This week The Times of Central Asia will be attending the CAMCA Regional Forum, which this year is being held in Ulaanbaatar, Mongolia.
The CAMCA network is a collection of professionals and policymakers dedicated to sharing ideas, knowledge and inspiration to accelerate the development of the Eurasia region; its name stands for Central Asia, Mongolia, the Caucasus and Afghanistan.
Ahead of the Forum, The Times of Central Asia spoke with Dr. Fuad Karimov, Regional Managing Director of the payment software company Xsolla, about what the CAMCA program means for the Eurasian finance industry, and how Azerbaijan can work more closely with Central Asia.
TCA: What condition do you feel fintech spaces are currently in, particularly in the Eurasia region?
FK: Fintech [financial technology] across the CAMCA region is accelerating. Countries like Kazakhstan and Uzbekistan have made significant progress in regulation and adoption.
In Azerbaijan, key drivers include state-led digitalization and innovative companies like PashaPay and Birbank, which are transforming consumer payment behavior.
Cross-border transfers, mobile banking, and contactless solutions are increasingly common across the region.
In what areas do you think CAMCA initiatives can help them improve?
CAMCA can create platforms to harmonize financial regulations, facilitate cross-border fintech testing, and promote knowledge exchange. It can also help reduce friction in currency conversion.
Regional collaboration can attract investors from the West and Asia. Priorities should include cybersecurity, financial literacy, AI in finance, and coordinated exploration of digital currency pilots like e-Manat, e-Tenge, and e-Soum.
You’re moderating a session on harnessing fintech in CAMCA markets. What topics do you expect to touch upon, and who are you looking forward to hearing from?
We’ll cover the rise of digital national currencies (CBDCs), crypto regulation, exchange rate risk, and the impact of AI on lending, compliance, and fraud prevention.
I’m especially looking forward to hearing from fintech leaders in the CAMCA region — each representing diverse policy environments and innovation models.
Where do you see opportunities for Central Asia to work more closely with Azerbaijan?
There’s strong potential in co-developing cross-border payment systems, digital identity frameworks, and startup accelerators.
Azerbaijan can share experience in building public-private fintech partnerships, while Central Asia offers scale and growing demand. Aligning exchange rate mechanisms, regulatory approaches, and education systems will enhance regional integration.
The CAMCA platform is an ideal space to turn these synergies into actionable policy and investment opportunities.
