Zakir Nuriyev: Digitalization creating new opportunities for financial integration of Turkic countries

Digital transformation is strengthening financial integration between Turkic states, Zakir Nuriyev, chairman of the Azerbaijan Banking Association (ABA), said at the 10th International Finance and Banking Summit, Report informs.

He noted that the acceleration of digital transformation, the introduction of new technologies into the payment system ecosystem, the expansion of instant payment systems, as well as digital banking and innovative financial solutions, are creating new opportunities for financial integration between Turkic states.

"Certainly, the financial capacity of each state and each member organization plays a significant role in this process. According to figures for April of this year, banking sector assets increased by 5% compared to the same period last year, reaching 57.4 billion manats. This growth demonstrates the expansion of the overall financial potential of the banking sector and the strengthening of its intermediary role in the economy," Nuriyev noted.

He added that the loan portfolio is also showing positive dynamics: "The total loan portfolio of the banking sector grew by 8.9%, reaching 30.6 billion manats. In particular, the volume of business loans increased, reaching 16.3 billion manats. In the context of real sector financing, the agricultural sector is also one of the areas of particular importance."

($1=1.7 manats)