribution to deepen financial relations between the two countries”
Emphasizing the importance of Türkiye's cooperation with Azerbaijan, President of Finance Office Prof. Dr. Göksel Aşan stated that this Memorandum of Understanding will make a significant contribution to make the financial relations deeper and long-term between the two countries. Prof. Dr. Aşan also stated that the Government of Azerbaijan has made significant efforts to reduce the country's dependence on external resources and diversify the economy by expanding the participation of the private sector in order to ensure sustainable economic growth.
“Azerbaijan's attractiveness for international cooperation has steadily grown"
Chairman of the Central Bank of the Republic of Azerbaijan Dr. Elman Rustamov stated that the international prestige of Azerbaijan and its attractiveness for international cooperation have steadily grown thanks to the successful policy followed by the President of Azerbaijan Ilham Aliyev and the rapid socio-economic development achieved in the country.
With the signed Memorandum of Understanding, it is aimed to further strengthen cooperation between the two countries in every field, including the establishment of fintech ecosystem and thus the expansion of competitive, innovative and accessible financial services in the financial sector. The Finance Office of Presidency of the Republic of Türkiye plans to further expand its activities and cooperation in this field in the coming period, in coordination with all relevant institutions and organizations.