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Central Bank negotiating on provision of UK fintech company's services in Azerbaijan

Finance Materials 2 September 2022 15:30
Baku, Azerbaijan Trend News Agency
Central Bank negotiating on provision of UK fintech company's services in Azerbaijan

The opportunities for any foreign payment solutions and organizations to enter the Azerbaijani market are always in the spotlight of the Central Bank of Azerbaijan (CBA), the CBA’s press service told Trend.

According to the press service, the CBA, in compliance with the national legislation of the country, forms a market environment with free competition conditions for all organizations.

The UK Revolut fintech company plans to provide services in Azerbaijan, in connection with which relevant negotiations are underway between it and the CBA.

"Despite that, the company plans to enter the Azerbaijani market, but we haven’t received a respective official request from it. We also haven't received a request for entry to the Azerbaijani market from PayPal company. If final decisions are made, the Central Bank will provide additional information," the press service noted.

Earlier, the head of the IT department of the CBA Anar Guliyev said that Samsung Pay and the PayPal payment system can be launched in Azerbaijan in 2022.

In November 2021 and on August 23 this year, Apple Pay, and Google Pay were launched in the country respectively.

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