Key points from the speech of Vusal Gasimli, Executive director of the Center for Analysis of Economic Reforms and Communication on "NEW TRENDS IN THE BANKING AND FINANCIAL ECOSYSTEM: INNOVATIVE SOLUTIONS, FINTEX AND SECURITY" at the FINTEX SUMMIT BAKU 2024:

According to Mckinsey's forecast, the main technologies that will promote the development of Fintechs in the next few years will be the following:

• Artificial Intelligence (AI), blockchain, cloud computing, Internet of Things (IoT), open source software, serverless architecture, etc.
• The main trends in the global fintech field in 2024 are the increasing importance of the application of artificial intelligence, the continued increase in the demand for mobile payments, the focus of corporate solutions on fintech companies, the importance of cryptocurrencies and asset tokenization, etc. has been determined.

A sharp increase in the development of world fintech is expected until 2032

• The size of the global fintech market is predicted to grow 3.9 times in 2032 compared to 2023 and reach 1152.1 billion USD.
• The revenue of the global fintech sector is predicted to exceed USD 141.18 billion in 2028.
• The value of the global digital payments market is projected to reach US$11.53 trillion by the end of 2024, and reach US$16.59 trillion in 2028 at a CAGR of 9.52%.
• Assets under management in the robo-advisor market are expected to exceed $2.3 trillion.
• Compared to 2022, the size of the global cross-border payments market is expected to double in 2032 and reach $356.5 trillion.
• The Asia-Pacific region (APAC) is expected to overtake the US in 2030 to become the world's leading Fintech market.

A number of important measures for the development of the fintech field are being implemented in Azerbaijan

• Azerbaijan has adopted the Law "On Payment Services and Payment Systems", which is the basis for the development of the fintech sector.
• In order to provide convenient and accessible payment services for the state, businesses and citizens in the country, the Central Bank has issued "State Program for the Expansion of Digital Payments in the Republic of Azerbaijan in 2018-2020", "Digital Payment Strategy of the Central Bank of the Republic of Azerbaijan for 2021-2023 ” was prepared and successfully implemented.
• From May 2024, the Central Bank introduced a special regulatory sandbox that will allow testing new fintech products and services under real conditions.
• An Instant Payments System and a blockchain-based Digital Identification System containing modern payment solutions have been created.
• Currently, the Central Bank is developing a fintech strategy for 2024-2028 together with the International Finance Corporation.
• In the last 5 years, the country's banks spent 300 mln. on the application of financial technologies. 
• 5 of the companies operating in the field of fintech in Azerbaijan have entered the markets of other countries (Turkiye, Kazakhstan, Pakistan and Uzbekistan).