Azerbaijan is undergoing an active digital transformation of its financial sector, and the country demonstrates high potential for implementing modern fintech solutions. The growth of non-cash payments, the development of digital banking, and government support are creating a favorable environment for increasing financial inclusion and implementing innovative technologies.

Nezih Sipahioglu, an expert in fintech, digital payments, and innovative financial solutions in international markets and the founder and global CEO of SiPay Elektronik Para ve Ödeme Hizmetleri A.Ş., a Turkish fintech company specializing in e-money and payment services, answered AZERTAC's questions.

- Could you please share the vision and mission behind SiPay and how the company is positioning itself globally in the fintech landscape?

- Sipay was founded with a simple goal — to make financial services faster, smarter, and accessible for everyone. Our mission is to become a global financial marketplace where individuals and businesses can manage all their money needs in one place.

We started in Türkiye, and now we are expanding globally with the same ambition — to connect people, businesses, and technology through seamless financial solutions.

- How do you see the potential for fintech solutions like SiPay to support Azerbaijan’s financial ecosystem, especially regarding financial inclusion?

- Azerbaijan has strong potential in digital transformation, and fintech can play a major role in increasing financial inclusion. Solutions like Sipay can help more people and small businesses access modern payment tools, digital wallets, and online financial services.

We believe technology should make finance simpler — not more complicated — and we want to support Azerbaijan’s goal of building a more inclusive and cashless economy.

- What unique opportunities and challenges do you perceive in emerging markets such as Azerbaijan for fintech innovation?

- Emerging markets like Azerbaijan offer incredible energy and openness to innovation. The main opportunity is a young, tech-savvy population and a government that supports digital transformation. The challenge is usually infrastructure and trust — but with the right partnerships and education, fintech adoption grows very quickly. We’ve seen this story before in Türkiye, and we’re confident it can happen here too.

- With Azerbaijan’s push towards cashless payments and digital banking, which SiPay technologies or services would be most beneficial for local consumers and businesses?

- Our key solutions include digital wallets, online and in-store payments, open banking tools, and financing options for SMEs. For Azerbaijan, we believe our “Wallet as a Service” model can be especially valuable — helping local banks, telecoms, or e-commerce platforms launch their own digital wallet systems quickly and securely. For consumers, it means more convenience. For businesses, it means faster payments and better data.

- How important is collaboration with local regulators and financial institutions when expanding fintech services in new markets like Azerbaijan?

- Collaboration is essential. We always work closely with central banks and local regulators to ensure full compliance and trust. In every market, including Azerbaijan, our first step is to listen, learn, and build partnerships that strengthen the local financial ecosystem. We believe regulation and innovation can go hand in hand.

- Do you foresee any partnerships or projects between SiPay and Azerbaijani financial entities in the near future?

-Yes — we are already in advanced discussions with several Azerbaijani financial institutions and fintech partners, and we can also do M&A Our goal is to bring our global experience and adapt it to local needs. We see Azerbaijan as a strategic market and long-term partner in building regional fintech infrastructure.