The Swedish IT company “CMA,” specializing in software solutions for financial markets, has signed an exclusive agreement with Turkmen company “Abraýly Işler”, at the International Conference “HI-TECH Turkmenistan 2024.”
Noting the value of cooperation in creating a national system of fast payments, CMA Regional Director Maxim Nescheret stated, “We have already implemented similar projects in more than 50 countries, and we hope to share our experience with Turkmenistan in creating this important system.”
CMA, founded in 1983, currently provides over 37 central banks and many commercial banks worldwide with solutions for instant payment systems, central depositories, and automated clearing houses. Built on CMA’s advanced technology platform for high performance, scalability, and security, the service is customized to meet each client’s needs.
In addition to the fast payment system, CMA is engaged in discussion with Turkmenistan’s stock market regarding the possibility of creating basic services, including a central depository and settlement center, to help attract external investments and expand cooperation with foreign investors.
Although Turkmenistan is actively modernizing its banking sector and digital payments, including the introduction of a contactless payment system and mobile applications to facilitate transactions, challenges remain.
One of the main issues is the need for infrastructure to support fast and contactless payments. Although local banks such as Halkbank have introduced mobile apps and terminals for contactless transactions, their usage remains limited. Moreover, people often lose money due to bank failures and technical problems.
