The Hungarian fintech sector has reached another milestone with the signing of a strategic agreement between Hungary and Azerbaijan, named the Hungarian-Azerbaijani Fintech Bridge. This follows previous Fintech Bridge agreements between Hungary and Spain, as well as Hungary and the Philippines.
The goal of the Fintech Bridge collaboration is to strengthen the connection between the fintech ecosystems of the two countries, promoting the flow of information, the establishment of new market connections, and the creation of joint ventures.
Hungary was represented by Fintech Bridges of Hungary Nonprofit Kft., part of the Peak Group, while Azerbaijan was represented by the Azerbaijan Fintech Association (AzFina). The agreement was signed on May 16, 2024, in Baku, the capital of Azerbaijan. Georg Bendarzsevszkij, Kristóf Csányi, and István Sajtos represented Hungary, while the Azerbaijani side was represented by Azer Akbarov, Ruslan Talibov, and Ayshan Hasanova. The collaboration was supported by Dániel Brenner, Hungary’s commercial attaché.
Sitting left to right: Kristóf Csányi and Azer Akbarov.
Objectives and Plans
The Hungarian-Azerbaijani Fintech Bridge aims to facilitate knowledge sharing, support cooperation between Hungarian and Azerbaijani fintech companies, share venture capital, and launch joint venture projects. The agreement identifies ten key areas within the fintech sector:
- Financial services and education for individuals under 18
- Financial and banking solutions for migrant workers
- Payment services
- Fraud and risk management
- Regulatory technology (Regtech) and KYC (Know Your Customer) integration
- Financial education
- Money transfers
- Digitalization of shopping malls
- AI-supported open finance
- Introduction of Azerbaijan Fintech Association members through Peak’s media portfolio and upcoming events and conferences
Benefits of the Agreement
The connection of the Hungarian and Azerbaijani fintech sectors can bring significant benefits to both countries. Through this collaboration, Hungarian fintech companies will have easier access to the Azerbaijani market, and vice versa. Financial solutions developed for migrant workers can help employees in both countries manage their finances more easily.
Future Opportunities
The contracting parties agreed to organize a workshop within a month of the signing. This event will provide an opportunity for both Hungarian and Azerbaijani fintech companies to connect with each other.
Additionally, the collaboration aims to produce a comprehensive report on the Hungarian and Azerbaijani markets, demonstrating how companies from both countries can assist each other in mutual market expansion.
This agreement offers numerous opportunities for the fintech sectors of both countries, promoting the international distribution of products and services, leveraging synergies between solutions, and creating new joint projects.
