Azerbaijan developing alternative to SWIFT payment system

Azerbaijan is working on the creation of an alternative mechanism to the SWIFT system, which would provide the country with faster and more cost-effective money transfer opportunities, said Edgar Abdullayev, Chairman of the Board of the Azerbaijan Fintech Association (AzFina), according to Report.

He noted that Azerbaijan's fintech ecosystem has already developed sufficiently advanced capabilities for companies licensed to issue electronic money (e-money), particularly in customer onboarding and international money transfers through API interfaces.

Abdullayev also touched upon initiatives related to cryptocurrencies and initial public offerings (IPOs).

"These initiatives may have an impact on Azerbaijan's capital market by providing clients with opportunities to conduct transactions involving cryptocurrencies. However, first of all, it is necessary to fully establish KYC (know your customer) and AML (anti-money laundering) mechanisms for cryptocurrencies," he said.