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By Trend

Azerbaijan should expand the implementation of financial technologies, Executive Director of the Azerbaijani Center for Analysis of Economic Reforms and Communication Vusal Gasimli said, Trend reports.

Gasimli made the remarks at the Finance and Technology (FINTEX) Summit entitled "New trends in banking and payment ecosystem: innovative solutions, financial technologies and security" in Baku on May 16.

He stressed that traditional banking should expand the use of financial technologies and rapidly pass to the open banking.

Gasimli also added that the financial technologies are rapidly developing in the markets of Asia and South America. "According to the forecasts, the financial technology market will reach $60 billion by 2024,” he said. “Asia will hold an important place in this sphere and will turn into a hub."

Gasimli noted that Azerbaijan must take advantage of these opportunities and expand the implementation of financial technologies. “These technologies allow minimizing costs up to 30 percent,” he added.

FINTEX Summit is being held within the "Week of financial and digital technologies" in Baku. About 100 representatives of international organizations and leading companies from the US, CIS, Europe, Japan, India and other countries are taking part in the event.

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