BAKU, Azerbaijan, October 9. Open Banking is a
direction that can give certain advantages to the market and can
give a serious impetus to the development of market participants,
not only banks, but primarily small fintech companies, Deputy Chair
of the Kazakhstan Association of Payment Organizations Yulia
Salehova told the media on the sidelines of the Baku Fintech Forum
2025, Trend
reports.
According to her, the development of regional markets and the
possibility of some integration between fintech systems are
important.
“Of course, its implementation will require a lot of resources
and time. But I think it should not only be possible, but also a
priority,” Salehova emphasized.
She also spoke about the advantages of open banking, the
experience of Kazakhstan, and the possible opportunities for
cooperation with Azerbaijan in this direction.
“Open Banking represents a strategic direction that holds the
potential to offer substantial advantages within the market,
providing significant momentum for the growth and development of
market participants—not only for traditional banking institutions
but also for smaller fintech enterprises. To nurture the emergence
of ‘unicorn’ companies, it is essential to cultivate an environment
that fosters their growth. Facilitating access to Open Banking
opportunities for these players could be a crucial avenue in the
creation of such high-growth firms.
When examining the potential benefits of Open Banking for the
banking sector, particularly within the context of Azerbaijan,
several key advantages emerge. The facilitation of data sharing
between banks and across various customer accounts can
substantially enhance the speed and efficiency of transactions.
At its core, Open Banking offers clients the ability to
consolidate and manage their various accounts in a single
interface, thus enhancing the user experience. This would allow
customers of one bank to seamlessly access services offered by
another, streamlining both service delivery and access.
If successfully implemented, the primary beneficiary of this
system would undeniably be the end customer. Moreover, extending
Open Banking capabilities to fintech companies would not only
stimulate their growth but also promote the creation of innovative
interfaces and products. This, in turn, would contribute to the
overall development of the market, potentially revealing new
opportunities and avenues for growth that may not yet be fully
visible,” Salehova emphasized.
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