A Memorandum of Understanding was signed between the International Finance Corporation (IFC) and the Azerbaijan Fintech Association (AzFina).

"APA-Economics" was informed about this by the International Finance Corporation.

According to the report, the parties will work towards strengthening the framework for fintech companies by helping them to grow and provide faster and quality services at lower costs in the country.

According to the MoU, IFC's "Integrated Finance and Digital Financial Services" project will hold webinars for fintech companies on the basis of knowledge and skills building and training based on international best practices.

One of IFC's main priorities is to help attract the unbanked population into the formal financial system by providing access to financial services.

In this regard, technological innovation is one of the effective means to improve access to financial services and increase financial inclusion in developing countries.

One of the priorities of the Azerbaijani government is to accelerate economic growth based on sustainable, inclusive private initiatives.

Fintech technologies can significantly contribute to this goal by reducing the cost of financial services.

New tools based on technological innovation (such as cloud-based services) reduce transaction costs by transforming financial services into faster and more efficient delivery.

"Fintex, as a disruptive technology, increases financial inclusion, laying the groundwork for rapid economic growth and shared prosperity in developing countries.

We hope that our partnership with the Azerbaijan Fintech Association will help to support responsible and innovative solutions that will provide access to these services to the underserved and underserved population, and to modernize the ways of delivering financial services to fintech companies in the country," said Rana Karadsheh, regional director of IFC for Europe.

It was noted that in the last decade, the government of Azerbaijan implemented a number of regulatory reforms recommended by the IFC in partnership with the Swiss State Secretariat for Economic Affairs SECO to improve the country's financial infrastructure.

The IFC-backed Open Banking Roadmap is an important step for financial sector participants and fintech companies to expand innovative digital financial services to individual and business customers.