The IOM Azerbaijan participated at the Fintex Summit 2023 – Finance and Technologies Expo, held by the Azerbaijan Banks Association, Central Bank of the Republic of Azerbaijan with the support of the Azerbaijan Fintech Association, Ministry of Digital Development and Transport and Center for Analysis of Economic Reforms and Communication on 13-14 June 2023.

IOM Azerbaijan’s project assistant, Mr. Mahammad Ibrahimov, briefed participants about suggested actions for increasing activities of fintech companies in Azerbaijan in the draft roadmap on uptake of digital remittances, prepared within the “Enhancing the Socioeconomic Benefits of Remittances in Azerbaijan” project. Furthermore, assessment reports on remittances were distributed at the IOM stand and received great interest. This report, which could also be found online, assesses the government's policies, strategies, and regulations, the existing infrastructure, technology, and models pertaining to digital money transfers, as well as gives recommendations regarding the growth of digital remittances and adjacent financial services. 

Summit entitled “New Trends in Banking and Finance Ecosystem: Innovative Solutions, Fintech and Security” was attended by more than 1200 participants representing government agencies, commercial banks, fintech companies, international financial institutions, and non-governmental organizations from the USA, Türkiye, European Union, CIS, Middle East, and other countries.

The overall objective of the 2-year project is to contribute towards greater financial inclusion and use of digital financial services among Azerbaijani migrants abroad and migrants in Azerbaijan, and remittance recipients in Azerbaijan and abroad how to support sustainable livelihood development. This project is implemented with funding from the IOM Development Fund and in cooperation with the State Migration Service of the Republic of Azerbaijan.